Tron (TRX) has been enjoying strong upwards momentum thanks to the introduction of the BitTorrent token (BTT), which went live during the week.
Even though Justin Sun’s decision to create an alternative token for the BitTorrent network was, for some reason, contested by some members of the community, it now seems investors are betting heavily on the idea. Tron (TRX) maintained its upwards momentum yesterday, climbing in the crypto market cap rankings, before a dip in the market this morning resulted in losses for all of the top 10 cryptos except Tether.
Tron is finding investor support
TRX is strengthening against Bitcoin, with the TRX/BTC trade jumping over 8% over the last 24 hours, while most cryptocurrencies are now facing selloffs due to bearish momentum. Tron’s token continued to climb midweek to reach higher than $0.029, according to TradingView.
The cryptocurrency has recovered over 50% since December 2018, and was trading at its highest level since the summer before this morning’s crypto market fall. At the same time, volume has risen drastically over the past few days, going from $145 million on January 7th 2019 to over $720 million on January 10th – which represents (almost) a 500% increase.
The Tron blockchain is now valued at close to $2 billion, placing it ninth among the most active top 10 projects.
Support is thanks to the BTT launch
As the name implies, BTT is the native cryptocurrency of the BitTorrent protocol, the popular peer-to-peer file sharing platform that was purchased by Tron during 2018. Through BTT, BitTorrent users will be rewarded for sharing files, which means users can earn tokens for uploading files and sharing them with the network of users.
It also provides greater incentive to those who continue seeding the file after the download is complete, as now there is a reward for “staking” the file to other users.
According to Tron, BTT is a TRON TRC-10 cryptographic token that will be used by all clients on the BitTorrent network, much like ERC-20 tokens power the Ethereum network. It will live within the Tron ecosystem and will serve to increase the total value of the network.