The BitTorrent price has had a tragic decline in the past few months. BTT has dropped by more than 77% from its all-time high of $0.0124. That has pushed its total market capitalization to more than $1.8 billion and its ranking to drop to 49. At its peak, BitTorrent was ranked as the 11th biggest crypocurrency in the world.
What happened? BitTorrent is an old technology company that was started by Bram Cohen and Ashwin Navin. The company’s product helps people download content using torrent. Most of the items commonly downloaded are pirated movies and TV series, pornography, and books.
The company was acquired by Justin Sun for $180 million in 2018. Sun is the founder of Tron, the biggest decentralized operating system in the world. After the acquisition, Sun helped create BTT, the native token for the ecosystem. The coin rewards people who share their bandwidth. The network also helps developers build decentralized apps. Some of the Dapps in the ecosystem are BitTorrent Speed, BitTorrent File System, and DLive.
The BitTorrent price has had a tragic decline in the past few months. This is in line with the performance of other cryptocurrencies like Bitcoin and Ethereum. It is also because of the fading interest of the coin as evidenced by the relatively low volume.
The daily chart below shows that the BTT price has declined sharply in the past few weeks. The coin has managed to drop below the 50-day and 200-day moving average. This is usually a sign that bears are in total control. Similarly, other oscillators like MACD and Relative Strength Index (RSI) has continued to drop. Volume has also declined sharply.
Therefore, the coin will likely keep falling as bears target the next key support at $0.001, which isabout 62% below the current level. On the flip side, a jump above $0.004 will invalidate this trend.
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