In the last week, BitTorrent’s own token, BTT, took the spotlight by surging an impressive 194%, surpassing the gains of both Bitcoin and Ethereum.
In the heart of this surge, BTT was trading at $0.000001449, overshadowing the marginal gains of both Bitcoin (0.02%) and Ethereum (0.12%). Many credit BTT’s rise to the growing number of users on the Tron blockchain, the base platform for BTT. The positive sentiment in the market, possibly triggered by Tron reaching 200 million users, is seen as a driving force behind the significant expansion of BTT.
Tron and BitTorrent: Milestones and Market Dynamics
Tron’s founder, Justin Sun, proudly announced that the blockchain has achieved an impressive 200 million users, marking a significant milestone and highlighting the expanding ecosystem.
As Tron celebrates reaching 200 million users, I want to extend a special shout out to @Tether_to and its developers. Remarkably, 34,500,061 users on Tron, which represents 17.2% of all our users, now hold #USDT.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) December 6, 2023
Simultaneously, the Tron blockchain hosts a substantial $8.2 billion in Total Value Locked (TVL) across diverse decentralized finance (DeFi) protocols. This positions Tron as the second-ranked blockchain in both user numbers and TVL, trailing only Ethereum.
BitTorrent (BTT), a notable token within the Tron ecosystem, has also been making waves. Its market capitalization has reached approximately $958 million, accompanied by a remarkable 540% surge in daily trading volumes, now standing at $256 million.
On a different note, the HTX exchange, backed by Justin Sun, faced challenges as it witnessed a net outflow of $258 million following a return to operations after a significant hack. According to a Bloomberg report, funds departed from the HTX exchange between November 25 and December 10, post its reopening.
In the most recent update, BTT is being traded at $0.0000014, showing a rise of 9.51% in the past 24 hours. These updates highlight the ongoing changes and both the successes and hurdles within the Tron and BitTorrent ecosystem.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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