Tron (TRX) opened this week in positive territory in an otherwise bearish day for cryptocurrency market.
The Tron-to-dollar exchange rate (TRX/USD) surged as higher as 0.029, a 16% up from the Monday’s open. However, the pump followed a correction action, setting lower highs on every downside move in an hourly chart. TRX/USD located interim support at 0.026. As of 1300 UTC, the pair was attempting a pullback action while forming lower highs towards 0.027. It had brought Tron’s 24-hour adjusted performance to +3.26%.
In comparison, Bitcoin, Ethereum and Ripple posted modest losses ranging between 0.5-to-1.5%. Other top cryptocurrencies also traded in negative territory during the Asian and European trading session, with Stellar leading the loss with 1.60% drop according to the 24-hour adjusted timeframe.
Tron owes credits to BitTorrent. The torrent-based, file-sharing client launched its BTT coins on Tron’s launchpad. An effective marketing campaign, proclaiming that BitTorrent would increase blockchain’s adoption among netizens, led to an impressive BTT token sale round, which was 100% sold within 15 minutes upon the launch this week. The round brought about $7 million from interested investors at an initial sale value of $0.00012 per piece.
Later, The Tron Foundation joined hands with Binance, the world’s leading crypto exchange by volume, to organize a BTT airdrop. The event saw the distribution of additional 5,000 BTT units among qualified investors that were not able to participate in the early sale round.
The token sale and airdrop followed a series of crypto exchange integrations. As of February 3, eight exchanges had agreed to list BTT trading services on their platforms. Tron’s CEO and founder Justin Sun made sure to celebrate each integration with a stylized tweet.
The developments led to a surplus increase in the dollar-derived value of BTT. At 1330 UTC, the BTT/USD rate had surged 525%.
Meanwhile, BTT did not show any signs of correction: that improved fundamentals for TRX, an altogether separate asset.
The first-ever cryptocurrency launch in the file-sharing ecosystem is a big event. Tron and BitTorrent plan to offer paid-sharing to their torrent clients. They also propose to monetize users with BTT for seeding torrents or speeding up file downloads. With BitTorrent having more than 100 million users worldwide, the potential of BTT adoption is enormous.
However, a look at torrent forums reveals that the community – a big basket of potential BTT users – is not discussing the token sale. There is not a single mention about BTT, Tron, or Justin Sun. It explains how torrent users are not interested in the crypto event – for now – and the whole hype in the Tron and the BTT market is coming from the investors.
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Featured Image from Shutterstock. Price Charts from TradingView.
Last modified: May 20, 2020 12:47 PM UTC