Over the past two weeks, THETA, Filecoin, and BitTorrent have been battling it out to be among the top 10 cryptocurrencies. BitTorrent grew by 86% in 24 hours to become the tenth cryptocurrency by market cap. At the time of writing, BitTorrent (BTT) was trading at $ 0.013 with a market cap of $13.1 bln. Over the past week, the BTT price has increased by 267%. In addition, with prices rising, BitTorrent's daily trading volume rose to $12.2 bln.
At the moment, there is no specific reason why the BTT price soared to these highs. BitTorrent, a peer-to-peer file sharing protocol, has been popular for quite some time. Strong technical momentum could be one of the likely reasons for this price increase. Ten days ago, the Poloniex crypto exchange announced a staking for BTT. Perhaps this could have sparked consumer demand for BitTorrent.
There is currently a strong buying flow in the altcoin space as bitcoin (BTC) consolidates at around $59,000. Ethereum (ETH), Binance Coin (BNB), Polkadot (DOT) and XRP have generated over 20% in the last week. Ethereum (ETH) surged to $2,100, hitting a new all-time high. Currently, ETH still maintains its important $2,000 support. Binance Coin (BNB) retains its third place and is currently trading at around $350. XRP rose by more than 17% to surpass $0.70, the highest weekly close in nearly 3 years.
Image: Bitcoin Wiki