The BitTorrent (BTT) token soared more than double in value on Wednesday, seemingly due to optimism surrounding the Tron blockchain. BTT is issued on the Tron blockchain, which recently reached 200 million users.
There appears to be no specific news catalyst for the price increase. This surge coincides with an uptick in the broader crypto market, with bitcoin (BTC) and ether (ETH) reaching 19-month highs.
The BTT price increase came shortly after an X (formerly Twitter) post by Tron founder Justin Sun, who announced that the blockchain had reached the 200-million-user milestone.
This is not only a significant milestone but also a testament to our growing ecosystem. I am confident that we will continue to increase the usage of USDT and other stablecoins, further solidifying our position in the market.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) December 6, 2023
Sun stated that this achievement is not only significant but also a testament to the growing ecosystem.
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Tron currently has $8.2 billion in total value locked (TVL) across DeFi protocols, making it the second-largest blockchain after Ethereum in terms of users and TVL, a measure of how much user money is invested in a given crypto ecosystem.
BitTorrent now has a market cap of $958 million, and its daily trading volume increased by 540% to $256 million.
However, it is worth noting that the 2% market depth remains relatively low, with $150,000 and $191,000 on either side of the order book. Market depth is a metric that assesses the amount of liquidity required to move the price of an asset by a certain percentage.
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