On Dec. 6, CoinMarketCap, a highly referenced price-tracking website for cryptoassets, reported BitTorrent was the top gainer.
At press time, the coin associated with the widely used peer-to-peer (P2P) file sharing and torrent platform was listed at $0.000001017.
A shift towards decentralization
Having debuted in July 2001, BitTorrent came under the ownership of the blockchain platform TRON in July 2018.
The connection with TRON is attributed to the significant price surge in BTT prices. In a post made one day earlier, Justin Sun reported a noteworthy milestone, stating that the platform surpassed 200 million users.
The surge in BTT prices is then seen as a “cheering on” of the success of TRON, which has seen modest growth over the last 24 hours of 2.12%, currently sitting at $0.1049.
Altcoins see bump behind BTC news
The surge in TRON and BTT prices may also be attributed to the resurgence of altcoins, influenced by Bitcoin’s strong performance amid recent spot ETF news.
As Bitcoin (BTC) reaches a level not seen in over 18 months of $44,000, analysts anticipate a potential rise to $50,000. This trend is reflected in the upward movement of other cryptocurrencies like Solana, Cardano, and Dogecoin.