BitTorrent’s (BTT) Price Sinks 10% as the Slow Retrace Continues
BitTorrent (BTT) saw a flurry of buying activity after its Binance Launchpad token sale, surging more than 900% from its initial sale price at one point. However, since peaking around $0.00125674 on February 5, BTT’s price has been in a steady downtrend.
BTT is now down 10% in early Sunday trading to $ 0.000741, a drop of roughly 41% from all-time highs.
While the token initially benefited from a string of major exchange listings, including Binance, KuCoin and Bittrex, interest appears to be receding. The current trading volume for the BTT/BTC pair on Binance is only 2,430 BTC, a far cry from the 24,419.4 BTC ($83.5 million) the token saw on its first day of trading.
The pullback was likely inevitable after the token’s rapid rise, especially as investors look to cash in on the outsized short-term gains. Additionally, the conversation has turned to established cryptocurrencies after Litecoin (LTC) rallied over 30% in one day.
On a positive note, BTT’s decline has been fairly slow, as the token seems to be searching for support over the last 5 days. As it’s difficult to predict a bottom, traders should be cautious before diving into this new issue.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.