Benzinga - BitTorrent’s native token BTT (CRYPTO: BTT) has emerged as the top performer over the past week, recording a 194% surge that outpaced both Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
What Happened: At the epicenter of this rally, BTT traded at $0.000001449, whereas both Bitcoin and Ethereum experienced minimal gains of 0.02% and 0.12%, respectively.
This rise of BTT is, by many accounts, attributed to the user growth of the Tron blockchain, which serves as the foundational platform for the BTT token. Tron reaching 200 million users likely sparked the positive market sentiment propelling BTT’s expansion.
Tron founder Justin Sun, said that the blockchain had reached the 200-million-user level. “This is not only a significant milestone but also a testament to our growing ecosystem,” he said on X.
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
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Why It Matters: Currently, the Tron blockchain hosts $8.2 billion in total value locked (TVL) across various decentralized finance (DeFi) protocols. This places it as the second-ranked blockchain in user numbers and TVL—a key indicator of the financial engagement within a crypto ecosystem, right after Ethereum.
Adding to BitTorrent’s credentials, the platform’s market capitalization now floats around $958 million. Of note, the daily trading volumes have ballooned by 540% to reach $256 million.
In other news, HTX exchange, backed by Sun witnessed a $258 million net outflow following its return to operations after a significant hack. As per a Bloomberg report on Sunday, the HTX exchange has seen a departure of funds between November 25 and December 10, following its reopening after a massive security breach.
Price Action: At the time of writing, BTT was trading at $0.0000014, up 9.51% in the last 24 hours, according to Benzinga Pro.
Photo by Fernando Cortes on Shutterstock
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