Crypto enthusiasts seem to be searching lately for coins that are undervalued. Buying only Bitcoin and hodling won’t make you “rich” anymore as it used to. That’s why they are on the lookout for this “next coin” that has an interesting project, cheap to buy, and has growth potential in the medium to long term. In this article, we’re going to tackle a “hot buy” that was around for quite some time, even before cryptocurrencies were born. Meet BitTorrent!
What is BitTorrent?
BitTorrent was originally called Torrent. It was created back in 2001, and was one of the few peer-to-peer sharing platforms. It aimed at letting people share files from videos, music, and documents in a “non-traditional” way. The project wants to change the way consumers obtained content. When cryptocurrencies started to gain popularity and specifically in 2018, the crypto project TRON acquired BitTorrent. This acquisition back then costed around USD 140 million.
BitTorrent Price Analysis – Is BTT the perfect Buy TODAY?
BitTorrent (BTT) shot way high in prices back in the beginning of March and made more than 800%. Its price increased from USD 0.0011 all the way to USD 0.01. Many speculated that this was merely a pump-and-dump activity made by big whales. In reality, the project has strong fundamentals and its coin is very cheap, opening up the way for small investors to chip in. Ever since this price increase, BTT adjusted in prices back to a very strong buy area, which is the current price of USD 0.007. In figure 1, we can clearly see how prices followed exactly the Fibonacci retracement pattern. The 38.2% price area was faked out multiple times, and prices hovered so far over the price of USD 0.0066.
- Current price: USD 0.0072
- Market Capitalization: USD 4.5 Billion
- Entry: USD 0.0070
- Stop-Loss: USD 0.005
- Take Profit #1 : USD 0.01
Why is BitTorrent interesting?
It is very likely that BitTorrent can reach a price of 1$, and many reasons come at play. Firstly, the project has demonstrated usefulness in a real-world application. Secondly, the project has been operating for very long. And thirdly and most importantly, the project boosts a whooping 1 billion user base, making it the world’s largest decentralized protocol for file sharing.
Taking the above into account, and the current market capitalization is currently sitting around USD 4.5 Billion only, there is definitely room for growth. In fact, many projects that have higher market caps have way less users using their platforms or projects. If you want to invest in a solid decentralized project, this is your one.
Can BitTorrent reach 1$?
Before saying if BTT reaching 1$ is possible, we should always take into account its market cap, and compare it to its peers to get a sense of the whole sector. BitTorrent has a current market cap of USD 4.5 Billion and a current price of USD 0.007. If prices were to reach 1$, its market cap would reach USD 642 Billion. This valuation is a bit far-off as currently, the second largest Ether is sitting around only half of this valuation, specifically at USD 385 Billion. Also, Ethereum is a very important project that most crypto industries are built around it, and still didn’t even reach half a trillion. So reaching a price of 1$ is a bit of a stretch in the short or medium term, but it would definitely be beneficial to buy at that current price, which came after a significant adjustment.
How to Buy BitTorrent?
It is still a bit annoying to go wandering around crypto exchanges looking to find a crypto we want to buy. You won’t find every cryptocurrency on every exchanges. For BitTorrent’s case, you can find it mainly on the below exchanges:
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