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BitTorrent (BTT) surged to a peak of $0.00000090, achieving a 22-week high for the file-sharing cryptocurrency, leading the top 100 tokens in the process.
A significant sell-off on Wednesday caused a decline in crypto prices, resulting in widespread uncertainty today. Nevertheless, BitTorrent defied the overall market trend, recording a 9.8% increase over the past 24 hours at the time of reporting.
The chart below illustrates that the daily candle from April 19 was unable to maintain its gains, retracing considerably from the $0.00000090 local peak and closing the day at $0.00000070.
Shorter time frames indicate that on April 20, BTT reached $0.00000080 on two separate occasions, only to face rejection both times, leaving behind another long top wick.
The Relative Strength Index (RSI) approached 70, which is the boundary for overbought conditions, before experiencing a sharp decline, indicating diminishing momentum.
It was noted that the upward movement was accompanied by low volume, suggesting a lack of sellers rather than strong buying pressure propelling the price higher.
Source: BTTUSD on TradingView.com
The token reached an all-time high of $0.00000343 in January 2022, with the current price approximately 80% lower than this peak.
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Fundamental developments
Decentralized exchange Mdex announced it will support BitTorrent starting April 24.
Participants in the “feedback activity” can compete for a portion of the $180,000 reward, which involves using Mdex, such as bridging tokens or adding and staking in liquidity pools.
Additionally, BitTorrent has recently invited developers to submit their dApps and websites for deployment on Awesome BTFS (BitTorrent File System).
“Unlock your website’s potential with Awesome BTFS! It connects you to a vast audience and boosts traffic to amplify your impact.”
The company characterized the technology as “the next generation decentralized file storage system built for web 3.0 Applications.” It utilizes multichain peer-to-peer networks and smart contracts for scalable, cost-effective data storage.
Several websites have already registered, including Yam Finance and Uniswap V3, along with Tron-affiliated sites such as SunSwap and TRONScan.
The post BitTorrent token defies market uncertainty; BTT posts 22-week high appeared first on CryptoSlate.
