BitTorrent's BTT Token Soars as Tron Reaches 200M Users

• BitTorrent's BTT Token Doubles in Price amid Optimism for the Tron Blockchain
• Tron Blockchain Hits 200 Million Users
• Significance of BTT's Surge
• Tron's Position in the Crypto Ecosystem
• BitTorrent's Market Cap and Trading Volume
• Understanding Market Depth

BitTorrent's BTT Token Doubles in Price amid Optimism for the Tron Blockchain

BitTorrent's BTT token, from the file-sharing platform that Tron acquired in 2018, saw its price more than double on Wednesday. This surge in price is closely associated with growing confidence in the Tron blockchain. Interestingly enough, no news catalysts seem to be directly responsible for this steep increase in price.

Tron Blockchain Hits 200 Million Users

BTT is issued on the Tron blockchain, which just reached a milestone of 200 million users. This increase in price is occurring at the same time as a general boost in the wider crypto market. For example, cryptocurrencies like bitcoin (BTC) and ether (ETH) have recently reached 19-month highs.

Significance of BTT's Surge

The surge in BTT's price took place shortly after Tron founder Justin Sun celebrated the blockchain platform reaching 200 million users. Sun stated that this achievement not only represents a significant landmark, but it also validates the growth of our ecosystem.

Tron's Position in the Crypto Ecosystem

Currently, Tron has $8.2 billion in total value locked (TVL) across DeFi protocols, which makes it the second-largest blockchain following Ethereum$2,315 -2.42% in terms of users and TVL. This total value is a measure of the amount of user money that is invested in a specific crypto ecosystem.

BitTorrent's Market Cap and Trading Volume

BitTorrent now boasts a market cap of $958 million. Simultaneously, the daily trading volume has seen a striking increase of 540%, rising to $256 million. However, it is important to note that the 2% market depth is still relatively low, with $150,000 and $191,000 being placed on either side of the order book.

Understanding Market Depth

Market depth is an essential metric that evaluates the amount of liquidity needed to change the price of an asset by a particular percentage. It is a valuable tool for investors to understand the stability and potential movement of an asset's price.

Edited by Jonathan Stoker