Will This Move By BitTorrent Take BTT Price To New Highs?
The crypto sphere is now elated, as the dimension portrays fluttery growth metrics. The market cap of the business is now up by 10.0% at $2,531,041,429,221. The volume of trades is currently at $157,829,607,231. The industry has been recuperating with a healthy note, which has always been a remarkable trait of the industry.
BitTorrent has been one of the digital assets that have been doling out luring returns. Which has been turning heads of not one but many in the town. The protocol will be redenominating BTT to elucidate the foibles of the protocol. Which has been a necessity for the network, to march towards greater highs of the cliff.
What is BTT Redenomination And Why Is It Necessary?
BitTorrent confirms the redenomination of BTT, which will increase the total supply from 990 B BTTOLD to 990000 B BTT. At a ratio of 1:1000, with the market capitalization remaining unchanged. The BTTC mainnet and BTT redenomination plan will launch on the 12th of December 2021.
There will be two tokens namely BTT and BTTOLD. The BTT tokens will be upgraded from TRC-10 to TRC-20. The new BTT token will be issued as TRC-20 tokens on the TRON mainnet and mapped to the BTTC (BitTorrent Chain).
The low total supply of only 990 Billion comes with its own setbacks. That causes inconvenience to the collection of assets and the exchange of tokens. With the arrival of BBTC, the BTT ecosystem will be more diversified with expanded use cases.
According to sources, the total BTT revenue on BTFs has exceeded 11.9 billion. This is in addition to BTT topping the top 3 daily gainers on CoinW Exchange with price gains of 48.77%. Leaving behind NFTB and MATIC at second and third place respectively.
BitTorrent (BTT) Price
BTT at the time of writing is trading at $0.00402455 with gains of 72.2%. While the market cap of the digital asset is at about $3,727,116,584. The volumes for 24-hours are at $3,783,314,542. BTT has been trading in the bandwidth from $0.00233601 to $0.00400282.
The crypto has risen 1058.9% since the past year. As previously mentioned by CoinPedia, BTT needs to surpass its resistance at levels around $0.004615. Prior to claiming its next major target of $0.006341, while on its way to the ATH of $0.01356626.
Collectively, the initiative could fuel the protocol to greater levels, as BitTorrent is the largest decentralized peer-to-peer network. The redenomination of BTT will benefit over 90 million active users of the platform. Meanwhile, Enthusiasts from the community are hoping the upgrade to put rivals up against the ropes.
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