2021-12-30 17:00 |
The cryptocurrency market has failed to register any meaningful gains for most of the week. After attempting to gain past the $50,000 level, Bitcoin (BTC/USD) has again retreated to around $47K, and its price drop has affected most of the market.
However, not all altcoins are making losses. A few altcoins, such as BitTorrent (BTT/USD), are trading in the green zone. While the gains are not major, the coin’s slight uptrend could attract attention from buyers looking for some price action.
BTT attempts a reboundOver the past month, BTT has failed to register any major gains, with its monthly dips standing at around 12%. However, the token has not registered any major dips, which could be because of a consolidation phase that has engulfed the market for most of this month.
Buyers are currently staying away from the market because of the increased price volatility. However, the short-term traders making bold trades are looking for a slight price action, which is what BTT is currently showing.
If more buyers can support this token, it could push past the resistance at $0.003. At the time of writing, this token was trading at $0.0027. Therefore, it needs to make more gains for such highs to be reclaimed.
On the other hand, there is a chance that BTT could fail to make another uptrend, and instead, it could retreat towards the lows of $0.0026. The altcoin was trading at these levels before any gains were made, and it could push back there again.
Redenomination plan is still underwayThe BTT token has attracted much attention for the better part of this month. The mainnet for the BitTorrent Chain has officially been launched. The BTTC will be the first heterogeneous cross-chain interoperable protocol in the world.
The mainnet was launched on December 12 once the BTT redenomination plan was implemented. Currently, exchanges, wallets, and developers complete the redenomination and conduct swaps. The process is scheduled to last until January 12, 2022.
The market cap for BTT tokens will remain the same. The old tokens will be redenominated, and they will be swapped with new tokens on a 1:1000 ratio. The total supply of the tokens will also be increased to 990 trillion. Once the redenomination is complete, the new tokens will trade under BTT, while the old will trade under BTTOLD.
The post BitTorrent (BTT) makes slight gains amidst redenomination plan appeared first on Invezz.
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