BitTorrent (BTT) goes parabolic as Tron (TRX) hits key milestone
Justin Sun’s Tron (TRX) and BitTorrent (BTT) prices went vertical on Wednesday after a major milestone in their ecosystems. Tron, one of the biggest coins in the world, jumped to a high of $0.1055, its highest point since Monday. In all, TRX has risen by more than 130% from its lowest level in December 2022.
Meanwhile, BitTorrent’s token went vertical, rising by more than 86% from its lowest to the highest point on Wednesday. It now sits at its highest point since November last year and has spiked by 153% from the lowest point in 2023.
Tron and BTT token price
The main catalyst for the TRX and BTT prices is the major milestone in the Tron ecosystem. According to Justin Sun, Tron has accumulated over 200 million users, making it one of the biggest players in the industry.
As Tron celebrates reaching 200 million users, I want to extend a special shout out to @Tether_to and its developers. Remarkably, 34,500,061 users on Tron, which represents 17.2% of all our users, now hold #USDT.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) December 6, 2023
Data compiled by DeFi Llama shows that Tron is the second-biggest chain in the DeFi industry with more than $8.1 billion in total value locked (TVL). It is much bigger than the other 15 chains combined. This includes some of the best-known chains like BNB, Arbitrum, Polygon, and Optimism.
The challenge for Tron’s DeFi ecosystem is that it is dominated by JustLend, a lending platform, that has over $6.5 billion in assets. The other leading players in the ecosystem are JustStables and SUN with $1.19 billion and $368 million in assets, respectively.
The data also shows that Tron is the second-biggest platform in the stablecoin industry. It holds over $48 billion worth of stablecoins, with the most of them being Tether. Over 34 million users in Tron hold USDT coins.
Still, Justin Sun believes that Tron has more room to grow. The key fundamentals that will lead to more adoption and growth are decentralization, compliance, communication, and institutional engagement.
BTT price jumped as investors cheered the performance of Tron and its ecosystem. Also, the most recent data shows that BTT Chain was doing well. Total miners last week jumped to over 7.25 million while total storage contracts rose to 131 million.
Most importantly, Tron and BTT are rising because of the return of the alt season following the strong performance of Bitcoin. BTC jumped to a high of $44,000 for the first time in over 18 months on Tuesday and analysts see it hitting $50,000 soon. This explains why other coins like Solana, Helium, and Bonk are soaring.
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