The BitTorrent (BTT) token experienced a remarkable price surge, more than doubling on Wednesday, driven by positive sentiments surrounding the Tron blockchain. This upswing correlates with the recent announcement from Tron founder Justin Sun, declaring that the blockchain has achieved a significant milestone of 200 million users. While there is no specific news catalyst for the surge, the growth of Tron's ecosystem and its substantial $8.2 billion total value locked (TVL) across decentralized finance (DeFi) protocols solidify its position as the second-largest blockchain, trailing only Ethereum in terms of users and TVL.
BitTorrent's market cap now stands at $958 million, accompanied by a substantial 540% surge in daily trading volume, reaching $256 million. However, it's crucial to note that the market depth, a metric indicating liquidity, remains relatively low at 2%, with $150,000 and $191,000 on either side of the order book. This surge aligns with a broader positive trend in the crypto market, with both Bitcoin (BTC) and Ethereum (ETH) achieving 19-month highs.
The surge in BTT's price follows Justin Sun's announcement about Tron's user milestone, highlighting the blockchain's growing influence. Tron's current TVL across DeFi protocols showcases its robust position in the blockchain space. While the specific catalyst behind BTT's surge remains unclear, the positive momentum surrounding Tron and the broader crypto market's upswing contribute to the token's notable price increase.
