The BTT token from BitTorrent, the file-sharing platform that Tron bought in 2018, more than doubled in price on Wednesday amid apparent optimism about the Tron blockchain.
BTT is issued on the Tron blockchain, which just hit 200 million users. There appears to be no news catalyst for the price rise.
BTT's surge came shortly after a post on X by Tron founder Justin Sun, who wrote that the blockchain had it the 200-million-user level. "This is not only a significant milestone but also a testament to our growing ecosystem," he said.
BitTorrent now has a market cap of $958 million. Daily trading volume, meanwhile, increased by 540% to $256 million, although it's worth noting that 2% market depth remains relatively low with $150,000 and $191,000 being placed on either side of the order book.
Market depth is a metric that assesses the amount of liquidity required to move the price of an asset by a certain percentage.
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