BitTorrent's BTT Token Doubles in Value as Tron, on Which It's Issued, Hits 200M Users

The token is now approaching a $1 billion market cap.

AccessTimeIconDec 6, 2023 at 5:27 p.m. UTC
Updated Mar 8, 2024 at 6:21 p.m. UTC

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.

The move comes alongside an uptick across the wider crypto market, with the likes of bitcoin (BTC) and ether (ETH) rising to 19-month highs.

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.

Tron also has $8.2 billion in total value locked (TVL) across DeFi protocols, making it the second-largest blockchain after Ethereum in terms of users and TVL, a measure of how much user money is invested in a given crypto ecosystem.

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.

Edited by Nick Baker.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.