Cryptocurrencies saw a rally in the prices of most major cryptocurrencies on May 26. Tron’s BitTorrent [BTT] saw a massive rise in its price, leading the token to move up to the 31st position on CoinMarketCap. Justin Sun, Chief Executive Officer [CEO] of Tron and BitTorrent, had announced that BTT will enter the top 30 by the end of May.
Sun and Tron look set to achieve this as the CEO announced that BitTorrent File System [BTFS] will be launched on May 30. The CEO took to Twitter and said,
“Welcome to the next generation of decentralized storage systems! #BTFS will be the largest decentralized P2P storage network with close to 100 million @BitTorrent user nodes, over 1000 #TRON full nodes, 27 SR nodes, and global #TronGrid nodes. 3 days left! Are you excited?”
BTT had been stagnated for the past few weeks when the market was surging. However, this news has caused the community to support the token by taking it up the ranking ladder. Misha Lederman, a prominent proponent, also shared that BTT was ranked seventh on the list of tokens on CoinmarketCap. Lederman added,
“With its ICO raising $7 million 3 months ago, @BitTorrent now has a market cap of $340 million
Realizing that BitTorrent Speed, BitTorrent Live & #BFST launching very soon is mind-boggling”
Tron and BitTorrent [BTT] appeared to be dormant over the past few weeks. However, recent updates in their ecosystem have spurred it into action. Following these announcements, a new blockchain, Beatz Coin, announced integration of the token on its platform.
BTT is closer to realizing Sun’s claim of BTT being included in the top 30 as it was valued at $0.0016, with a market cap of $342.23. The token surged by 58.47% over the past week and continued to grow by 18.77% over the past 24 hours. However, the token was starting to fall by 1.46% within an hour, at press time.
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Top Losers: Ethereum, XRP, and EOS bleed as crypto-market follows Bitcoin’s lead
The cryptocurrency market has been enjoying an unprecedented bull run over the past few months, a trend that reached its apex when Bitcoin briefly touched the $13,000 mark on Binance. However, on June 27, the market witnessed a trend reversal, with the bears returning to the world of digital assets.
Apart from Bitcoin’s price dropping by over 5% in an hour, popular altcoins like Ethereum, XRP and EOS also suffered a hit in value, with the bears ravaging all coins in the top ten cryptocurrencies club.
At the time of writing, Ethereum had fallen from $331.39 to $321.52 within an hour. This whopping 9.87 percent drop contributed to its market cap settling at $34.35 billion. The second largest cryptocurrency held a 24-hour trading volume of $106.66 million, a decent amount when compared to its figures during the bear market.
A majority of the volume was held by DOBI Exchange, a popular cryptocurrency exchange which controlled $636.38 million of all ETH trade. DOBI was followed by Huobi Global, with a 3.3 percent hold on all Ethereum transaction volumes.
The next altcoin to be affected by the sudden bear market was XRP, which fell by 6.67 percent in the hourly cycle. At press time, XRP was trading at $0.42, a far cry from the $0.47 it was trading at 24 hours ago. The cryptocurrency had a market cap of $18.22 billion and a 24-hour trading volume of $3.27 billion. BW.com, a relatively unknown cryptocurrency platform, controlled a majority of XRP trade with $232.13 million in ETH trading volume.
EOS was the third most affected by the bears’ attack, as the cryptocurrency fell by 3.41 percent in 50 minutes. EOS was trading at $6.446, with a market cap of $5.97 billion. The $5.29 billion trading volume was majorly split between LBank and Huobi Global, both of which recorded 9.48 percent and 5.75 percent in EOS trading volume, respectively.
The sudden market crash was speculated to be a major correction of prices after a sustained period of bullish rise by the coins. This fall coincided with predictions made by popular analysts and traders who had previously claimed that Bitcoin and the rest of the market will go through more bear runs, before they reach their all-time highs.
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