BitTorrent (BTT) biggest gainer in the top 50 up 9%; what's pushing it?

17 Mar, 2019 | Updated: 17 Mar, 2019
by Will Heasman
Price Analysis
BitTorrent (BTT) biggest gainer in the top 50 up 9%; what's pushing it?

While Bitcoin (BTC) finally breaks above the long-awaited $4k mark (again), most of the market is red across the board, with the exception of a few cryptocurrencies, one of which is topping the leaderboard as the highest gainer in the top 50: Bittorent (BTT).

The rise and subsequent fall of BTC yesterday sent a shockwave through the ecosystem, affecting altcoins far more than the #1; with most cryptocurrencies losing what little momentum they had piled up within the last few weeks. However, BTT remained unaffected, currently citing a 24-hour rise of 9%, but why?

According to one trader, BTT has encountered a “golden cross,” a candlestick pattern denoting a short term moving average, crossing above a long term moving average, with higher trading volume; a sign indicative of an incoming bull market:

Another analyst also cites higher trading volume, as well as a rising relative strength index adding that BTT sell walls, are looking particularly weak:

One pragmatic trader noted that BTT had crossed above a bearish trendline, indicating a bullish move upwards, but caveated that he would remain apprehensive  unless BTT closed above this position:

while all the technical indicators are there, it seems the actual cause for this bullish momentum is the test launch of BitTorrent Speed, dubbed by Justin un CEO of Tron as “the worlds largest decentralized app.”

Sun noted yesterday that testing of Bittorrent speed has begun, with early access group going live yesterday:

 BitTorrent Speed is the application that will reward BitTorrent users for seeding torrent files with BTT, as per the BitTorrent white paper.

Read more: Bitcoin breaks above $4,000, most coins in the top 100 see red

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