The major coins on the CoinMarketCap are proving their mettle to be a part of the top 10, while the other coins are trying to fight the raging bear. BitTorrent [BTT] is one such coin that is trying to handle the heat of the market and succeeded in registering tremendous growth by registering a growth of over 18% in the past 24-hours.
At the press time, the coin was valued at $0.0009 with a 24-hour trading volume of $199 million. The coin reported a growth of 18.59% over the past 24 hours and is currently growing by 0.50%, however, BTT has registered a massive fall of 11.99% over the past week.
The coin was highly traded on UPbit with BTT/KRW pair and the registered volume was $76 million. UPbit was followed by Binance for acquiring the second and the third position with BTT/USDT and BTT/BTC pairs. The volumes registered by each of the pairs was $66 million and $39 million, respectively.
The reason for this hike could be due to the airdrop by Tron foundation and BitTorrent Inc. which was set to distribute 1.1% of the total token supply of 990,000,000,000 or 10.89 billion BTT. This total BTT was going to be distributed to the Tron hodlers. As per Ethereum World News, there was going to be an influx of roughly 2,400 BTC worth of token in the market, according to the value of the token at the time of airdrop.
As per the publication, traders had predicted two scenarios for the token’s reaction in the market post airdrop. Firstly, the immediate influx of BTT from the airdrop could cause tremendous selling that would impact the value of the token negatively. Secondly, crypto exchanges and wallet responsible for the distribution could require time to process all transactions relating to the airdrop and this would enable BTT to thrive in the market as traders get more interested.