BitTorrent Continues To Soar In A Bearish Market: What's Going On?

BitTorrent (CRYPTO: BTT) was the second-highest gainer over 24 hours among the coins tracked by CoinMarketCap at the time of writing on Tuesday.
What’s Moving? The utility token associated with the peer-to-peer file-sharing network shot up 23.99% to $0.003998 over 24 hours. 

BTT rose 25.32% and 24.67% against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), respectively, over 24 hours.

Since the year began, BTT has returned 1259.76%.

BTT price is currently 72.08% lower than its all-time high of $0.01426, which it reached in March last year.

See Also: How To Buy BitTorrent (BTT)

Why Is It Moving? BTT crypto price is rising alongside increased interest shown in the token by retail investors on StockTwits.

BitTorrent tweeted Monday that the BTT redenomination plan will be launched on Dec.12. 

Under the plan, the current market cap of BTT would be maintained but the existing tokens will be redenominated and swapped with a new ratio of 1:1000 with the total supply increasing to $990 trillion. Notably, the existing circulating supply of BTT is 990 billion, as per a statement.

#BTTC Mainnet and #BTT Redenomination Plan will be launched on Dec 12, 2021!
While maintaining current market cap, old BTT tokens will be redenominated and swapped with the new at a ratio of 1:1000. The total supply will be increased to 990,000,000,000,000. pic.twitter.com/HGLCFM7KXr

— BitTorrent Inc. (@BitTorrent) December 6, 2021

Existing tokens will be renamed as BTTOLD, while the new tokens after redenomination will carry the BTT name. The two tokens will coexist for some time after the BitTorrent Chain (BTTC) goes live on Sunday (Singapore Time). 

BitTorrent said it is the world’s largest decentralized peer-to-peer network with over 90 million active users and an install base of over 2 billion clients.

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