Binance Lists and Distributes BitTorrent Token (BTT) After Controversy

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At 5:00 AM EST on Jan 31, 2019, Binance listed BitTorrent Token (BTT) on its exchanges.



Nearly 60 million BTT were sold during an initial coin offering (ICO) sale on Binance Launchpad less than three days earlier.

Because of the low number of participants who were able to buy BTT, a consolation airdrop round was announced approximately 12 hours after the end of the ICO. All tokens procured during the ICO and airdrop were distributed when BTT was listed on the exchange.

The BTT ICO, which occurred on Jan 28, featured two simultaneous sessions.

  1. 35.64 billion BTT were sold for nearly 160 million TRX with 1 BTT purchasable for 0.00447261 TRX.
  2. 23.76 billion BTT were sold for over 433 thousand Binance Coins (BNB) with each BTT selling for 0.00001824 BNB.

A total of 59.4 billion BTT tokens were sold in 14 minutes and 41 seconds.



Bump and Dump

When BTT was listed on Binance on Jan 31, one BTT could be purchased for 0.000081 BNB. The price of BTT in BNB at the start of the general sale on Binance was over 340 percent higher than during the initial ICO on Binance Launchpad. Over the first twelve hours, the price remained fairly steady, dropping by approximately two percent. It opened at 5:00 PM EST on Jan 31 at 0.00007915 BNB.

 

[bctt tweet=”The price of BTT in BNB at the start of the general sale on Binance was over 340% higher than during the initial ICO on Binance Launchpad. ” username=”beincrypto”]

In contrast to BNB, the price of BTT in BTC and USDT rose during the first twelve hours of BTT’s listing. At 5:00 AM EST on Jan 31, BTT opened at 0.000400 USDT and 0.00000009 BTC. Twelve hours later, it had increased in value to 0.0004865 USDT and 0.00000015 BNB. BTT’s value in USDT had increased by over 21 percent while its value in BTC had increased by over 66 percent

Over the next several hours, the price of BTT dropped across all three conversion currencies. This, however, is not atypical. When a coin is first listed on Binance, it often receives a ‘bump’ — during which value steadily increases. Subsequently, a ‘dump’ follows when the price steadily falls. Sometimes, the dump leads to a price far below the original listing.

It is uncertain whether this will be the case with BTT, which could steadily lose a significant amount of its initial valuation in the coming days. On the other hand, the value may plateau at or above its starting point.

The Future of BTT

Much of BTT’s future success or failure is based on qualitative factors.

Over the short term, there have been apparent successes. After problems were noted with the ICO sale, an airdrop was offered to those who were not able to initially invest. While this may not have entirely solved the problem, BTT was listed on a major exchange within the week of its ICO.

At niTRON2019 earlier this year, BTT seemed to be the topic of focus. The Tron Foundation, which acquired BTT in July 2018, has also announced that BTT is to serve a central function in Project Atlas — which is meant to develop a decentralized internet often referred to as Web 3.0 or Web3.

There is much to expect from Tron and BitTorrent in the future — but whether or not BTT lives up to its hype can only be determined then.

Do you think that BitTorrent Tokens are worth the hype and will serve a legitimate purpose in Tron’s plans for Web 3.0? Let us know your thoughts in the comments below! 

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Alexander Fred writes for BeInCrypto where he completes technical analyses of various alt-coins and qualitative commentary and analysis about various cryptoassets and their potential for social integration.

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