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BitTorrent price plunges as volatility skyrockets

bittorrent-price-plunges-as-volatility-skyrockets
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Markets
BitTorrent price plunges as volatility skyrockets

The BitTorrent (BTT) price has been constantly declining since January 2022 but has risen to an 11-week high on Oct. 31 when the platform announced a renewed product. 

BitTorrent announced the BitTorrent Web PRO on Oct. 31 on X (formerly Twitter), which helped the asset’s price rise to $0.00000052. But the surge was short-lived, and the BTT price declined again.

BitTorrent price plunges as volatility skyrockets - 1
BTT price, volatility, and social volume – Nov. 1 | Source: Santiment

The announcement faced criticism from many users on X, saying that “investors are losing money.”

According to data from the market intelligence platform Santiment, BTT’s price volatility skyrocketed on Oct. 31, when the asset reached a local top with a $41 million 24-hour trading volume. 

While BitTorrent’s price volatility declined by half, the asset’s social volume and value still couldn’t hold their position. 

According to Santiment’s data, BTT’s social activity has plunged by around 45% over the past 24 hours, while its price is still up by 14.7% over the past seven days. 

BTT is down by 8% in the past 24 hours and is trading at $0.00000045 when writing. The asset’s market capitalization plunged to $435 million, making it the 83rd largest crypto asset.

BitTorrent’s 24-hour trading volume also declined by 22% over the past day and is currently standing at $36.8 million.