BitTorrent Token (BTT) just had its initial coin offering (ICO) last week and yet, its price is soaring six times of its ICO price.
On January 28, 59.8 billion of BTT tokens were sold at $0.00012 per token via the token sale platform of Binance.
At present, BTT is up 565 percent since ICO, with a trading price of $0.0000797, according to Coinmarketcap data.
The initial sale sold out in minutes, sparking complaints from investors who were not able to buy because of technical concerns. To make up for technical issues, the BitTorrent Foundation gave 5,000 tokens via airdrop to all eligible users that were unsuccessful in participating in the ICO.
The token sale came months following Tron’s acquisition of BitTorrent last summer. Also, an announcement of a new currency integrated with BitTorrent’s peer-to-peer file-sharing tech came weeks after. The acquisition and the unveiling of BitTorrent Token led to criticism, as well as some staff exits.
Several cryptocurrency exchanges have listed BTT for trading since the token sale. UpBit and Binance hold the largest market for the token so far, with over 90 percent of BTT’s total trading volume in the past 24 hours, amounting to $270 million.
Given the current state of the market, BTT is a performer. The token was able to give almost 600 percent return since its ICO.