Today, BitTorrent (BTT) has managed to stay in the first place among altcoin projects with a performance of up to 70%. BTT, a TRC-10 token, makes its way to the mainnet on December 12. In addition, BTT tokens on the Tron network will be converted into smaller units while maintaining their market value. How did all this affect the price? Let’s take a quick look at today’s performance…
Altcoin project confirms December 12 mainnet
BitTorrent announced the launch of the BitTorrent Chain (BTTC) earlier today with the following tweet. Briefly explained:
BTTC Mainnet and BTT Redefinition Plan will be launched on December 12, 2021! Old BTT tokens will be renamed and replaced with new ones at a ratio of 1:1000. The total supply will be increased to 990,000,000,000,000.
📌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
BitTorrent is a P2P file sharing protocol born in 2001. Developer team Rainberry launched BTT, which powers BitTorrent features, in February 2019. These features include BitTorrent Speed, BitTorrent File System, DLive and others. Then, TRON and BitTorrent announced BitTorrent Chain earlier last month, making its first foray into the cross-chain space. Now, the following is scheduled for the December 12 mainnet:
While BTT is currently operating as a TRC-10 token, TRON will be reissued as a TRC-20 token and mapped to the BTTC mainnet.
While BTT maintains its current market value, old BTT tokens will be renamed and replaced at a ratio of 1:1000.
The total supply will be increased to 990,000,000,000,000.
What happened to the price after the announcement?
As with such announcements, BTT rose when the mainnet date was announced. The project gained a market value of $1 billion in about 2 hours. Then, its price consolidated in the $0.00289 region. It is currently trading at $0.003914 with a market cap of 3.8 billion in one last move.