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BitTorrent (BTT) Ranks as 11th Largest Crypto after Soaring by More than 245% in Past Week

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The ongoing rally in the BitTorrent (BTT) ecosystem may be linked to heightened interest in the protocol following the announcement of key upgrades including the increase in the BitTorrent File Sharing (BTFS) network decentralization.

BitTorrent (BTT), the peer-to-peer (P2P) digital currency, used for file sharing and the torrent platform has recorded a huge milestone after seeing a non-stop surge in growth in the past week. Over the last 24 hours, BTT surged to a new all-time high (ATH) of $0.01426 according to CoinMarketCap and at present, the cryptocurrency is trading at a 70.77% growth to $0.01287.

The impressive push in the price of BitTorrent briefly veered the coin atop the ladder to rank as the 10th largest cryptocurrency, but at the time of writing, the digital currency is short of this position by a level, with a corresponding market capitalization of $12,692,760,145.

The BitTorrent platform is one of the biggest distributed networks around today, boasting over 2 billion users and more than 200 million wallets with 100 million Monthly Active Users (MAUs).

The utility of the BTT token has increased over the past months as reflected in its price performance. While the growth of more 245% in the last week seems overboard, BTT has recorded over a 900% pump in the past month and by 5,500% in the year-ago period. Its surge to the tenth position is a feat that Tron (TRX), the native cryptocurrency of the blockchain network BTT was built has never dared of.

The ongoing rally in the BitTorrent (BTT) ecosystem may be linked to heightened interest in the protocol following the announcement of key upgrades including the increase in the BitTorrent File Sharing (BTFS) network decentralization which has been done up to 50% as well as the other updates as seen below.

Maintaining Top 10 Market Rank: Arduous Task for BitTorrent (BTT)

Based on market volatility impact and dynamics in general, the attainment of a top 10 rank amongst the global cryptocurrencies is relatively more achievable, especially for digital currencies that has great underlying fundamentals. Keeping up with this positioning is, however, what the majority of the coins are always unable to do.

In the past weeks, Theta (THETA) and Filecoin (FIL) attained similar or better ranking up the chart but the aggressive sell-offs by holders or investors quickly helped retrace the growth backward. The volatility surrounding BitTorrent is understandably high at this point as both the buyers and sellers strive to make meaning of the meteoric rise of the asset.

The retracement of the position or rank, market capitalization, and valuation of the asset is a testament to the test of fundamentals that BTT must undergo before it can comfortably sit as one of the elite digital currencies. Only Binance Coin (BNB), Polkadot (DOT), and Uniswap (UNI) have been able to maintain a good level of stability since entering the top ten list of cryptocurrencies by market capitalization.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.





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The Great Bitcoin Mining Migration

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3d illustration of bitcoin over circuit background with china flag

Beijing told China’s cryptocurrency miners that they have to go. The People’s Republic’s recent crypto ban is not surprising considering the decentral nature of crypto.

Qinhai and Xinjiang are two more provinces that added bitcoin mining to their hit list. 

This follows an especially harrowing announcement on May 21 by Liu He at the 51st meeting of the State Council on Financial Stability and Development Committee. This reads like it’s straight of a George Orwell novel. The document states:

Chinese Vice Premier Liu He attends the 2018 World Artificial Intelligence Conference (WAIC)

It is necessary to comprehensively use a variety of monetary policy tools to maintain reasonable and sufficient liquidity, effectively prevent and defuse financial risks, and promote a virtuous economic and financial cycle.

It continues… “(We must) Adhere to the bottom line thinking, strengthen the comprehensive scanning and early warning of financial risks, promote the reform of small and medium financial institutions, focus on reducing credit risks, strengthen the supervision of platform enterprises’ financial activities, crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.¬†It is necessary to maintain the smooth operation of the stock, debt, and foreign exchange markets, severely crack down on illegal securities activities, and severely punish illegal and criminal financial activities.¬†

Banks, online payment channels, and financial companies cannot offer any crypto-related services to their clients – not even to sell off their assets!¬† We are already seeing Chinese crypto miners shutting down, and even today the data says that Bitcoin’s hashrate has dropped 8% in the past 24%. The same website can also deliver the truth about the top 100 richest Bitcoin addresses: At this time, 100 wallets own approximately 15.5% of all Bitcoin. This is another reason for the China Crypto Ban… Stifling whales.¬†

Did China’s Crypto ban have anything to do with their own inhouse national digital currency?


China already beat the US with its Yuan Digital Token


A digital Yuan deployed on a blockchain permitted by the People’s Bank is now live. Contractors are receiving the Chinese Digital token as payments for services in the country.¬†

Joe Biden had his financial regulatory body known as the IRS deliver an ultimatum…

That all crypto transactions over $10,000 must be reported.

Yet, in a surprising move, the US SEC seems to have left Bitcoin out of its regulatory agenda.  The US seems to be taking a more traditional approach. They cannot turn down such a massive tax revenue opportunity, but they also see the massive social benefit of Cryptocurrency. The varied attitudes between states toward crypto acceptance is one reason why displaced Chinese crypto miners are searching for new lands to call home. 

The great migration of Chinese crypto miners is going to one of the most unlikely places…

Chinese Bitcoin Mining is Moving to Texas

The exodus of Cryptomining from the People’s Republic will spread throughout the world. Still, one of the best and most ideal locations for them to go is like a ‘Garden of Eden for Crypto’ for all the right reasons. While the Chinese flag has five stars, the state where their crypto miners might be going is known for just one.: The Lone Star State.

It couldn’t be more poetic.

Texas is notoriously crypto-friendly. The state has some of the world’s lowest energy prices due to competition. Also, 20% of Texas’s power comes from wind! ¬†

In a relatable move, Elon Musk moved a Tesla (NASDAQ:TSLA) gigafactory to Texas in response to California’s draconian back-to-work measures. This may entwine the influx of new crypto miners his desire to make Bitcoin mining sustainable.¬†

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What is it and why is Kim Kardashian pumping it?

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They weren’t thinking about Kim Kardashian when the official website for Ethereum described Ethereum as the “Foundation for our digital future.”¬†

Her Instagram account to over 200 million followers received her advertisement for Ethereum Max. This made it the single biggest piece of social media crypto promotion ever in terms of absolute reach. The only one to have more influence over crypto via social media is Elon Musk. 


“Are you guys into Crypto???? This is not financial advice but sharing what my friends just told me about the Ethereum Max Token! A few minutes ago Ethereum Max burned 400 trillion tokens – literally 50% of their admin wallet giving back to the entire e-max community.” Followed of course by obligatory hashtags: #emax, #disrupthistory, #ethereummax #wtfemax #giopemax, #AD


In a youtube video, CoinDesk analysts claimed this might be the ‘biggest crypto shill of all time.’

We know Kim was paid for her post. She has to claim so with the hashtag #AD, meaning the post is for advertising purposes. The details of just how much she charged for the post is another story. We do know Kim Kardashian can begin to ask for sums starting from $858,000 US per Instagram post. This isn’t her first time either! She also once promoted Bitcoin at a charity event.¬†

So what’s wrong with advertising Ethereum Max on Social media?


The real harrowing thing? Kim is not the only social media influencer with their claws in young people. Beauty queen influencer Loren has 21.8 million followers and delivered the news to her fans about her partnership with crypto exchange Gemini. Her affiliate campaign offers users 10 free dollars (We assume USD) in BTC for signing up to Gemini. 


She’s not the only one either. NBA great Paul Pierce shouted out EthereumMax or ’emax.’ Boxing king Floyd Mayweather wore an EthereumMax t-shirt during his weigh-in for the fight against Logan Paul. In fact, the Ethereum-based token was the only crypto accepted for online ticket purchasing for the Mayweather/Paul fight on pay-per-view.¬†

However, that’s for Bitcoin. Ethereum Max might be something completely different…

So, what is Ethereum Max? 



Courtesy of Coinmarketcap.com



 

According to the project’s official website, Ethereum Max is a yield-based token providing 3% distribution of every transaction to existing eMax wallet holders. The project also considers itself to be a ‘lifestyle’ token offering access to ‘VIP Experiences, lifestyle brands, sporting events, concerts and more.’

The fundamental most important points about Ethereum Max are: 

  • No one knows who actually built Ethereum Max, except for maybe Kim Kardashian West (And anyone else involved!).
  • Ethereum Maxi s an ERC-20 token. It is not an upgrade of the Ethereum token. ERC-20 tokens require little technical skill to create.
  • It was launched in April or May of 2021. Ethereum Max’s novelty should be one reason to be wary of it.
  • There is no whitepaper, no development roadmap, and no one actually knows who made it.
  • ERC-20 tokens create value by operating secondary software systems, and have no real function. No one knows what Ethereum Max is actually for.
  • There is no About Us on the website, nor do we know anyone of the players involved.

The bottom line is to be careful

It’s scary to think just how much influence celebrities like Kim K have in a world where more and more young people are becoming retail crypto investors. For all we know, the 3% financial incentive touted by Ethereum Max is going to just fall through if the token’s value plummets.¬†

Just like that, its the small-time investors at the mercy of whale wallets that will be left holding the bag. One Youtube personality and billionaire crypto investor Alex Becker said that retail investors are the ‘blood sacrifice’ for whales seeing massive returns. Maybe that’s why Ethereum Max’s logo is red?

Pundits who have investing experience might be right when they compare many cryptos to ponzi schemes. Meanwhile, Instagram influencers get to enjoy the revenue from paid posts, no matter what happens to the markets or to people’s savings as a result.¬†¬†

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Why Elon Musk is Pushing Renewable Energy for Cryptomining

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San Francisco / USA – Mar, 2020: Elon Musk, CEO of SpaceX, founder of Tesla. Famous entrepreneur. Vector portrait illustration.

The ‘Dogefather’ Elon Musk¬† delivered his ultimatum on Sunday, essentially.¬†

It’s pretty easy to see why. When the goal of your business is to reduce fossil fuel consumption, it’s important to take a lead. Elon Musk’s tweets about Bitcoin are the all-time best example of just how much power he holds.¬†

There are many things we can admire Elon Musk for, and chief among them is this move. Regardless of what our personal opinion is, he purposely took a risk in order to take a stance.

Also, he’s not wrong. It is stated that Bitcoin production (or mining) is estimated to generate 22 to almost 23 million metric tons of carbon dioxide emissions per year. According to this report, that’s somewhere between the amounts produced every year by Jordan and Sri Lanka.¬†

So it makes sense why the owner of an electric car company, which was made to cut down emissions, would want to stop receiving payments in something that causes such emissions. 

While thinking about that can give us a headache, it’s important to realize one important thing: This is good news.¬†

After all, when was the last time a billionaire actually did something about the environment? Just like Elon’s support for Doge, maybe it’s part of a longer game, one that is nestled in Musk’s future plans with renewable energy. Perhaps his wrestling with the price of Bitcoin, causing so many others to become wannabe crypto bull wranglers has a deeper purpose…¬†


The Real Reason Why Elon Musk Might Be Cracking Down on Bitcoin Miners 



Seeing the fallout from Elon Musk’s tweets leads down a rabbit hole. Eventually, you discover his plan to build the world’s largest virtual power plant. Musk unveiled an ambitious plan for 2022 and beyond to power 50,000 homes in South Australia over four years with free solar panels and Tesla batteries. It is estimated that this will produce 20 percent of the entire state’s daily energy requirements. This could lower energy bills for the households involved by 30%.¬†

What do lower energy bills mean? Increased savings, more consumer spending power, and a more efficient economy – especially in times of such staggering inflation. While this is great news in concept, so far, it’s going to be conducted in South Australia. Are we going to see more places getting the Magic Musk Energy Booster Shot?¬†

Is it so farfetched to believe that Elon Musk’s tweets about crypto mining emissions might be to prepare for something bigger? Could we see a future tweet from Musk launching a sustainable-only¬† crypto mining company? Perhaps he will lobby with governments using his company’s products as leverage. It’s almost like he’s saying Be sustainable or else!¬†

It’s similar to the old concept of having a monopoly on something, and offering it only to those who meet certain requirements for saidpurchase. So in essence, this makes Elon Musk the world’s first ‘Robinhood Baron’.¬†

But hey, what about Lithium?  

Salinas Grandes Salt Desert, Jujuy, Argentina

US-based auto manufacturers are going all in on EVs. The real fuel behind the world’s best electric cars like Tesla (NASDAQ:TSLA), Nio Inc (NYSE:NIO) ?¬†

¬†Even the fictional Robinhood wasn’t a complete saint (We’re talking about the story, not the trading platform made infamous after they vetoed retail investor’s positions in Gamestop Corp (NASDAQ:GME). The EV boom, Elon’s tweets and the crypto craze all over shadow the biggest and least-spoken-of elephant in the living room of modern history: Lithium. ¬†

The Lithium Triangle, an area spanning portions of Bolivia, Chile and Argenita contains more than half the world’s supply of metal under salt flats that make it look like an alien world. Miners drill a hole in the salt flats, then wait for brine to surface, and after 12-18 months extract filtered lithium carbonate. It’s cheap, effective, but uses 500,000 gallons of water per tonne of lithium mined.¬†

In Chile’s Slar de Atacama, lithium mining consumed 65% of the area’s water supply. The farmers there relied on this. Not sure Elon can fix that with a tweet.¬†

This leads us to another point… Could Elon Musk be cracking down on Bitcoin miners because of the damage the lithium boom is causing?

Elon Musk might be an easy scape goat, yet the need for lithium carbonate existed long before he was coding in his tiny apartment in San Diego. 

The Conclusion

Ultimately, the golden rule seems to be to follow the money. Dips in crypto like BTC can be a good thing, especially when it means more people get access to the crypto markets. 

Elon Musk is completely right. By discouraging pollution from cryptomining, he sets a precedent for others to hopefully do the same. 

Investors looking to diversify into standard markets can look to Lithium stocks as the EV boom continues to gain ground. Maybe TSLA (NASDAQ:TSLA) won’t be the first electric car sold for a cryptocurrency.¬†

 

Featured Image & Other Images: Megapixl, DepositPhotos

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