Tron price explodes higher as BitTorrent network reaches 2bln downloads

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  • File-sharing platforms BitTorrent and uTorrent, owned by Tron, have now exceeded 2 billion downloads
  • TRX/USD on the way to mark the best weekly performance since December 2018
  • Tron buyers are now likely to aim to reach levels above $0.30

Tron (TRX) price is trading over 12% today, just one day after it gained more than 10%. Separately, file-sharing platforms BitTorrent and uTorrent, owned by Tron, have now exceeded 2 billion downloads.

Fundamental analysis: A new milestone

Tron’s peer-to-peer file-sharing platforms BitTorrent and uTorrent have been downloaded over 2 billion times, however, the BTT token is still 74% in the red since its last all-time high. 

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The two file-sharing services have accounted for 3% of total downstream and 28% of total upstream online traffic. Tron said the platforms reached these figures thanks to the “longstanding popularity of its classic desktop torrent clients, as well as its new web-based torrent downloader and player built for the streaming age”. 

The Android version of BitTorrent is the most popular app for downloading torrents, said the company. Justin Sun, the founder of TRON and CEO of BitTorrent said the torrent downloader would soon be rolling out new products. 

“We look forward to fulfilling our mission of improving the protocol and introducing new use cases, such as decentralized file storage and live streaming products.”

The Tron Foundation acquired BitTorrent in July 2018 for a rumoured $140 million. Back then, the file-sharing service reportedly had 170 million users. A year later, the company rolled out its own token, BitTorrent (BTT) to encourage clients to store files on the network, and having more copies of files on the network would boost overall download speeds. 

BTT declined 90% since its all-time high through March 2020 and is still down 74% at 0.000459. There has been some controversy about the platform, just like with many other projects Sun worked on. There have been rumours that the BitTorrent File System (BTFS) replicated certain elements from the Interplanetary File System (IPFS). 

The story came to a climax when the BTFS published its new logo which is quite similar to the IPFS logo. Juan Benet, the founder of IPFS, called out the Tron Foundation saying that they “can’t even think of an original logo.”

Technical analysis: Huge gains made

Just one day after TRX/USD gained more than 10%, the buyers have continued to push the token higher. Today’s high of $0.2573 is the new 6-month high for TRX as the buyers are on the way to mark the best weekly performance since December 2018. 

A close above $0.24 will be bullish for TRX in the short-term as this area hosts the descending trend line. This would pave the way for another push higher soon as this breakout would generate high buying interest in TRX. Levels above $0.30 would be the next targets for the bulls.

Summary

The number of Tron’s BitTorrent platform downloads have exceeded 2 billion as the TRX has continued its impressive performance. The digital asset has gained over 20% in the past 2 days as the buyers work to secure the best weekly close in nearly two years.