(GBTC), Tesla Motors, Inc. (NASDAQ:TSLA) – BitTorrent Cryptocurrency Surges 197% As It Becomes Next Pump Target After Dogecoin: What You Need To Know

BitTorrent (BTT) cryptocurrency has skyrocketed 197% over 24 hours and 295% over a seven day period leading to press time at $0.0015 on Tuesday.

What Happened: The surge comes amid overall strength in the cryptocurrency market following Tesla Inc. (NASDAQ: TSLA) disclosing an investment in Bitcoin (BTC).

BitTorrent is also the subject of a social media pump, including on Twitter and Reddit. The cryptocurrency associated with the namesake peer-to-peer file sharing platform is seeing high interest on Reddit community r/SatoshiStreetBets, with some calling to “puuuuuump it.”

“People like bittorent, we all used it. So in terms of popularity it wins big time! A lot of people are buying the coin just as a ‘thank you’ simply because they like bittorent and used it before,” a Reddit user explains on why Bittorrent is the target of the pump.

Dogecoin (DOGE) and XRP (XRP) are other cryptocurrencies that have been the target of such social media-fueled pumps in recent weeks.

Benzinga’s Take: BitTorrent shares similar fundaments as Dogecoin and XRP, so it’s no surprise that it is becoming the next target of the pump frenzy. 

It has the highest circulation supply of all cryptocurrencies at 989.96 billion coins. Each individual coin is priced the lowest among all cryptocurrencies, even with the latest surge.

One BTT costs $0.0015, which is about 98% cheaper than Dogecoin (not an expensive cryptocurrency itself), making it lucrative to retail investors.

BitTorrent CEO Justin Sun also has a large following. Tron (TRX), another cryptocurrency founded by Sun, traded 17.86% higher at $0.0426.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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