TRX and BTT surge higher on Justin Sun’s BitTorrent File System announcement

Justin Sun, founder of TRON and CEO of BitTorrent, announced plans to launch BitTorrent File System (BTFS) this week following a recent tweet that said that “something huge and amazing” was in the works.

In a tweet on Monday, Sun described BTFS as the “next generation of decentralized storage system”, adding that the scalable system will serve as a “foundational platform” for decentralized applications (DApps).

BTFS will be the largest decentralized peer-to-peer (P2P) storage network with nearly 100 million BitTorrent user nodes, over 1000 TRON full nodes, 27 SR nodes, and global TronGrid nodes, he said.

The announcement drove the prices of TRX and BTT tokens higher. According to CoinMarketCap, TRX is currently trading at $0.034 and has a market cap of $2.3 billion at the time of writing. BTT is trading at $0.0017 and has a market cap of over $366 million, at press time.

With this, TRX has entered the list of top 10 cryptocurrencies by market cap, while BTT has entered top 30, at press time.

Previously in March, BitTorrent had announced plans to incorporate blockchain technology into its new BitTorrent Live – a live streaming app which allows consumers to create live content and connect on mobile devices to people who share common interests.