With an increase of more than 300% over the last 2 days and almost 100% over the last 24 hours, the BTCST token is arousing the interest of investors.
The BTCST project aims to be a bridge between the Bitcoin network and the Binance Smart Chain. Zoom on this project which has just woken up for 48 hours and which could find its ATH reached last April.
Focus on the BTCST Project
The BTCST token is the project token BTC Standard Hashrate Token. The objective of the project carried by the token is very simple: to allow Bitcoin to be mined via the Binance Smart Chain. To simplify the explanation, the BTCST token therefore makes it possible to bridge the gap between Bitcoin and the world of DeFi (decentralized finance).
Good to know : The same protocol exists for mining Bitcoin via the Ethereum blockchain. This is the PBTC35A project which allows Wrapped Bitcoin to be mined. This project is down nearly 2% on the day.
Possession of the BTCST token then allows Bitcoin to be indirectly mined. As Binance recalls, “The Bitcoin Standard Hashrate Token (BTCST) is a token guaranteed by 0.1 TH / s of actual Bitcoin mining power normalized to an efficiency of 60 W / TH ”. By investing in the BTCST project, it is then a question of indirectly investing in equipment that allows Bitcoin mining by BTCST. The platform focuses its business model by deducting a percentage from the mining carried out.
Thanks to BTCST, Binance enables tokenize the Bitcoin hashrate, ie the computing power of the network. Unlike WBTC which allows the value of Bitcoin to be coated, the price of BTCST seeks to tokenize the computing power.
Evolution of the Token Price in 2021
The graph below allows you to appreciate the evolution of the BTCST token over the year 2021. A token that has been listed by platforms such as CoinMarketCap since March 2021.
After a mixed start and a first known price close to 50 dollars on March 19, the token will experience a first low. By the end of the month, the project has already lost nearly 40% of its value. A token then flirts with the 30 dollars mark before exploding upwards.
On April 5, BTCST returned to its launch price, close to $ 50. Between the 13th and 15th of the month, the token will even reach its ATH by exceeding the mark of 90 dollars. A phase of price consolidation will follow before the correction of May comes to unscrew the asset. From $ 75 on May 18, the BTCST will drop to $ 26 on May 23. A bearish phase will then follow until the end of July. On July 20, a token is then only exchanged for 12 dollars.
The recovery will therefore take place at the end of July, or when Bitcoin also starts to rise again. On August 17 BTCST returns to the $ 25 mark before falling again. Two days ago, a BTCST token was trading for just over $ 16. Today, it’s trading for nearly $ 68 for a price that has more than quadrupled in the space of 48 hours. This price point allows BTCST to knock on the door of the top 100 crypto. With a marketcap of more than $ 780 million while the hundredth project shows a marketcap close to $ 940 million.
What Future for BTCST crypto?
It goes without saying that the project carried by the BTCST token will be strongly linked to the future of Bitcoin. If for many observers, Bitcoin could reach a level higher than its ATH of last April, such a trajectory is therefore also possible for BTCST. Questions around mining are also to be watched for those who wish to invest in BTCST. As evidenced by the fall of more than 65% of the price last May following the restrictions imposed by China on the subject of mining.
At its highest level ever, the BTCST was trading at $ 92. A level which is almost 25% higher than the current level. But according to the prediction algorithms, catching up with ATH is quite possible. In any case, this is the opinion of the DigitalCoinPrice platform who estimates that a BTCST token could flirt with the $ 100 mark over a time horizon of less than a year. In the longer term, this prediction algorithm also expects a continuation of the uptrend.
For his part, TradingView through 26 indicators encourages the purchase of the BTCST token. Indeed, among these 26 indicators, 10 post a neutral opinion while 16 are favorable to the purchase. Data which are above all valid over a fairly short time horizon and which can be corroborated by the use of technical analysis tools.