Bitway Surges 5,000%. Will It Crash Next?

Bitway (BTW) has become one of crypto's biggest winners, even as traders bet heavily on its collapse. The token hit a record $2.75 on October 14 before retreating to $2.45, still up 27.5% in 24 hours.

Those betting against the rally paid dearly. Nearly $2.9 million in short positions were liquidated in a single day, according to CoinGlass.

So what is driving this little-known token, and how much higher can it go?

Why Is Everyone Suddenly Buying Bitway?

Bitway is a crypto project offering yield-earning products and developing a Bitcoin-compatible blockchain. Its BTW token supports staking, rewards and governance.

The rally has no obvious single catalyst. Binance Wallet campaigns and Bitway Earn programs have encouraged token lockups, while Bitrue added BTW trading on October 13.

Supply may explain the sharp gains. According to CoinGecko, only 1.5 billion of BTW's 10 billion tokens are circulating. That limited supply can amplify buying pressure.

The rally also pushed BTW into CoinGecko's most-searched cryptocurrencies.

Traders Are Betting $100,000 on a Crash

Crypto trader Crypto__Haris disclosed a $100,000 short position, predicting a possible 60%–80% collapse after BTW's roughly 5,000% rally.