THETA Bulls on board beats LINK to enter the top 10 cryptocurrencies

Last week, theta tokens jumped forward, leaving five more, mostly better-known tokens – Litecoin, Bitcoin Cash, Chain Link, Stellar and Dogecoin, according to Coinmarketcap.

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THETA has achieved a return of over 51% as most other cryptocurrencies posted losses of over 15% over the same period. With a market dominance of $ 11.3 billion, THETA was ranked the ninth largest altcoin in the market on CoinMarketCap and received the title of the week. THETA has also been on the list of the best performing altcoins for over two weeks.

Main reasons for the THETA rally

Theta Token (THETA), the native token for the Theta Network, a blockchain protocol designed to improve streaming video content, saw significant price spikes and new all-time highs on Tuesday, according to data from Messari. Also, Theta’s P2P streaming was reviewed last week, and that’s around the time the price jumped up.

Several traders and institutions have added multiple altcoins to their portfolios, including those with lower earnings and mid to low market caps. However, the fact that THETA is worth more than $ 10 before any Tier 1 exchange or Mainnet 3.0 announcement is important for retailers as it shows where it is in its price rally.

Since the price has exceeded $ 10, THETA may be behind the accumulation phase but may only be rising towards a new ATH. Speculation is that THETA is headed for the $ 40 mark and this is true then it is still in the buying phase. The positive opinion on THETA can also be seen in the fact that the trading volume has increased by 98% in the last 24 hours and the market capitalization has also increased by 15%.

According to Robbie Liu, market analyst at OKEx Insights, THETA’s price hike could be partly due to major network upgrades planned for April. The protocol also recently confirmed that Sony’s European subsidiary has joined the Theta network as a node runner. Additionally, over 55 percent of the total coins have been deployed as Mainnet 3.0 approaches.

The increasing percentage of tokens set leads to a supply bottleneck. This partially declining supply is expected to fuel the price rally due to incentives and stakes and push it higher towards the $ 40 target over the next three months.

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