Theta (THETA) is a project that aims to decentralize video streaming by creating a platform where users can share and sell redundant bandwidth. Theta is a part of the Sony Innovation fund and has generated investment in Samsung Electronics Ltd. Theta managed to generate nearly 17,000% for the year, making it one of the top gaining cryptocurrencies in the market of over 2,000 different crypto projects. Moreover, Theta scored 14% in a single day amidst major losses in the market while even Bitcoin traded down. Why is Theta rising when the rest of the market is dipping and how Theta gained over 17,000% returns for the year?
Theta Scored 17,000% in a Year: How?
Some crypto enthusiasts might be wondering how come Theta managed to maintain positive momentum despite major losses in the market during the past week when even Bitcoin dipped to touch the value of 52,000$ as a new low. However, the new lows are on the high end of lows, hinting that the market might turn to recovery rather soon. When it comes to Theta, it seems that the crypto barely felt the turbulence of the rest of the market heading south. According to Colin Wu, a Chinese journalist, the reason why Theta managed to stay afloat amidst the weekly decline across the market, is having major Theta holders influencing the price of THETA in the market. Wu said that the top 10 Theta holders own 61% of all the circulating supply of Theta, which is how it is easy to influence the price. According to the journalist, South Korea favors Theta as valuable crypto, which is another strong factor to push the price of THETA up even amidst hardships in the market. Moreover, the success of THETA in the market can also be justified by a great performance of the blockchain project behind the crypto – video streaming is becoming a lucrative sector, so decentralizing one of the most popular services online makes sense.
Image credits: Cover photo take from Stockhead
