Theta had been operating under $1 ever since its launch in 2018. The bullish momentum quickly helped the cryptocurrency reaching over $1 in December 2022. It started off the year with a price level of $1.59 and reached towards an all-time high of $15.90 – gaining by 900%. The phenomenal gains were somewhat reversed as the market crashed brutally and went to a monthly low of $3.66.
The bulls began to pick up the pace, once again, for Theta and it has been trending upwards since. At the time of writing, the coin stands at a price level of $8.03. In the daily timeframe, the price has gained by more than 12% while the weekly performance has been an increase of 24%. The uptrend is going strong and further bullishness can be expected but what is Theta and why is it bullish?
What is Theta?
With the dawn of digitization, the online media industry has been growing exponentially. The use of online streaming platforms like YouTube and Vimeo has increased significantly. Theta is bringing the next break in the online streaming industry with the blockchain technology.
Theta is an open-source platform which allows users to build decentralized applications over it. It is essentially a peer-to-peer video delivery network that harnesses the power of the blockchain technology and; hence, decentralization. Decentralization enables free high bandwidth content delivery. The platform also uses the computing power of users and, in turn, rewards them through the native token THETA.
Theta’s platform provides an attractive alternative to the centralized platforms as decentralization allows the system to be much cheaper and efficient. As content creators are rewarded through THETA, the platform has an effective incentivizing mechanism.
Recent developments that can propel the crypto
The development team has been highly active and a lot of upgrades are going on the network. A patent application by the name of THETA-1005 has recently been approved by Theta Labs which aims to make the network more secure. Blockchains are at risk from Denial-of-Service attacks due to high number of requests. The chances of the attack can be minimized through Verifiable delay functions or VDFs. The patent will increase the security on the network.
Theta’s network has also entered a strategic partnership with ONE Championship (ONE) to launch ONE’s first non-fungible marketplace. The marketplace will host NFTs that celebrate ONE’s athletes. The NFTs will be launched on Theta’s blockchain while the launch date has yet to be announced.
According to the estimates of Wallet Investor, the one-year price of Theta is expected to be at $14.78 while the five-year projections place the token at $48. Digital Coin Price expects the year ending price to be $12.2 while in five years’ the token will reach 28.14. The bullish future outlook can be supported by the recent developments in the network.
