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Bitcoin and Ethereum are the most widely purchased coins, comprising more than two-thirds of the world’s digital currencies. However, there are crypto alternatives, called altcoins, on the market. Theta is one of these.
According to CoinList, there are more than ten thousand altcoins. Most of them are legitimately used in defined industries. What’s more, these smaller altcoins are making a lasting mark on the crypto market.
Theta is a decentralized token used on the Theta Network. Its purpose is to reduce the lapses and inconsistencies associated with video streaming. The coin surged about 400 percent in 2021.
In this article we find out why Theta is among the most popular altcoins in the crypto market today.
Theta operates an infrastructure that aims to improve the entire video streaming world. The streaming systems of companies and websites are functioning on a centralized system. What happens is that if various viewers seek to watch the same content at the same time, it generates much pressure on the system, making it slow.
To manage the situation, streaming providers engage in a costly method that involves a complex system delivery mechanism. What happens is that it shares a group of servers to various users. Therefore, this does not put so much pressure on one source and makes for a smoother stream.
Theta aims to provide models that link a peer-to-peer network to allow access to people’s computers and their unused bandwidth. Then, when people try to view any content available on the Theta network, some of the energy supplying the content is generated from the main host server while the other energy comes from the Theta Network.
According to the CEO and co-founder of YouTube, Steve Chen, Theta is an innovative platform that aims to disrupt today’s online video industry in a way that is similar way to the way YouTube transformed normal video in 2005.
Steve Chen also stated that transferring videos to various parts of the world has been a great challenge because of the high cost. Additionally, the challenge continues to intensify because of higher quality video streams such as HD, 4K, and others.
Another reason why Theta is one of the popular coins is its utility. Like Dogecoin and Ethereum, Theta has some basic real life usage. For example, it currently has a setup of more than 1 billion tokens, and all of them are in circulation right now.
This is great news for investors as this generates more demand for the coin. Even though the Theta token could become more volatile in the next couple of years, there is no guarantee of that.
Theta is also one of the reasons why there is a reduction in the high cost of Ethereum gas. This is because the transaction of Ethereum blockchain has resulted in very high Ethereum gas fees. But Theta helps to remove these extra fees and enhance the overall value.
Over the years, Theta has had a better run than other coins, including dogecoin. Its price has grown since last year, now trading at $10.74 per token.
CoinList revealed that the token now has a total market of about $10 billion. This made it the twentieth largest cryptocurrency as of May 14, 2021.
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4. Theta Maintains Positive Long-Term Price Predictions
It is not news that the Theta token has shown a lot of bullish moves over the years. The coin had contended strongly among the top ten coins by market cap.
Various monthly charts also show how this altcoin breaks out along various horizontal resistance patterns, giving it a more than 500 percent high.
It also has high readings on the relative strength index (RSI), resulting in more purchases. However, the chances are that traders will overbuy trending coins such as this one. This could mean other bearish moves will occur in the weeks and months ahead.
5. Theta’s Great Partnership Profile Makes It Stand Out
Theta’s high profile partnership is one of the attributes that has made the coin stand out. For example, Samsung is planning to include the Theta.tv e-sports streaming network in their upcoming Galaxy S20 smartphone. They are also planning to add other Theta-powered content to their smart television systems.
Google is another great partner for Theta. For example, Google powers the cloud infrastructure of token so Google users can utilize the nodes of the network. They are also partnering with Sony, Nervos, and other growing capital firms including NASA.
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Traders currently purchase the Theta token at a very high pace because of its bullish moves over the years. Although there have been a few dips here and there, it is one of the top coins in market capitalization.
Moreover, its numerous innovative uses and benefits have made its price spike. However, as a trader, you should keep in mind that the price could crash at any time.