Though THETA is not listed on Binance U.S or Coinbase, its performance of late has caught many eyeballs. Despite the bullishness of its recent price action, however, THETA’s market capitalization dropped by nearly 4%, with its 24-hour trade volume falling by nearly 45%. Now, while this isn’t exactly good news, what it also indicates is that this is the buy zone for THETA.
The altcoin’s price crossed $1.05 only post-December 22, with the same within 13% of its ATH of $14.99, at press time. Though it took 3 months for the price to close in on $15 from the 80 cents-level, the crypto-asset is currently on an extended price rally. The anticipation is the price will cross $15 and hit another ATH soon.
THETA’s competitors are in the low market capitalization level, based on data from CoinMarketCap, with the project currently leading the NFT market at $12.93 billion with more than $570 million in daily volume. Further, THETA’s new partnerships have pushed the network ahead of its competitors, especially since THETA has more active CPUs than Microsoft and NVidia combined within the last 50 days.
Now, the price action and market capitalization of an asset are not as indicative of the price trend as the partnerships and the activity on the network. With over 30k edge nodes, the dev updates on THETA and the partnerships are similar to the early stages of XRP’s rise (pre-2021) to #3 before USDT, ADA, and DOT rallied ahead.
THETA is not just going to the moon, it may be going to Mars with partnerships like Google, NASA, and SpaceX. The reinvention of data and video streaming through THETA is more significant than the price chart in the long-term. There are anticipations of a 100x, which is unlike most other altcoins in the top-10.
In fact, on-chain and technical analysts are more bullish now than they were a month ago. Just as Grayscale took the lead with institutional funding in BAT, LINK, MANA, FIL, LPT, THETA’s institutional funding came from Sierra Ventures, Heuristic Capital, The VR Fund, and The GFR Fund staking over $100 Million in THETA.
The upcoming mainnet launch in June 2021 is the next event that can be anticipated to have a positive impact on THETA’s price. The trade volume for the THETA/USDT market is currently bullish. The outlook in April is bullish too, especially with the market capitalization growing consistently. This will be an important metric to watch out for going forward since it signals a hike in volatility and liquidity.
Ergo, one can expect THETA to hit another ATH or local top, based on traders’ sentiments on spot exchanges.