Bitcoin

3 reasons the theta price hit a new all-time high of $ 3.49

The continued positive performance of Bitcoin (BTC) and Ether (ETH) has increased investor confidence in cryptocurrencies, and many are currently exploring projects with solid fundamentals that offer real-world use cases.

This week, investors turned to Theta (THETA), a decentralized network that allows users to share bandwidth and processing power to stream live video. In the past two months, the price of THETA has risen more than 350%, rising from $ 0.66 on December 10th to a new all-time high of $ 3.44 on February 13th.

THETA / USDT 4 hour chart. Source: TradingView

Three reasons to explain Theta’s recent price hike are the project’s plan to interface with decentralized finance (DeFi) via the decentralized exchange (DEX) Thetaswap, to expand the blockchain with intelligent contract functions and non-fungible tokens (NFT) growing list of high level partnerships that help bring quality content to your video streaming network.

Community engagement through non-fungible tokens

3 reasons the theta price hit a new all-time high of $ 3.49
3 reasons the theta price hit a new all-time high of $ 3.49

Following CryptoKitties’ success in the 2017-2018 bull market, non-fungible tokens (NFTs) have become a very recurring topic in the cryptocurrency sector. Theta’s addition of smart contract features is an attempt to capitalize on this trend.

Theta Token Minter allows users to create new TNT-20 tokens without the need for a smart contract experience. This simplifies minting new assets on the Theta blockchain, including custom streamer assets and new DApps with their own tokens.

The token platform also makes it easy for users to exchange and transact with their newly minted tokens.

ThetaSwap offers performance on the scale of DeFi

Decentralized funding has quickly become a cornerstone of the cryptocurrency ecosystem, prompting projects that take their long-term profitability seriously to build their own DeFi applications.

Theta joined the party and released ThetaSwap v1 on February 4th. ThetaSwap allows users to trade TNT-20 tokens based on Theta and Theta Fuel (TFUEL) in a similar way to Uniswap and SushiSwap.

The DEX allows NFT owners to easily and securely exchange their collectibles through the integration of the Theta Chrome wallet extension available on Google Chrome and Brave.

Future updates to ThetaSwap will add support for wrapper tokens or wrapped tokens, including the WETH or WBTC-like wrap version, along with the possible addition of various stablecoins whose issuers have already expressed interest in minting TNT20 forms of their assets to have.

Important partnerships are driving the THETA price

The third reason for improving the fundamentals of THETA is because of the increase in important associations.

On February 9, the team announced that entertainment powerhouse Lionsgate, which features popular films such as John Wick and The Hunger Games, would join the theta ecosystem. The association starts with nightly film screenings from March.

Cointelegraph Markets Pro – VORTECS ™ Score (green) compared to the THETA price

Data from Cointelegraph Markets Pro shows that theta price fell on February 6th following a bullish breakout that appears to be the result of ThetaSwap’s launch on February 5th.

The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and trading activity. Twitter

News of the partnership with Lionsgate was announced on February 9th, and VORTECS ™ hit 80 on February 10th, a move that THETA’s current rally followed to its all-time high of $ 3.49.

Other prominent theta partners include NASA, which hosts a channel that broadcasts rocket launches live, and more recently a live broadcast of a rover on Mars. The World Series of Poker has also joined Theta and their channel offers uninterrupted coverage of the world tour of poker.

A flood raises all boats

Theta’s entry into the DeFi sector, the constant addition of renowned partners to its video streaming platform, and the strengths of the current upward cycle of the cryptocurrency market point to a growing ecosystem that is only now showing its true potential.

With the Delaware State Department recently filing an application from Grayscale Theta Trust LLC, the appreciation of altcoins may only just begin as bitcoin and altcoins increasingly attract the attention of large investors in traditional finance.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and business move is associated with risks. You must do your own research when making a decision.

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