One of the top 30 largest cryptocurrencies by market capitalization has been surging the last 24HR. This comes during a time that a majority of the digital asset markets have seen sell-offs. Huobi cryptocurrency exchange recently put a coin on its “coin to keep an eye on” list, which seems to be a catalyst behind the surge.
The Theta Network cryptocurrency ( THETA ) has been on a tear the last 24HR. At the time of this report, THETA cryptocurrency is the 26th largest cryptocurrency by market capitalization. The last 24 hours, the digital asset has surged from $0.35 to an all-time high around $0.46. With a circulating supply of 1 billion, the currency market capitalization of THETA hovers around $432,000,000.
As mentioned above, THETA recently created all-time highs the last 24HR and rallied about +22%. If we take a larger look at THETA, we can see that the uptrend has been going on for a while. Over the last month, THETA has surged +318%. Over the last 1 year, it’s seen +226% growth.
It looks like the Huobi cryptocurrency exchange could be a positive catalyst the last 24 hours. According to a tweet by Huobi, they placed Theta Network on their “coins to keep an eye on” due to the “mainnet 2.0” that is due to launch. This seemed to be significant publicity for Theta Network. Since 2013, Huobi has become one of the largest digital asset exchanges. In addition to servicing 5 million + users, its presence is known across 130 different countries.
About Theta Network
Theta Network is revolutionizing decentralized video streaming. The company argues that live video streaming today lacks infrastructure and transparency. According to the company’s whitepaper, they mention that 2/3rd of all web traffic relates to live video streaming. In the traditional streaming space, the company believes the main issues are poor quality, elevated data needs, and inefficient infrastructure being driven by a centralized model.
Theta Network plans to fix these inefficiencies through their decentralized peer-to-peer video delivery system. By utilizing the blockchain, the company believes they can start giving back user powers ( something that centralized streaming services takes away ). In addition, the blockchain infrastructure allows Theta to provide higher quality streaming, reduced costs, and platform rewards through token earnings. According to the companies website, some of the most innovative companies in the world seem to value the Theta Network protocol. Companies like Sony and Samsung are listed as investors in the company.
For a while now, there’s been a lot of criticism behind centralized video streaming. YouTube in particular has caused a lot of issues in the cryptocurrency space. Back in December of 2019, it was reported that YouTube was removing crypto videos from many well-known channels. The individuals running the channels argued that the platform gave them no reasoning. It was later reported that YouTube mentioned the whole scenario being an “error.” Most people in the crypto space don’t believe this whatsoever, since high quality YouTubers continue to lose their content for no reason. During this time, decentralized social media / video was a hot topic in crypto. Companies like Theta Network are trying to tackle these industry problems in order to enhance privacy and bring power back to users.
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