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

The sustained bullish performance of Bitcoin (BTC) and Ether (ETH) has increased investor confidence in cryptocurrencies and many are now further investigating projects that have strong fundamentals and offer real-world use cases.

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

THETA / USDT 4-hour chart. Source: TradingView

Three reasons for the recent Theta price surge include the project’s plan to interface with decentralized finance (DeFi) through its decentralized exchange (DEX) Thetaswap, the addition of smart contract and non-fungible token (NFT) capabilities to its blockchain, and a growing list of high-level partnerships They will help bring quality content to your video streaming network.

Community engagement through non-fungible tokens

Following the success of CryptoKitties during the 2017-2018 bull market, non-fungible tokens (NFTs) have become a very recurring theme in the cryptocurrency sector. The incorporation of smart contract functions in the Theta network is an attempt to take advantage of this trend.

Theta Token Minter allows users to create new TNT-20 tokens without the need for smart contract experience. This simplifies the process of 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 the size of DeFi

Decentralized finance has quickly become a cornerstone of the cryptocurrency ecosystem, prompting projects that are serious about their long-term viability to create their own DeFi applications.

Theta joined the party by releasing ThetaSwap v1 on February 4. ThetaSwap allows users to exchange TNT-20 tokens based on Theta and Theta Fuel (TFUEL) in a similar way to the user experience in Uniswap and SushiSwap.

The DEX allows NFT holders to exchange their collectibles in a simple and secure way through the integration of the Theta Chrome wallet extension available on Google Chrome and Brave.

Future updates to ThetaSwap will add support for wrapped tokens or wrapped tokens, including the wrapped version of Theta similar to wETH or wBTC, along with the possible addition of various stablecoins whose issuers have already expressed interest in minting TNT20 forms of their assets.

Major partnerships drive THETA’s price

The third reason for the improvement of the fundamentals of THETA comes from the rise of important associations.

On February 9, The team announced that entertainment powerhouse Lionsgate, home to popular movies like John Wick and The Hunger Games, would be joining the Theta ecosystem. The association will begin with nightly movie screenings starting in March.

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

Cointelegraph Markets Pro data shows that Theta price was falling on February 6 following a bullish breakout that appears to be the result of the launch of ThetaSwap on February 5.

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

News of the partnership with Lionsgate was revealed on February 9 and by February 10 the VORTECS ™ score reached 80, a move that was followed by the current rally of THETA to its all-time high of $ 3.49.

Other prominent Theta partners include the POT, It hosts a channel that broadcasts rocket launches live and, more recently, a live broadcast of a rover on Mars. World Series of Poker He also joined Theta and his channel offers non-stop coverage of the World Poker Tour.

A high tide lifts all the boats

Theta’s entry into the DeFi sector, the constant addition of big-name partners to its video streaming platform, and the strengths of the current bull cycle of the cryptocurrency market point to a growing ecosystem that is only beginning to show its true potential.

With the Delaware Department of State showing a recent application for Grayscale Theta Trust LLC, The appreciation of altcoins may be just beginning as Bitcoin and altcoins are increasingly catching the attention of major investors in the traditional finance world.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and business move involves risks, you must do your own research when making a decision.

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