Bitcoin, the top cryptocurrency by a large margin is making a pause after the strong rally since its March crash.
The bitcoin price failed to break the $10,000 level regardless of many bullish signs and it is hovering around $9,000 at the time of writing. This is giving some breathing to other coins that started to make some nice gains.
While many cryptocurrencies are actually making big gains there is a token that might be one of the best performers of the last months that surged by 1,000% since the crypto market crash in March.
Theta the main crypto of the Theta network which is an open-source protocol that powers a decentralized streaming network made an x10 gain in the last three months according to coinmarketcap.
Despite the fact that bitcoin is on the good track to be the best performing asset of the year , Theta’s mega gains by 10 folds in a short time may eclipse that.
There are rumors that a partnership between Youtube and Theta is poised to be announced on May 27. This must be the cause of the x10 pump, despite the fact that there is nothing official about this partnership.
What Theta network does is that users can contribute with their excess computer resources and bandwidth to the video streaming network in exchange of tokens. Also it has some big names in the advisors’ board, like; Steve Chen, Co-Founder of YouTube, and Justin Kan, Co-Founder of Twitch.
A partnership with Google’s Youtube might be seen by be seen as an endorsement of theta’s technology.
Also earlier this year it was announced that Theta.tv will be added on Samsung Galaxy phones which may expose Theta to more than 75 million users.
“We believe this commercial product launch is a critical inflection point in the adoption of the Theta Network globally,” said Theta Labs co-founder and CEO Mitch Liu, in a release. “Our groundbreaking approach to streaming is a perfect fit for Samsung’s worldwide user base. It’s a huge step toward our goal of making Theta a global infrastructure for video content and data delivery.”
Meanwhile Theta is getting traction, Binance, the biggest cryptocurrency exchange announced that will support Theta’s maninnet update. It also announced today that Binance will launch an x50 leveraged trading contract for Theta-Usd pair.
Announcements started to pop up again reminding us of the 2017 glory days, but also shows how cryptomarkets are desperate to find the right direction.
Some analysts predict a big rally in some small caps including Theta, which means that some cryptocurrencies are dissociating from the rest of the crypto market.
“The small caps index is now up more than 15% so far in May, while the other indexes are struggling to even be in the green this month,” analysts at London-based bitcoin and crypto exchange Luno wrote in a weekly update.
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