The cryptocurrency of major blockchain project Theta Network, THETA, has exceeded Chainlink in terms of market cap. The digital asset is now the 10th largest crypto globally, with a market cap of over $11 billion. As per the most advanced data issued by Coinmarketcap, Theta is up by more than 70% in the last seven days. The digital currency is recently more valuable than Bitcoin Cash (BCH), USDC, Stellar (XLM), and Dogecoin (DOGE).
For the uninformed, the Theta Network is a blockchain-based P2P (peer-to-peer) video streaming platform. It attempts to optimize and decentralize video streaming. It executes this by acknowledging the flaws it sees in conventional CDN (content delivery networks). The core advisors involve Steve Chen, Co-Founder of YouTube, and Justin Kan, Co-Founder of Twitch. The Theta Network project thinks that viewers receive bad quality content when streaming video. It intends to correct this problem utilizing blockchain technology and to have users share a network where they receive rewards with the currency by participating.
Bitcoin Dominance drops as Altcoins Price increases
The Theta Network has been actively developing its validator program, inviting associations with Fortune Global 500 firms such as Google, Samsung, Sony, and significant industry firms such as Binance, Blockchain.com, and Gumi. The new ATH (all-time highs) for THETA arrived after Theta Labs acquired its second patent on designs for decentralized blockchain-based video and data delivery from the U.S. Patent Trademark Office on March 16. Moreover, earlier, Theta Labs published an open-source code for the Theta protocol version 2.2.0 on its GitHub.
Further, Theta entered this year with a price level of $1.9 billion. The crypto registered a jump of over 500% in the last 12 weeks. The world’s 10th largest cryptocurrency is trading near $11.15 billion with a market cap of approximately $11.2 billion. The current boom in altcoins has contributed a lot towards the increase in the price of Theta. The surge in altcoins is producing a decline in the market dominance of Bitcoin. Bitcoin’s market dominance descended from 62% to 59.5% in the last seven days. Nevertheless, the world’s top 5 cryptocurrencies comprise Bitcoin (BTC), Tether (USDT), Ethereum (ETH), Binance Coin (BNB), and Cardano (ADA).
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