The price of Theta has seen a huge boom in recent months.
Before December 2020, the price of this cryptocurrency had never exceeded one dollar in its almost three-year history, whereas it is now worth almost 13 dollars.
It debuted on the crypto markets in January 2018, just as the speculative bubble of late 2017 was bursting. Its price dropped practically immediately from $0.2 to $0.1, and then even plummeted to just over $0.04 in December of the same year.
This level is more or less also the one reached a year ago, during the collapse of the global financial markets, so much so that it recorded its lowest level on March 13th, 2020, precisely at $0.04.
Since then it has been on a long upward trend, which ended with a spectacular boom.
As early as April 2020 it had already recovered the $0.1 mark, while in May it had also recovered to $0.2.
In October 2020 it reached $0.7, and in late December it even broke through the $1 mark for the first time.
In 2021, a real boom was triggered, which saw the price of Theta multiply 12-fold over the course of just three months, reaching a new all-time high of $14.87 on March 24th.
Taking the low of March 13th, 2020 and the high of March 24th, 2021 as reference points, in one year its value has grown by an incredible +37,000%. On the other hand, taking the last 12 months as a reference, the growth was 17,000%.
Over the course of 2021, to date, it has grown more than 700% in less than three months, and compared to October 2020 the growth has been 1,700%.
Moreover, from the low of March 2020 until October of that year, it had already gained 1,600%.
Thanks to this enormous growth, Theta has entered the top 10 cryptocurrencies by market capitalization.
Behind the price of Theta: the project
The Theta project was founded in 2016 by computer scientists Mitch Liu and Jieyi Long, with the aim of decentralizing the online distribution of videos, and among its advisors it counts Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch.
In May 2020, a deal was announced to distribute video content hosted on the platform to Samsung Daily, and this began to send the price of the cryptocurrency soaring. During 2021, however, it was probably the project’s interest in NFTs that caused its value to rise.
It is worth noting that Theta uses its own blockchain, Theta Network, and that the development team is trying to create a real marketplace for NFTs based on their blockchain.
Given these assumptions, it is fair to imagine that over the past few years the price of Theta was very undervalued, and what has happened in the last 12 months has at least restored it to its true value. However, after such inordinate increases, it is not at all unreasonable to imagine a possible correction.
The post Boom in the price of Theta: +37,000%. appeared first on The Cryptonomist.