One digital asset just became the world’s ninth-largest cryptocurrency after its meteoric and unexpected rise in the last 12 months.
Theta Network (THETA) burst into the top 10 after surging more than 37,000% in one year from a low of $0.04 in March 2020 to its all-time high of $14.87 today, according to data from CoinGecko. The digital asset’s gains have pushed its market cap to $14.3 billion, overtaking Litecoin’s $12.9 billion valuation.
Theta Network, launched in 2016 by computer scientists Mitch Liu and Jieyi Long, aims to deliver higher quality video streaming services without buffering through a shared blockchain-powered network.
THETA’s network allows for vertical decentralized applications (DApps) to be built on top of the platform to enable the streaming of e-sports, TV/movies, music, conferencing, and more.
Chinese journalist Wu Blockchain says the digital asset’s popularity in South Korea may be behind THETA’s astronomic ascent.
“Through data analysis, the (THETA) team has money to control the market and is sought after by Koreans, which may be the core reasons… According to CMC data, the trading volume of Theta/KRW (Korean won) on Bithumb, the leading exchange in South Korea, ranks fourth… The new version of Theta will be launched in the near future [to] keep up with the NFT boom.”
At the time of writing, THETA is trading at $14.45, up 1.5% in the last 24 hours.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Khakimullin Aleksandr/REDPIXEL.PL