Bitcoin on the way to the 10000 USD mark
While the majority of traders are concentrating on the development of the number one crypto currency, the Altcoins continue to lose attention. However, with Theta there is an outlier who is fighting against the BTC dominance with promising news. A partnership with Google Cloud is causing a furore. But first things first…
Cops stay at the pusher
At the time of this article, Bitcoin is quoted at USD 9469, which represents a daily increase of 3,12 %. The bulls can take advantage of the momentum and take the fresh upwind to cross the resistance at 9400 USD. Now, there are few obstacles left in the way of a move into the five-digit USD range. The biggest barriers are at 9600 USD and 9800 USD. Furthermore, the question arises whether a 24-hour volume of around USD 32 billion is sufficient to overcome the psychological barrier. After the halving, the bulls have already failed several times at the USD 10000 hurdle.
Is the critical area overcome?
In the past few days, the BTC has levelled off between USD 8600 and USD 9000. In this range, the bulls were able to win the showdown on Wednesday. The hash rate loss and the aftermath of the halving seem to have been overcome. However, such snapshots should be taken with caution given the high volatility. Whale movements and the correlation to traditional markets can turn out to be unpredictable factors at any time.
Bitcoin marches, Altcoins follow
The BTC Dominance Index currently stands at 66.2 %. Ethereum and Co. can use the upswing for their own price jumps. Cardano (+ 14 %) and Vechain (+ 11 %) stand out the most conspicuously. Theta, on the other hand, is experiencing the biggest dump in the Top 50 with a price drop of just under 16%, although the small correction after the enormous price gains of the past few days should only be a drop in the ocean. The price had recorded a rise of over 100% in a short time. But what is behind this enormous pump?
Google Cloud, Binance, Gumi Cryptos… Theta with strong partners
The crypto-streaming app Theta confirmed a cooperation with Google Cloud the day before. According to this, Google Cloud will in future act as an Enterprise Validator Node in the network. This means that the renowned group is joining forces with well-known partners such as Blockchain Ventures, Binance and Gumi Cryptos. The spectacular news was published just in time for the Mainnet 2.0 launch. Perfect timing!
This is what is behind Theta
Theta was able to make a name for itself as a streaming service based on blockchain. The program includes Esport events and renowned conferences from the crypto sector. Users can earn rewards on the platform in the form of so-called “TFuel”. Currently Theta is ranked 34th in the crypto charts with a share price of approx. 0.32 USD and a market capitalization of approx. 276 million USD. The all-time high of USD 0.55 was reached last Wednesday.