Watch the Underdog Crypto Theta (THETA)- It’s Moving up in the Rankings
Theta has moved up several rankings recently among cryptocurrencies and is now ranked number 29th, where it formerly held the #34 spot. We have been seeing an overall bullish trend for this crypto, spurred on by the health of the wider crypto market.
How Theta’s Ranking Has Improved
Theta is up only 2.51% today as of this writing, which brings it to $7.63 (THETA/USD). That may not seem like much, but Theta has rarely passed the $8 mark. For it to be pushing that level again is big news and could be the start of Theta moving toward record levels.
To see Theta’s ranking improve and achieve a top 30 position is big news as well, proving this crypto as one to watch. Because of its upward trend over the last few weeks, Theta is poised to go even higher.
Its trade volume is way up today as well, nearly 40% over the last 24 hours. This incredible level of activity is moving more than $223 million in Theta tokens in that period of time. That will be the real key to pushing Theta up the rankings, if indeed it does move up any further.
Is There a Downside?
The massive surge in popularity for Theta is the kind of action that could be dangerous for any cryptocurrency. We’ve seen flash crashes already this year throughout the cryptocurrency market as well as a larger crash back in April that most cryptos are struggling to recover from still. Because cryptocurrencies like Theta are decentralized and mostly unregulated, they have a tendency to be very volatile. That means that when the price increases rapidly, there is huge potential for quick turnaround and some sort of bearish trend. That’s what investors really have to watch out for at this time.
We might not see any kind of crash happen with Theta if it pushes past $8, which it’s likely to do in the next few days. If it goes past $9, however, that could very well be a signal to investors for them to sell before the price plummet happens.
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