As Theta’s (THETA) Fall Continues, Is It a Crypto Worth Watching?
Theta has dropped to $2.77 (THETA/USD) today, falling 9.69% for the day at press time. Falling back down below that $3 level is crucial point for Theta and leaves its investors wondering if it will manage to recover.
How Bad Is This for Theta?
Although a lot of the cryptocurrency market has fallen since November of last year, Theta is taking the downturn particularly hard. It’s falling to levels we haven’t seen in a long time, and it has been struggling recently to make any progress past the $3 mark.
Theta had achieved $4.62 on January 20th before it entered a bull run, falling sharply to $2.60 within two days. That has been most significant drop for January, and it suffered a similar drop at the beginning of December. These two major drops have pushed Theta down the rankings, taking it to the #45 ranked cryptocurrency. It previously ranked above #40 last year.
What’s on the Horizon for Theta?
Investors are looking toward the future with this cryptocurrency, hoping that the launch of the new TDrop token will help propel Theta much higher. That new token is tied to an NFT marketplace that is scheduled to launch tomorrow.
That’s big news for the Theta Network and could very well mean that now is the time to invest in Theta while the price is low. Theta has historically stayed above $4, spending most of last year above that mark, so it’s not unreasonable to think that it may shoot past $4 if the new token does well.
Theta has more going for it than just that launch, however. The Theta Network has made staking easier than ever and more accessible to the general public. Initially, staking required a $10,000 investment before it was lowered to $1.000. The threshold for entry was further lowered with the creation of Thetaboard and GPool, which permit staking by charging a small commission.
Theta is also partnered with major players like Sony, Samsung, and more through its gaming and video streaming blockchain services. These kinds of partnerships ensure that Theta has a future and is a part of major entertainment and business industries. Theta users can earn rewards through the Theta.tv platform just by watching streaming content from popular video games.
While Theta could continue to plunge, especially if the new TDrop marketplace fails, there’s potential for this crypto to move back past that crucial $3 level and even $4 in the next day or two. A lot of that is going to hinge on how its new launch goes, though.
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