Theta (THETA) Under $3 as Market Tries to Rebound
The crypto market took a dive on Tuesday, with Bitcoin (BTC) dropping 6.17%, down to $38,051 (BTC/USD). The Theta Network (THEYA) crypto fell as well, plummeting 11.76% on the same day. Now, it is having trouble making back any of that.
Theta’s Troubling Losses
The fact that Theta fell so much compared to Bitcoin and the wider market is disturbing for Theta’s investors. This is a crypto that has been through some difficulties this year, having trouble getting anywhere close to where it was last year.
Falling below the $3 level is tough on the crypto, as at puts it in another bracket entirely. The drop will likely cause many investors to give up on it for now, selling off their coins in the hopes that they can make their money back elsewhere. This may be a good time for some to invest, however, since Theta has historically resurfaced from under the $3 level very quickly.
Theta was last below the $3 level about this time last month, and it recovered nicely for a while but then fell off again early this month.
Will Theta Recover?
We are seeing the cryptocurrency marketplace attempt a rebound right now. Bitcoin is up 1.43% as of this writing, but that’s not enough to make up for its losses.
Theta is down 2.65%, which means it may be even longer before it attempts a recovery. It has a long way to go out make up for the recent losses. Even if Bitcoin makes a full recovery in the next few days, there is no guarantee that Theta will follow that. THETA has its own momentum, though it follows the general direction of Bitcoin and the larger market. It may just not recover at the same rate or make the same kinds of gains.
Theta has proven recently that it can experience bigger gains than Bitcoin, however, when the market is up. We will have to wait and see if that kind of bearish action happens again as the market attempts to recover.
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