As Market Tries to Rebound, Theta (THETA) Hovers Near $1 Mark
The cryptocurrency market is down in a big way today, with Bitcoin (BTC) falling 4% and Ethereum (ETH) down 5.39%. This follows several days of somewhat flat rates for much of the market after major losses a week ago during a market crash. Theta (THETA) is not managing to rebound, though, and this crypto is down 10.16% today, which brings the THETA rate to $1.27 (THETA/USD).
A Market Rebound for Some and Not Others
Much of the cryptocurrency market is falling today, after rebounding a little on the 13th. Even Theta managed to keep its head above water at that point, moving from $1.03 to $1.49 in the course of a day. Theta has almost never been so close to the $1 line, and even today, itβs hanging precariously close to those level.
We mentioned recently that Theta was experiencing historic lows, but last weekβs low point was a remarkable drop that we were sure Theta would recover from. It simply is unprecedented what we are seeing here, with the market lower than it has been in a long time.
Bitcoin is also as low as it has been in about two years- even lower than its massive dip from the middle of last year. Itβs no wonder why analysts are calling the recent bearish behavior a market crash. It has all the signs of one, and we can only hope that the market will recover soon. As Bitcoin goes so too goes most of the crypto market, since that token accounts for about 44% of the market trade volume.
Will Theta Recover?
Investors have a lot to be worried about with Theta. This crypto is staying close to the $1 mark and could potentially go down to that level over the next few days. If the overall market climbs higher, particularly Bitcoin, that will help to pull Theta up from its rut, but Theta is a long way off from where it was early in the year.
If you want some indication of what is coming next for the market, take a look back at where the rates were during the last major crash. It took Bitcoin a very long time to recover from that, and we may see something similar this time as well. The good news is that if you are not invested in Theta right now, this could be a good time to start investing while the rates are historically low. They can only go up from here, right?
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