Even though the crypto market is down overall, a few crypto tokens are turning things around for themselves today. The Theta network is a crypto coin that has had some serious lows this year, but today it is up 14.23%, bringing the Theta Network rate to $1.16 (THETA/USD).
THETA/USD
Why Is Theta Surging?
As we said, only some of the crypto coins are up today. Many of the heavy hitters are down, including Bitcoin (BTC), taking a tumble with a 2.59% decline. Tron (TRX) has fallen 7.69%, and Monero (XMR) is down 10.41%. Many other cryptos are seeing only minor increases today of less than 1%, and that’s not even mentioning the poor returns from the Forex market.
Theta is up, though, which is strange since it has been down so much this year. It has fallen from an average of $4 and then $3 until it has reached a recent average that hovers just above the $1 mark.
The likely reason that Theta is seeing a bullish trend for now is that it was down below the $1 level yesterday. The coin reached a low point of $0.9651 then, which is the lowest it has reached in over a year.
That low rate caused a spike in trade volume, with investors buying up plenty of Theta tokens in hopes that the price would shoot up, which it did. Its trade volume went up 58% over the last 24 hours, bringing the Theta trade volume in that period to $178 million.
How Long Will the Good News Last?
Because Theta has had so much trouble recently even moving past $1.50, the price isn’t likely to stay where it is now. It will probably fall down further in the coming days, especially as those who made a profit off their buy-in of the recent low rate sell off their tokens.
Expect to see a price plummet very soon, so if you’ve made money off the recent price surge, you may want to offload that very soon. Keep a close watch on Theta’s rate, as it is very volatile at the moment, and it could shift at anytime.