Bitcoin has been on fire lately, but there are other smaller currencies that are virtually on fire, one being Theta.
Theta Is Growing Like No Other Coin
The digital currency industry is full of small coins that very few people have heard of. One – called Theta – has jumped by more than 1,000 percent since reaching new lows in early March. The currency is leading a bullish wave that appears to be making its way through all corners of the cryptocurrency space.
1,000 percent is quite huge, especially when put in perspective against the bullish jumps incurred by other currencies. Bitcoin, for example, has shot up by only 120 percent since March, suggesting the younger, smaller altcoin has exuded more power in many ways.
The jump follows news that the coin’s creator, Theta Labs, has entered a partnership with search engine giant Google, which could be announced as early as today. Theta is widely referred to as a “decentralized streaming video protocol.” It’s partnership with Google will undoubtedly put it in line with YouTube, which Google owns. Theta is slated to offer its users the chance to provide bandwidth and computing resources to outside parties for digital rewards.
No doubt the currency has been on a roll these past few months. Theta has also joined hands with Samsung Galaxy to bring Theta.tv to its mobile devices. Samsung announced that it would be adding the application to roughly 75 million devices, while many future phones will come with the app already programmed into them.
Theta Labs co-founder and chief executive Mitch Liu commented on the partnership with Samsung, explaining:
Our groundbreaking approach to streaming is a perfect fit for Samsung’s worldwide user base. It’s a huge step toward our goal of making Theta a global infrastructure for video content and data delivery.
Theta is joined by several altcoins on the bull train. One of the most recent assets to experience several jumps include OmiseGO, which has since surged by roughly 230 percent, nearly double that of bitcoin. The currency was added to Coinbase’s trading platform, allowing users to sell, buy and exchange the asset like they would Ethereum, bitcoin cash, or any other currency that’s available through the U.S.-based company.
Coinbase has stated that it is constantly being asked by clients to add more coins to its growing roster of digital offerings.
Are Smaller Coins Trying to Distance Themselves?
Some analysts believe that the heavy jumps many of these smaller cryptocurrencies have exhibited over the past few months suggest they are trying hard to separate themselves from the market. Executives at Luno – a U.K.-based bitcoin and crypto trading platform – explained in a note to clients:
The small caps index is now up more than 15 percent so far in May, while the other indexes are struggling to even be in the green this month.