For the uninformed, Theta is a decentralized platform for broadcasting that allows users to get rewards by contributing their computing resources. The resources would then be used to develop the network even further.
As it goes, the previous year was quite a rollercoaster ride for most of the projects in the market of cryptocurrency but as is the nature of crypto, most of the tokens went on to hit new all-time highs, and then ended up spending the next few months drifting lower as the hype around them faded and trades moved onto better pastures.
Theta Could See An Impressive Growth In 2022
The token for Theta started its run on the 11th of December, 2020, when it rose 2,468% from a price of $0.621 to a new record price of $15.90 on the 16th of April, 2021, as Global 500 firms like Sony Europe and Google went on to join the validator program for this network. The Labs of the company was granted its second patent on most of the designs that it had created for decentralized blockchain-based video and data delivery.
According to data received from TradingView and Cointelegraph Markets Pro, it has been understood that ever since hitting a high of $5.98 on the 27th of December, the price of Theta went down to its major support near the price of $3.85 as the far wider market of cryptocurrency went down under the market pressure. Now, even with the reversal of fate, the token still has quite a few reasons for holders to be bullish in the long term.
There have been a few reasons for Theta to remain bullish in the new year, which include the upcoming launch of the NFT marketplace, the addition of new resources for staking, and the overall focus on live streaming and gaming which is currently supported by big-name integrations and partnerships.