Yerevan (CoinChapter.com) – Theta, the next-generation video delivery system, has enjoyed an 18 percent gain in the last 72 hours and traded at $7.75 in the European session Tuesday, while Bitcoin was still consolidating around the $37,000 margin. Theta bull comes along on the news of a major Hollywood agency backing the blockchain network.
Recent Promising Development
As a decentralized ecosystem, Theta works to improve video streaming and video delivery. It also aims to lower the associated costs. The network can utilize the unused bandwidth on participant computers. When a network member wants to view a video available, a part of the data comes from the Theta Network itself, and a part comes from the main server.
The whole blockchain network is overseen by external validators that ensure the quality of the ecosystem as a whole and validate the blocks that are added to the blockchain.
Creative Artists Agency (CAA), a leading entertainment agency in Hollywood and worldwide, has been a validator on the Theta network since May 27. Along with world-leading corporations such as Samsung, Sony, and Google, making the 15th member of the validators team.
What Else Is Fueling Theta?
United Talent Agency (UTA), another leading global talent agency is deeply embedded in Theta.
Together, the CAA and the UTA have a massive influence in the sports and entertainment industry through the A-list celebrities they sign. If any of those celebrities would like to dab into NFTs (non-fungible tokens), the mentioned agencies and subsequently Theta platform would be the first choice. The token price depends on the demand. And the demand in the entertainment sector is surely growing.
Where is Theta?
The network token was trading at $7.75 in the European session Tuesday. The recent development brought it to new highs while Bitcoin still struggled. The alpha crypto traded at $36,773, outrun by other coins. Bitcoin failed to trade above $40,000 with any consistency since the crash on May 19. Theta, however, logged an 18 percent gain, and according to some experts, it’s not stopping any time soon.
There have been earlier predictors of Theta’s success, based on the analysis on its 4h chart. As early as May 20, there have been signs of the price recovery after the sharp decline.
Some experts agreed at the time; some didn’t. But the recent news surely backs the optimistic bullish approach. After the CAA agency joined the list of Theta validators, traders have more incentive to put their trust in the token, subsequently boosting the price.