Some of the more intriguing developments in the cryptocurrency world take place outside of the top 20 ranked by market cap. Although these changes for smaller-cap currencies usually reflect pump-and-dump cycles, they are interesting nonetheless. For the Theta Token price, things are heading in a sharp upward direction. Massive gains across the board push this small altcoin to a $70m market cap.
Theta Token Price Surges Hard
It is not uncommon for smaller-cap altcoins and tokens to note gains which would normally be impossible. Cryptocurrencies are very fickle creatures, and that volatility often works in both directions. In the case of the Theta Token price, it is evident these gains may not last all that long. Even so, the current level of gains is nothing short of amazing, especially because its value has nearly doubled in just 24 hours.
To put this in its proper perspective, the Theta Token price has increased by 39.56% in the past day. because of this gain, its total value is now over $0.1 per token, with a market cap of just over $70m. One could argue smaller-cap coins are far easier to manipulate, but these gains are not necessarily a sign of the classical pump-and-dump schemes. Only time will tell if there is any real merit to this price increase at such a crucial time for all cryptocurrencies.
This massive Theta Token price gain would not be possible with major changes in the BTC and ETH ratios for this altcoin. THETA Has gained 36.55% over Bitcoin and 36.39% over Ethereum in these past few hours. Combined with the minor USD gain Bitcoin notes at the time of writing, it is only normal the overall Theta Token price sees a major increase in very quick succession.
Whereas some people would assume this current price increase is done through little trading volume, that is not the case. Instead, Theta Token notes $22.87m in 24-hour volume. It represents nearly one-third of its current market cap, which may indicate a lot of coins are simply going back and forth to spike the numbers. Even so, it seems a well-fueled uptrend which may spill over to the weekend.
Surprisingly, most of the THETA volume is coming from Binance and Huobi. This token is listed on some relatively big exchanges, despite most traders being unaware this altcoin even exists. Binance’s BTC pair is ahead of Huobi’s USDT and BTC markets. Binance and Huobi each add an ETH market to complete the top five. Other notable exchanges trading THETA include OKEx and Gate.io, albeit in far less spectacular fashion. No fiat currency pairs are active for this altcoin at this time.
It is impossible to determine how long this positive Theta Token price momentum will last. Current gains seem unsustainable for the long run, although the same was said in September 2017 when the markets rallied for five months on end. A major cryptocurrency market reversal is not on the horizon just yet, but this altcoin shows not everything is doom and gloom where cryptocurrencies are concerned.