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Theta Network leads gainers with 58% surge during Bitcoin uptrend

Theta Network (THETA) has emerged as the top performer among the 100 largest cryptocurrencies in the past 24 hours, experiencing a remarkable 58% surge amidst the recent market rebound that has seen Bitcoin (BTC) surpassing $56,000.

Before the recent Bitcoin rally, THETA was already showing signs of growth. After hitting a low of $0.934 on Feb. 6, the cryptocurrency staged a significant comeback, ultimately reaching parity with the US dollar just two days later.

Theta Network tops gainers list with 58% spike amid the BTC uptrend - 1
THETA price – Feb. 27 | Source: CoinMarketCap

Following its recovery, THETA continued to establish higher lows and higher highs, reaching a peak of $1.338 on Feb. 18. However, this six-week high triggered strong resistance levels, leading to a subsequent price correction and a consolidation phase within the range of $1.121 and $1.3.

The recent surge in Bitcoin prices enabled THETA to break through the crucial $1.383 resistance level at Fib. 2.618, aiming for higher valuations. The token surged to $1.816, surpassing resistance levels at $1.555 and $1.662 in a single move.

Remarkably, THETA outperformed Bitcoin and the broader market with a 29.64% increase, leading to a further spike above $2, reaching a peak of $2.320. This surge represented a 138% increase from the token’s initial value at the beginning of the month.

THETA shorts experience liquidations

Despite encountering resistance at $2.320, THETA has maintained most of its recent gains, currently posting a 58.7% increase in the last 24 hours, making it the top gainer among the top 100 assets. The upward trend has attracted significant buying interest, resulting in a 24-hour trading volume of $629 million.

In the derivatives market, there have been substantial liquidations affecting short positions on THETA. Over the past 24 hours, liquidations on derivatives positions totaled $4.62 million, with short positions accounting for $3.27 million.

As of now, THETA is trading at $2.26, above both the 50-day EMA ($1.172) and the 200-day EMA ($0.993). The token is aiming to secure a position above the $2.317 mark to maintain its upward momentum, though its trajectory will heavily depend on the overall market direction going forward.

Expanding on the fundamentals of Theta Network, it is a decentralized video delivery network powered by blockchain technology. It aims to revolutionize the online streaming industry by providing improved video quality, reduced costs, and enhanced user experience through a decentralized peer-to-peer network. By leveraging a unique consensus mechanism known as Theta Fuel (TFUEL), users can earn rewards for sharing their idle bandwidth and resources. This innovative approach incentivizes users to contribute to the network’s growth while creating a more efficient and secure streaming ecosystem.

Additionally, Theta Network has gained strategic partnerships with major industry players, including Samsung, WarnerMedia, and Google Cloud. These collaborations have bolstered the network’s credibility and market presence, showcasing its potential to disrupt the traditional streaming landscape.

Looking ahead, the future of Theta Network appears promising, with ongoing developments and partnerships fueling its growth trajectory. As the demand for decentralized video streaming platforms continues to rise, Theta’s innovative solutions position it as a key player in reshaping the digital entertainment landscape.

Overall, THETA’s recent price surge and market performance reflect a growing investor interest in its unique value proposition and potential for long-term growth. As the cryptocurrency market continues to evolve, THETA stands out as a promising contender in the competitive landscape, with its technological innovations and strategic partnerships driving its success.

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