Trade Volume Is Up for Theta (THETA) as the Price Sinks, So What’s Next?
Theta (THETA) continues its bearish trend today, starting off Monday with a 5.50% drop. This brings it down to $3.87 (THETA/USD), which is a historic low for the crypto. We haven’t seen rates this low for Theta since February.
Theta’s Drop a Result of the Wider Industry
The cryptocurrency market is going through a tough spot at the moment, and it’s not just Theta hurting. Bitcoin is down 3.92% over the last 24 hours, with a 5.65% drop over the last seven days. Ethereum is doing about the same, with a 4.64% over 24 hours, and 4.97% dropped over the last week. Solana, Binance, and Cardano are all down at the moment and have been down for the last few weeks.
We have seen a few bullish spikes here and there for some of these cryptos, but they haven’t stuck. Overall, the market is going through a bearish trend that has no real indicator of slowing down or reversing. There’s hope that the holiday season will turn some things around with more cash flow into the crypto industry, but so far that has not happened, and the new year is right around the corner.
There is nothing particularly wrong with Theta at the moment, but it is being pulled by the rest of these cryptos, with higher ranked cryptos pulling the lower ranked ones down.
Theta’s Trajectory
There is every indication that the cryptocurrency market will continue going down for now, especially with continued comments from The US Federal Reserve about possibly launching a new digital currency. U.S. President Joe Biden has made remarks about stamping out tax evasion that comes from cryptocurrency transactions as well. The threat of new legislation for the crypto market is always on the horizon and countries like China have made it a reality, essentially eliminating cryptocurrency within the country.
That’s bad news for Theta and other smaller cryptos that don’t have the profile of something like Bitcoin or Ethereum. The lower ranked cryptos will have a harder time rebounding from economic and legislative hits to the crypto market.
There is a possibility that Theta will turn around very soon, but there has to be a reason for renewed interest in the crypto market. Right now, a lot of investors are scared to be dealing with crypto and are pulling out. Part of that is just end-of-the-year action that happens as investors realize they are in the red and want to make their books look good. We may see a lot of new investment at the beginning of the new year as investors work to build up their portfolios and give crypto another chance. Until then, it looks like Theta is going to have trouble getting above the $4 mark. That level may be tested throughout the week, but don’t expect a big comeback from Theta for right now.
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