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Theta Network’s native token, THETA, has scaled its way up the top-10 list of leading cryptocurrencies, in terms of market capitalization. CoinMarketCap data indicates that the coin overtakes Chainlink (LINK) to become the 10th largest cryptocurrency. THETA achieves this feat after registering significant gains over the past week.
As a result of THETA’s stellar performance, it breached its previous all-time high to set a new one at £8.74. At the time of writing, THETA is still trading bullishly. The coin is up 16.71% over the past 24 hours and 61.89% over the past week to trade at £8.55. The coin has a daily volume of £1,055,288,075.56 and a market cap of £8,439,743,867.
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On the other hand, LINK is currently bleeding after losing 5.85% over the past 24 hours to change hands at £19.92. The coin has a market cap of £8,253,088,424, which makes Litecoin (LTC) THETA’s next target. Like LINK and other leading coins in the top-10 list today, including BTC, LTC is also losing value. At the moment, it is trading at £136.23 with a market cap of £9,074,516,156.71.
Theta Network’s rapid network growth is behind the coin’s performance
The Theta Network is working on expansions, which are continuously attracting crypto enthusiasts to invest in its token. For instance, a previous report revealed that the Centre Europe Brussels Laboratory, Sony Europe’s research, and development group, had joined the network’s validator program. In so doing, the company joined the likes of Google, Samsung, and industry player such as Binance and Gumi in operating the network’s nodes.
At the time, Theta Labs’ CEO, Mitch Liu said that this development had pushed Theta Network closer to decentralization. The network currently has 14 enterprise nodes to help validate transactions on its Proof-of-Stake (PoS) consensus mechanism. Liu added that the deal with the Centre Europe Brussels Laboratory would not stop at the firm being a network validator. Allegedly, both companies seek to explore other DLT-related ventures such as decentralized finance (DeFi) and non-fungible tokens (NFTs).
Apart from this strategic partnership, Theta Labs unveiled that it had received a second US patent on March 15. Per the announcement, the patent is dubbed Methods and systems for blockchain incentivized data streaming and delivery over a decentralised network, and it seeks to design a trusted, blockchain-powered payment system.