After Theta Spent most of Thursday at around $ 4.30 (THETA / USD) it fell to $ 4.11, down 6.75% over the past 24 hours. Like most of them Cryptocurrencies theta has been falling since early December and continues to struggle to return to its November levels.
THETA / USD
We’re seeing a lot of instability in the cryptocurrency market right now as the broader financial markets try to figure out how to deal with recent Fed announcements. Federal Chairman Jerome Powell recently spoke about inflation hikes and the idea that they would be “temporary” and called for a retirement from that particular term. The Federal Reserve’s current focus is on increasing employment and stabilizing prices as much as possible.
To do this, most of the stimulus check plans have been put on hold and no new plans outside of child tax credits are in sight. This should bring some degree of stability to the financial markets, and the cryptocurrency industry saw its prices rise temporarily following these announcements. Today the market is showing signs of volatility as it goes back down, taking Bitcoin decreased by 3.31%. However, these aren’t major drops, so we don’t expect another crash for the market. We appear to be in a period of uncertainty and instability for the market that could even out by the end of the year.
Where is theta going?
For those who have already invested in or are considering investing in theta crypto, the question arises as to where this digital asset could be headed right now. There is a good chance that theta will reverse when there is no major downward movement in the broader market. When Bitcoin and some of the other higher ranking cryptocurrencies move, they drag the other cryptocurrencies with them. Theta had risen for the past two days only to fall again today, which more than anything shows a trend of uncertainty.
Theta could get back above $ 5 before the end of the year when investors start spending their Christmas bonuses and other extra cash they typically have this time of year on cryptocurrencies. However, given the recent instability in the market, bad news for crypto may scare off potential investors and drive prices down even further.
We assume that theta and other cryptos are currently on a buying frenzy at these historically low prices. People want to take advantage of the low prices to buy crypto before prices go up, which should help push prices back up. We expect that in the coming days, but we could also see another decline for Theta, Bitcoin and other cryptos, the Theta below $ 4. We don’t expect it to stay below that level for long, if it gets there at all, as theta has historically done very well this year and has proven resilient even after several different crashes in the crypto market in 2021.
Source: Crypto News Deutsch