Theta Network's token enters top 10 cryptos by market capitalization

THETA, the native token of the Theta Network — a decentralized blockchain-based video delivery network — has entered the top 10 cryptocurrencies by market capitalization.

On Tuesday, THETA overtook Chainlink's LINK as the 10th biggest cryptocurrency by market cap at nearly $11.5 billion, according to data from CoinGecko. At publishing time, LINK’s market cap amounte to $11.2 billion.

THETA has seen huge growth recently, gaining 70% over the past seven days and hitting new historical highs. The token is trading at $11.80, up 17% over the past 24 hours as of publishing time, according to data from CoinGecko. The coin has seen consistent growth in 2021, even outperforming Bitcoin’s (BTC) late-2020 rally.

THETA’s entrance to the top 10 coins by market cap comes soon after major altcoin Bitcoin Cash (BCH) dropped off the top 10 list in early March.

The new all-time highs for THETA come shortly after Theta Labs secured its second patent on designs for decentralized blockchain-based video and data delivery from the United States Patent and Trademark Office on March 16. Earlier in March, Theta Labs released an open-source code for the Theta protocol version 2.2.0 on its GitHub.

As previously reported by Cointelegraph, the Theta Network has been actively growing its validator program, attracting collaboration with Fortune Global 500 firms like Google, Samsung and Sony, as well as major industry firms like Binance, Blockchain.com and Gumi. Theta Labs was founded in 2017 as a subsidiary of virtual reality livestreaming company Sliver.tv.