Bitcoin, the world's most valuable cryptocurrency by a wide margin, is treading water after rallying hard since its March crash. <\/p>\n
The bitcoin price failed to breach $10,000 last week and has been trending downward sincedespite a raft of bullish signals. <\/p>\n
Now, as a number of smaller cryptocurrencies and bitcoin rivals make big gains, one tiny token has soared over 1,000% since its March lows.<\/p>\n
As the bitcoin price treads water, a number of smaller cryptocurrencies have been outpacing bitcoin ... [+] over recent weeks.<\/p>\n
Theta, the primary cryptocurrency token of the Theta decentralized video streaming network, has added over 1,000% to its price since the bitcoin and wider cryptocurrency market crashed in March, according to CoinMarketCap data. <\/p>\n
Theta's massive gains so far this year eclipse bitcoin's 120% rally since the March coronavirus-induced crasheven as bitcoin looks on track to be one of the best bets of 2020. <\/p>\n
The theta mega-rally comes as rumors swirl the San Francisco-based Theta Labs is poised to announce a partnership with YouTube-owner Google on Wednesday, May 27. <\/p>\n
Theta Labs did not respond to a request for comment.<\/p>\n
The Theta Network bills itself as a \"decentralized streaming video protocol\" powered by bitcoin's blockchain technology and is designed to give \"users the opportunity to contribute their excess bandwidth and computing resources in exchange for token rewards.\"<\/p>\n
A partnership with search giant Google, which recently launched the cloud gaming service Stadia, could be seen as an endorsement of Theta Labs' decentralized video infrastructure and business model. <\/p>\n
Earlier this month, it was revealed Theta.tv will be included on future Samsung Galaxy phones with the software expected to be added to some 75 million existing devices. <\/p>\n
\"Our groundbreaking approach to streaming is a perfect fit for Samsungs worldwide user base,\" Theta Labs co-founder and chief executive Mitch Liu said at the time.<\/p>\n
\"Its a huge step toward our goal of making Theta a global infrastructure for video content and data delivery.\"<\/p>\n
The theta token has surged an eye-watering 306% in the last month, eclipsing bitcoin's 17% gains. <\/p>\n
Meanwhile, the world's largest bitcoin and cryptocurrency exchange Binance has revealed it will support Thetas upcoming mainnet upgrade. Binance also announced today it will launch a theta-U.S. dollar perpetual trading contract with up to 50-times leverage.<\/p>\n
Similar bitcoin and crypto exchange announcements of support have boosted smaller cryptocurrencies in recent weeks, indicating the market is desperate for clearer direction.<\/p>\n
Some bitcoin and cryptocurrency watchers have suggested a broader rally in small capitalization cryptocurrencies, including the likes of theta, could mean these tokens are \"decoupling from the rest of the market.\"<\/p>\n
\"The small caps index is now up more than 15% so far in May, while the other indexes are struggling to even be in the green this month,\" analysts at London-based bitcoin and crypto exchange Luno wrote in a weekly update.<\/p>\n
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