Major cryptocurrencies remained muted on Tuesday night as the market capitalization of the global cryptocurrency market fell 3.14% to $1.51 trillion but a coin associated with Theta Network continued to surge.
What Happened: The apex cryptocurrency, Bitcoin (BTC), traded 1.42% lower at $33,040.59 at press time over 24 hours. BTC has declined 9.5% over a seven-day trailing period.
Ethereum (ETH) traded 4.11% lower at $2,471.93 at press time in a 24-hour window and 5.64% over a seven-day time frame.
Most large cryptocurrencies traded in the red at press time. Dogecoin (DOGE) traded 4.17% lower at $0.32 over 24 hours. The meme coin traded 2.5% and 0.02% lower against BTC and ETH respectively.
See Also: How to Buy Dogecoin (DOGE)
Theta Fuel (TFUEL) was the top gainer in a 24-hour period as per CoinMarketCap data. The fuel token of Theta Network traded 24.14% higher at $0.63 at press time. TFUEL’s weekly gains stood at 78.55%. Against both BTC and ETH, TFUEL rose 19.08% and 22.11% in a 24-hour period.
Theta Network’s governance token, THETA (THETA) traded 3.6% lower at $8.66 at press time over 24-hours. THETA was in the green by 13.02% in a seven-day period.
THETA was down 0.94% against BTC but gained 1.57% against ETH in a 24-hour period.
Why It Matters: TFUEL’s upward march continued for the second straight day even as major cryptocurrencies plunged ahead of the associated project releasing the Mainnet 3.0 on June 30.
A number of upgrades are expected including an update to THETA/TFUEL economics, adjustment to the fee and gas and TFUEL burn.
Theta Network announced the release of scalability and peering upgrades for its Guardian Node GUI for Microsoft Corporation (NASDAQ:MSFT) and Apple Inc (NASDAQ:AAPL) made operating systems on Tuesday in preparation of Mainnet 3.0 launch.
Theta Guardian Node GUI v2.2.42 is now out for Windows and MacOS! Your Guardian Node app will update automatically. This update includes scalability & peering upgrades in preparation for Mainnet 3.0 launch June 30th, as well as changes for June 11 tx fee increase and TFUEL burn pic.twitter.com/skrlSA2MDD
— Theta Network (@Theta_Network) June 8, 2021
Meanwhile, CoinShares data points to an increasing bearish stance taken by institutional investors towards Bitcoin. Institutional investors have withdrawn $141 million from investment products linked to the apex coin.
Other major gainers on Tuesday night included Helium (HNT) up 5.56% at $13.61 and Solana (SOL) up 4.81% at $40.73 in a 24-hour window.