What happened

Over the past 24 hours, the price of Theta Token (THETA -0.80%) had risen nearly 11% as of 3:12 p.m. ET today, despite a mixed and somewhat flattish day in the broader cryptocurrency market. There's no obvious reason for the move, although there are several pieces of news that may explain it.

So what

Theta, a blockchain-powered peer-to-peer video streaming network, announced recently that the global blockchain infrastructure company BridgeTower Capital would become an enterprise validator on the Theta Network. On Theta's blockchain network, large companies such as Alphabet's Google, Sony, and Samsung serve as the entities that validate transactions and create new blocks. 

Squiggly green chart line moving upward, with stock prices behind it.

Image source: Getty Images.

"We have long been supporters of the work Theta initiated in using the blockchain infrastructure to deliver decentralized video streaming in ways that provide both technical and economic advantages," BridgeTower Founder and CEO Cory Pugh said in a statement.

Also in recent days, the hit entertainment and reality show American Idol announced it would partner with Theta Labs, the company that created the Theta network, to mint non-fungible tokens (NFTs) to celebrate 20 seasons of the show in the U.S. People will be able to purchase American Idol NFT card packs on ThetaDrop, an NFT marketplace Theta launched earlier this year.

Now what

One of the reasons I really like and have invested in Theta Token is because of its potential to greatly improve video streaming.

I think the fact that large companies are joining its network and large entertainment shows like American Idol are partnering with Theta shows the huge opportunity of the technology, and therefore its associated cryptocurrency.