Markets
Helium price climbs 11% amid strong market rally
Helium, a blockchain network tailored for the Internet of Things (IoT), has seen its price surge 11% over the past day, currently valued at $4.96.
According to the latest data According to crypto.news, Helium (HNT) now holds a market cap of around $797 million, which ranks it 88th in the global cryptocurrency rankings by market cap. Over the past week, the cryptocurrency has also seen a significant surge, increasing by over 40%.
HNT trading volume increased by 207% in the last 24 hours, reaching $17.9 million. During this period, its price fluctuated between $4.47 and $5.21.
Heliumfounded in 2013 by Helium Inc., facilitates wireless communication for IoT devices around the world through its decentralized blockchain network. This model offers a scalable and cost-effective alternative to traditional telecommunications services by allowing individuals to host network points via hotspots.
These devices provide coverage and transmit data to IoT devices, with hosts earning Helium Tokens (HNT) in return, driving network growth and density.
Despite the recent upward movement in HNT’s value, Helium has not made any significant announcements that would directly explain this increase. However, the general market rally, led by Bitcoin’s 7% increase over the past week, may have influenced Helium’s performance.
Monday, Bitcoin (Bitcoin) was trading at $67,337, with its price ranging from $66,087 to $68,418 in 24 hours. Although it attempted to break above $68,000 over the weekend, it encountered resistance, tempering the rise.
Additionally, the total cryptocurrency market capitalization increased by 0.5% over the past day, reaching $2.45 trillion.