Markets
Helium price rises 11% amid broad market rally
Helium, a blockchain network designed for the Internet of Things (IoT), has seen its price increase by 11% in the past day, currently sitting at $4.96.
According to the latest data According to crypto.news, Helium (HNT) now has a market cap of around $797 million, ranking 88th in the global cryptocurrency market cap rankings. The cryptocurrency has also seen a significant increase in the past week, increasing by over 40%.
Trading volume for HNT has increased by 207% in the last 24 hours, reaching $17.9 million. During this period, its price has fluctuated between $4.47 and $5.21.
heliumfounded in 2013 by Helium Inc., facilitates wireless communication for IoT devices around the world via 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 for IoT devices, while hosts earn Helium tokens (HNT) in return, promoting network growth and density.
Despite the recent upward movement in HNT’s value, there have been no significant announcements from Helium that could directly explain the spike. However, the overall market rally, led by Bitcoin’s 7% increase in the last week, may have influenced Helium’s performance.
Monday, Bitcoin (BTC) traded at $67,337, with its price ranging from $66,087 to $68,418 in 24 hours. Although it attempted to break above the $68,000 mark over the weekend, it ran into resistance, tempering the rally.
Additionally, the total cryptocurrency market capitalization increased by 0.5% over the past day, reaching $2.45 trillion.