Helium, a blockchain network designed for the Internet of Things (IoT), has experienced an 11% price increase over the past day, now valued at $4.96. According to the latest data from crypto.news, Helium (HNT) currently has a market capitalization of approximately $797 million, placing it 88th in the global cryptocurrency market rankings. Over the past week, the cryptocurrency has seen a notable rise, with its value increasing by more than 40%.
The trading volume for HNT has surged by 207% in the last 24 hours, reaching $17.9 million. During this time, its price has fluctuated between $4.47 and $5.21.
Founded in 2013 by Helium Inc., Helium enables wireless communication for IoT devices worldwide through its decentralized blockchain network. This approach provides a scalable and cost-effective alternative to traditional telecom services by allowing individuals to host network points through Hotspots.
These devices provide coverage and transmit data for IoT devices, with hosts earning Helium tokens (HNT) as compensation, thereby promoting network growth and density.
Despite the recent rise in HNT’s value, there have been no significant announcements from Helium to explain the spike. The general market uplift, driven by Bitcoin’s 7% increase over the past week, may have influenced Helium’s performance.
On Monday, Bitcoin traded at $67,337, fluctuating between $66,087 and $68,418 within 24 hours. Although it attempted to surpass $68,000 over the weekend, it faced resistance, tempering the rally.
Additionally, the total cryptocurrency market capitalization has increased by 0.5% in the last day, reaching $2.45 trillion.
