Helium’s price soars 11% amidst a broad market rally

Helium, a blockchain network tailored for the Internet of Things (IoT), has seen its price climb by 11% over the past day, currently valued at $4.96.

According to the latest data from crypto.news, Helium (HNT) now holds a market capitalization of around $797 million, ranking it 88th in the global cryptocurrency market cap standings. Over the past week, the cryptocurrency has also seen a significant rise, 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 period, its price fluctuated between $4.47 and $5.21.

Helium, established in 2013 by Helium Inc., facilitates wireless communication for IoT devices across the globe through its decentralized blockchain network. This model offers a scalable and cost-effective alternative to traditional telecom services by allowing individuals to host network points via Hotspots.

These devices provide coverage and transmit data for IoT devices, with hosts earning 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 would directly account for the spike. However, the general uplift in the market, led by Bitcoin’s 7% increase over the last week, may have influenced Helium’s performance.

On Monday, Bitcoin (BTC) traded at $67,337, with its price ranging from $66,087 to $68,418 within 24 hours. Although it attempted to break the $68,000 threshold over the weekend, it met resistance, tempering the rally.

Moreover, the total market capitalization of cryptocurrencies has risen by 0.5% in the last day, reaching $2.45 trillion.