Why is Helium (HNT) crypto rising today? All you must know

August 24, 2022 11:23 PM AEST | By Rupam Roy
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  • Helium is a decentralized blockchain that focuses on IoT devices.
  • It soared nearly 15 per cent on Wednesday morning.
  • Its market cap was over US$ 945 million at its current trading price.

The Helium (HNT) crypto gained traction on Wednesday morning, August 24, as reflected by the notable jump in its price. The price of the HNT token soared nearly 15 per cent, while its volume for the trailing 24 hours skyrocketed by over 260 per cent.

Now the question is, what could be the reason for triggering the recent surge in Helium's price? Let's explore the crypto details before taking a closer look at the recent developments, price, and performance of HNT crypto.

What is Helium (HNT) crypto?

Helium can be described as a decentralized blockchain network that focuses on the Internet of Things or IoT devices. The project was co-founded by Amir Haleem, Sean Carey, and Shawn Fanning in 2013 and was launched after six years in July 2019.

The project's mainnet allows wireless devices to connect while exchanging data. Helium claims to prioritize preparing future Internet of Things (IoT) communications. Since its inception in 2013, it has focused on several drawbacks in the traditional infrastructure and aimed to provide a solution.

Helium also gained attention from the investors for using the proof-of-coverage (PoC) consensus mechanism, which rewards the users for their contribution to the mining operations or validation transactions while looking at the stability of the project.

The HNT token currently trades on several major exchanges, including Binance, FTX, etc.

Although there is no apparent news for the recent surge in the token, it is expected that Helium's announcement of organizing an event in New York may have created hype among the crypto market enthusiasts. Helium said that it is "officially coming to NYC" next month, where it will provide community demos and some "exciting" updates about its ecosystem.

Among its recent developments, its website went down on August 23, which the company said was due to an outage with its DNS provider. However, Helium said that all its websites are now working and back online.

Helium (HNT) crypto price and performanceSource: ©Kalkine Media®; © Canva Creative Studio via Canva.com
Data source: CoinMarketCap.com

Bottom line:

The price of the Helium crypto was US$ 7.59 at 8:38 am ET on August 24, noting a jump of 14.87 per cent in the last 24 hours. Its one-day volume skyrocketed 260.06 per cent to US$ 26.86 million simultaneously.

Its market cap stood at US$ 945.97 million at its current trading price, while its fully-diluted market cap jumped to US$ 1.69 billion.

However, despite today's gains, it still failed to show any gains yet this year and in recent weeks. The HNT price tumbled about 80 per cent year-to-date (YTD) while losing about 16 per cent in the last 30 days. Over the previous seven days, it lost about three per cent.

Given the higher volatility in crypto, investors should closely evaluate the risks before investing in digital currencies.

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