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Altcoins Heat Up With AVAX, HNT Leading the Rally
- Following the recent crypto rally, major assets like Bitcoin and Ethereum have stabilised, with Bitcoin showing minimal gains and Ethereum declining slightly.
- Some altcoins continue to outperform the leading cryptos, such as Avalanche (AVAX), which saw a 196% increase over 48 days, driven by an uptick in gaming developments on its platform.
- Helium (HNT), a decentralised network offering LoRaWAN and 5G services, has also seen an impressive 80% increase in value over the past week following its migration to the Solana blockchain and the launch of a new partnership with T-Mobile.
After the crypto rally of recent days, most major assets seem to be taking a breather at present, with Bitcoin (BTC) almost at a standstill with a 24-hour gain of 0.13% and Ethereum (ETH) losing 1.49% as per CoinMarketCap. However, there are still some altcoins which outperform the grand dame of crypto and her second in charge – let’s have a look at three of the top performers and why they have rallied.
Avalanche Comes to Halt After Massive Movement
Avalanche (AVAX) has gained almost 24% in the past week, despite a slight correction of 0.57% in the past 24 hours. AVAX had a run since October 19, when it had hit a lower low around USD $9 (AUD $13.78), making its way up to the current USD $26.44 (AUD $40.48) it currently trades for, a hefty 196% increase in just 48 days.
As a first driver for the AVAX surge, the IEEE news stands out: The Indian Institute of Electrical and Electronics Engineers has selected the blockchain to issue tamper-proof certificates for its credentialing system. Amid high network activity and transaction volumes, another significant indicator for AVAX is likely the uptick in gaming developments on the platform. Gaming, besides AI and tokenisation is one of the hottest crypto topics right now, with 2024 shaping up to be a promising year for Avalanche.
Solana’s Helium (HNT) Creates a Stir
Helium (HNT) is a decentralised network using LoRaWAN technology, operating personal hotspots across over 170 countries and providing 5G services in select cities in the United States. The community recently voted for a migration to the Solana blockchain. HNT has gained almost 80% in the past seven days, with an impressive 12% over the past 24 hours.
Helium (HNT) has soared on the launch of the announcement of an affordable cell phone plan in the U.S., leveraging its decentralised wireless network. Users can earn MOBILE tokens by sharing data through individual-owned infrastructure. Helium has partnered with T-Mobile to provide access to the largest 5G network in the nation.
It’s here. Our nationwide $20/month unlimited phone plan is now available! The average American spends $157/month on their phone plan, but starting today, anyone in the US can join Helium Mobile and say goodbye to overpriced bills.
Helium Mobile
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
