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Leading the Market Recovery, These Altcoins Surge with Whopping Gains
- Following the approval of the Spot Bitcoin ETF, the crypto market experienced a dip but is now showing signs of recovery.
- Manta Network (MANTA) has seen its token rise by 39% in a week and 20% in 24 hours, despite a recent DDoS attack that temporarily affected transaction times and gas fees.
- Helium’s HNT token has risen nearly 20% in the past 24 hours, marking a significant increase from USD $1.50 in early November to USD $7 recently, boosted by new partnerships.
After the Spot Bitcoin ETF approval, we saw the market go red right across the board, with many crypto assets declining as much as 20%. The fear and greed index went into neutral territory for the first time in a while and most new investors began doubting the bullish scenario. However, since then most assets have begun to recover, with the recovery rally not being led by the usual suspects. Here are some of the top performers over the past day.
Manta Network (MANTA)
Manta Network (MANTA) has gained 39% in the past week and over 20% in the past 24 hours alone. MANTA is the newly launched token of the Manta Network. The Network is a privacy-preserving decentralised finance (DeFi) platform. It is designed to offer privacy for blockchain transactions, focusing particularly on the DeFi and Web3 ecosystem.
The young network suffered a DDoS attack less than a week ago, which caused longer than usual transaction times and also impacted gas fees.
A DDoS attack is a malicious effort to overload a targeted server or network with excessive internet traffic from various compromised devices, making it inaccessible to legitimate users.
Helium (HNT)
Helium’s HNT token has gained almost 20% in the past 24 hours, continuing its stellar performance over the past few months. HNT has gone from USD $1.50 (AUD $2.28) at the start of November, to USD $7 (AUD $10.66) at the time of writing, gaining over 400%.
The recent surge in HNT’s value is attributed to a number of reasons. Most recently the news came out that Nova Labs has struck a partnership with Telefónica. Nova Labs is built on Helium and will, together with Telefónica, one of the region’s largest telco providers, roll out mobile hotspots in Mexico City and Oaxaca.
Helium, operating on LoRaWAN for US mobile hotspots, also launched a cost-effective cell phone plan with MOBILE token rewards. LoRaWAN, vital for low-power, wide-area IoT networks, supports Helium’s operations. Also, Helium Wallet v2.5.0 was recently launched.
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.
