Altcoins

Helium Rockets Up 18% As Investors Weigh In New Developments

Published

4 months ago

August 19, 2024

Investors flock to Helium (HNT) after it showed strength despite the stagnating momentum of the market. According to CoinGecko, the token is up more than 21%, going against the market’s flat trajectory. This came after a cryptic post about Helium’s plans that might indicate a better future for the platform and its users.

With this in mind, HNT continues to be an attractive investment for both users of the platform and those who are chasing gains in the long term. But with the market’s stagnating momentum, investors and traders should exercise caution as any swing by the broader market might lead to a downturn.

Cryptic Message Boosts Investor Interest On HNT

Abhay recently posted a mysterious message that’s hinting at a possible network upgrade soon. This sent the community spiraling into speculation, with Abhay stating that it would be a busy month for the network.

The hype this post generated is substantial as community members await an official announcement for the speculated upgrade that might happen soon.

1.0 – launch a wireless network
2.0 – scale two networks
3.0 – scale all networks
stay tuned, @helium pic.twitter.com/2aNUG8IyDe
— abhay 🎈 (@abhay) August 16, 2024

Mobile Carrier Beta Passed, Expands Network Reach

HIP 129 was passed three days back, allowing all Mobile hotspots to participate in the Carrier Beta. This expands the reach of the Carrier Beta which will affect the performance of the network in the long term.

With almost the entire mainland United States having Helium network coverage, the community will observe a jump in the number of users trying to offload Carrier beta. As of press time, over 58,000 users have joined since last week, a net gain of 5,122.

Data usage has also experienced an uptick with an additional 1.5 terabytes of data flowing through the platform.

HNTUSD trading at $7.9 on the daily chart: TradingView.com

Investors Win With New Opportunities For Helium

The token is currently resting above the $7.2 support with the bulls approaching the $8 ceiling confidently. With a strong bullish sentiment backing its trajectory, HNT is set to break through this ceiling in the coming hours or days. Thanks to Helium’s on-chain developments, investors’ confidence is at its highest as they continue to accumulate the token.

However, the relative strength index (RSI) suggests that the momentum will slow down. But this may occur well after a breakthrough on the $8 ceiling. If this occurs, investors and traders have a shot at $9 in the long term.

Putting the market’s general sentiment into consideration, HNT might experience a slight pullback, possibly returning to the $7-$8 price range before a strong upward push towards $9. This represents a nearly 22% increase in price.

Investors and traders, however, should be mindful of the market as any swing of the broader market might influence the token’s trajectory in more ways than one.

Featured image from Live Science, chart from TradingView

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Altcoin Season

End of Altcoin Season? Glassnode Co-Founders Warn Alts in Danger of Lagging Behind After Last Week’s Correction

Published

9 hours ago

December 23, 2024

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The creators of the crypto analytics firm Glassnode are warning that altcoins could lose all bullish momentum following last week’s market correction.

Jan Happel and Yann Allemann, who go by the handle Negentropic on the social media platform X, tell their 63,400 followers that “altcoin season,” which they say began in late November, could come to an abrupt end after alts witnessed deep pullbacks over the last seven days.

According to the Glassnode co-founders, traders and investors will likely have a risk-off approach on altcoins unless Bitcoin recovers a key psychological price point.

“Is This the End of Altcoin Season?

Bitcoin dominance is surging after dipping below $100,000, while altcoins are losing critical supports. Dominance has risen and resumed its upward trend, signaling a stronger BTC environment.

If BTC stabilizes above $100,00, we might see a pump in altcoins now in accumulation zones. Until then, Bitcoin appears poised to lead, leaving altcoins lagging behind.”

The Bitcoin Dominance (BTC.D) chart tracks how much of the total crypto market cap belongs to BTC. In the current state of the market, a surging BTC.D suggests that altcoins are losing value faster than Bitcoin.

At time of writing, BTC.D is hovering at 59%.

Looking at Bitcoin itself, the Glassnode executives say long-term Bitcoin holders are massively unloading their holdings as other investor cohorts pick up the slack.

“The Board Keeps Shifting.

As BTC continues flowing out of exchanges during this dip, long-term holders are exiting forcefully, while short-term holders step in without hesitation.

Whales quietly accumulate, miners remain neutral, and selling pressure has merely reshuffled the board.

New hands are absorbing the sales.”

At time of writing, Bitcoin is worth $97,246.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Altcoins

Bitwise CIO Matt Hougan Predicts Institutional Interest in Altcoins, Says 2025 the Year of Crypto Diversification

Published

1 day ago

December 22, 2024

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Bitwise CIO Matt Hougan says a wave of institutional interest in altcoins is coming next year, largely due to potential regulatory clarity and more exchange-traded funds (ETFs).

In a new interview with Bloomberg, Hougan says that institutional money is in the early stages of broadening out to other crypto assets besides just Bitcoin (BTC).

Hougan forecasts that 2025 will be the year that institutional investors will begin to incorporate more diversification in their crypto-investing strategies the same way they do in other asset classes like equities or bonds.

“You’re already seeing it broaden out actually. A lot of people were worried about the Ethereum ETFs for instance, which launched this summer and had tepid inflows.

But over the last month or so, you’ve seen billions of dollars flow into those products.

Again, the things that have happened in crypto in the past keep happening. Historically, most people enter crypto through Bitcoin, and then they discover Ethereum, and then they think about Solana. There’s no reason to assume that the institutions that came into Bitcoin won’t move on to other assets in the future.

In fact, I think in 2025, you’re going to see an explosion of interest in index space strategies that give diversified exposure to crypto. Of course, [that is] something we’ve been doing at Bitwise since 2017 when we pioneered that concept. I think 2025 is when that becomes a mainstream way to allocate to this space, the same way it is to stocks and bonds and real estate and everything else.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Julien Tromeur/Sensvector

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Altcoins

Analyst Says Altcoin That’s Rallied Over 21,000% Year-to-Date at a ‘Do-or-Die’ Level, Updates Outlook on Bitcoin

Published

3 days ago

December 20, 2024

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A widely followed cryptocurrency analyst and trader is saying that an altcoin in the Solana (SOL) ecosystem is at a critical juncture.

The analyst pseudonymously known as Sherpa tells his 234,700 followers on the social media platform X that the memecoin Popcat (POPCAT) is at a “do-or-die” level.

Based on Sherpa’s POPCAT chart, it appears that the Solana-based memecoin has formed a head and shoulders pattern on the daily time frame and could plunge if the support level fails to hold. A head and shoulders pattern is typically considered a bearish pattern in technical analysis.

POPCAT is trading at $0.802 at time of writing, up by 21,147% since the January 5th low of $0.00379.

Next up is Bitcoin (BTC). According to Sherpa, there are several reasons to remain bullish on Bitcoin and other crypto assets, even after a recent correction that saw the flagship digital asset briefly dip below the $100,000 price.

“Bitcoin dominance has yet to come down.

Ethereum has yet to fully send.

January is an incredibly bullish time for crypto.

[US President-elect] Trump is pro-crypto, owns some, and has his own decentralized finance (DeFi) project.

….and you’re selling??”

Bitcoin is trading at $100,624 at time of writing. Bitcoin dominance, the ratio of the market cap of Bitcoin relative to the rest of the crypto market, is currently at 54.7% down by several percentage points from the 2024 high of 58.99% recorded mid-last month.

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