HNT and BSV gain lead despite crypto sale

Sentiment in the cryptocurrency market still remains bearish as market sales rose after subdued US inflation data prompted a hike in the US Federal Reserve’s key rate. The Fed, through its chairman, announced a 75 basis point (0.75%) rate hike in an attempt to control the ever-rising inflation. This is the largest increase in the United States since 1994.

In addition to the United States, the Swiss National Bank surprised the market with its key rate of 50 basis points. Also during the week, the Bank of England, which raised its interest rate, rose 25 basis points for the fifth time in a row. Even in Nigeria, the Nigerian financial watchdog, the Central Bank of Nigeria, has raised the monetary policy rate (MPR) to 13% from 11.50% (150 BP), the first hike since September 2020.

During the week, cryptocurrency flagship Bitcoin dropped below the $20,000 support zone to trade at $17,708.62. As with the fall of Bitcoin, so it is with Altcoins, as the leader of altcoins, Ether refused to fall into the now triple digits over the course of the week. This has caused the cryptocurrency’s market cap to lose its billion dollar status as it currently trades at $819 billion while Bitcoin’s market dominance stands at 42.70%.

To advertise

To advertise

While the majority of the top 100 cryptocurrencies by market cap posted weekly declines, gains in HNT and BSV led the market rally, with gains of 10% and more. This is why :

Helium HNT 14.50%

Helium is a blockchain-powered decentralized network for Internet of Things (IoT) devices. It was launched in 2019 and its core network allows low-power wireless devices to communicate with each other and transmit data through the network of nodes. Users who mine nodes, mine and earn rewards in Helium’s native cryptocurrency token, HNT.

The April-May crash in the crypto space pushed the price of the token to a new low in 2022 of $6.64. This made some buyers want to join at discounted prices, eventually pushing the price up 75.5% to test the immediate resistance at $12. However, amid last week’s sell-off, HNT price saw a slight pullback before challenging the broad resistance at USD 12.

Technical analysts explain that all this consolidation seen in the token reflects the formation of a cup and handle pattern, indicating a real chance of recovery. It reads, “If the HNT price breaks and succeeds above the $12 neckline, buyers would push the altcoin to its first target of 38% above $16.70.”

Bitcoin Satoshi Vision BSV 15.40%

Bitcoin SV was created after a hard fork of the Bitcoin Cash (BCH) blockchain in 2018, which in turn was forked from the BTC blockchain a year earlier. The goal of Bitcoin SV is to realize the original vision of the Bitcoin protocol and design as described in Satoshi Nakamoto’s white paper, early Bitcoin client software, and Satoshi’s well-known writings.

BSV aims to provide scalability and stability that fits Bitcoin’s original description as a peer-to-peer electronic payment system, and to provide a distributed data network that can support advanced blockchain applications at the enterprise level. To that end, it has removed artificial block size limits and re-enabled script commands and other technical features that were disabled or restricted in the past by developers of BTC blockchain protocols.

This allows the network to process tens of thousands of transactions per second while maintaining extremely low transaction fees for micropayments, in addition to offering advanced features such as tokens, smart contracts, calculations and other data usage cases.

BSV continues to rise after the crypto market decline. This was reportedly fueled by the listing on Huobi Japan, which will support the token and open up more opportunities for BSV in Japan, a larger and increasingly lucrative market. The piling up of trade interests and aid seems to have demonstrated BSV’s gains.

Leave a Comment