Thursday, October 5, 2023

The Value of Helium


Helium’s concept dates back to 2013, when its founders set out on a goal to build “The People’s Network,” a decentralized internet.

Helium is a cryptocurrency that rewards individuals who host a Helium Hotspot. They released it in 2019. They use HNT, the company’s native currency, for payment.

Miners mined the initial Helium block in July, although it took almost a year to surpass $1. The HNT price skyrocketed in August 2020, when they released data credits, another Helium-based coin. Data credits are a component of a dual token system, meaning they can only be created by consuming HNT. Data credits pay for access to the Helium network.

Helium’s decision to introduce data credits has proven to be a wise one. The price surged from $0.67 on August 11 to $1.77 on August 15 as a result of the news. The coin’s surge persisted into September, when the proportion of data credits to HNT witth the revision of a “Helium Improvement Proposal,” or “HIP,” and the coin crossed the $2 mark.

In November 2020, the community adopted another HIP that established a total supply limit for HNT of 223 million to guarantee the currency’s scarcity. The upgrade also included the idea of halving. Every two years, a helium halving occurs, halving the quantity of helium that users may mine each month. 

On the 31st of October, the HNT value had dropped below $1, but it had risen again after the announcement of supply modifications. On November 21, two days after the announcement, the value reached $1.80. It was only a foretaste of what was to come.

Helium This Year

Helium has had a good year this year. In January, the price began to rise, and in March, it topped $5. On April 14, Helium received yet another HIP, allowing it to offer 5G coverage, giving it the world’s first consumer-owned 5G network. Helium announced later that month that it was teaming up with FreedomFi to launch 5G coverage. FreedomFi manufactures gateways as well as devices for mining HNT and providing 5G hotspot coverage.

“Turning consumer gateways into network distribution instruments and amalgamating them with ultra-hot digital currencies—consistent with the businesses’ plans—might be part of the process necessary to help supercharge private 5G deployment,” said Michael O’Reilly, the former chairman of the US Federal Communications Commission. Then we get to discover whether the market agrees! “

The market concurred. Following the 5G revelation, the HNT price soared to $18.66 on April 6 and $19.51 on May 28. Over the next two months, it fell below $15 and then surpassed the psychological $20 threshold in August.

First Halving

August is an exciting month for the blockchain-based network. On August 1, the first halving occurred, bringing the annual quantity of mineable HNT from 60 million to 30 million.

Helium said ten days later that it had raised $111 million in a token sale spearheaded by Andreessen Horowitz, an American venture capital firm. They intended Helium’s 5G network rollout to be funded with the new cash. It also pushed up the price of Helium, which had risen to $24.81 by the end of August.

Helium’s growth continued in the months that followed its announcement of a deal with network carrier Dish. Dish members can now host Helium nodes and receive HNT for sharing the 5G network, thanks to an agreement announced at the end of October. Dish was the first large carrier to join the blockchain’s objective, making it a significant step forward for the technology.

The HNT price had a fantastic month in November. The coin was at $28.26 on November 1st. It surged upwards from there, reaching an all-time high of $55.22 on November 12th. Unfortunately, the price has dropped since then, and as of November 24, it was hanging around $43.

In December, the price sank even more, closing at $30.21 on December 8th. The drop may mostly be attributed to the crypto market’s unpredictability, as bitcoin fell about $12,000 in early December.

The Prediction

Based on who you consult, the value prediction of the Helium coin differs. SwapSpace, a cryptocurrency exchange aggregator, predicts a long-term price rise and sees it as a rewarding investment. “Ultimately, Helium cryptocurrency has a favorable prognosis and presumably will continue to rise in the future,” it said in its Helium price prediction.

According to Digitalcoin’s HNT crypto price prediction, investors expect Helium is to hit $50.13 before the end of the year. In 2022, investors expect the price to rise gradually, reaching $53.27. According to its HNT price projection, it expects the coin to reach $90.39 in 2025.

Gov Capital has a more upbeat long-term prognosis, predicting that the currency will hit $139.86 in November 2022. It then anticipates the price to skyrocket, with an astounding HNT price projection of $864.31 in five years.

PricePrediction’s forecasts are likewise bullish, with a maximum price for Helium of $54.52 in 2022, $153.63 in 2025, and $922.95 for its HNT price prediction in 2030.

Miguel Garcia
Miguel Garcia
Miguel Garcia is a writer for Cryptoconstellation. Miguel has always been fascinated with Crypto. He has experience in Business and finance. Miguel loves sport cars and football.

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