Despite registering a substantial 26% gain, Bonk relinquishes its top gainer status, now trailing behind Helium, as per the CoinMarketCap report on January 9th.
In a recent update, Helium (HNT) has surged to the forefront among the cryptocurrencies showing gains. The decentralized blockchain platform, catering to the connectivity of Internet of Things (IoT) devices, has witnessed a substantial uptick of 27.1% over the last 24 hours, coupled with a noteworthy trading volume reaching $41 million.
Initiated in July 2019, the Helium mainnet enables efficient communication and data transmission for low-powered wireless devices within its network of nodes. The rise of Helium aligns with the increasing fascination with Solana, consequently driving up the value of the associated meme-coin, Dogwifhat, by 71% on the same day.
Following this surge, Bonk (BONK) quickly emerged as the second-highest gainer on the charts, boasting a remarkable 25.7% increase. BONK witnessed a substantial surge in its daily trading volume, skyrocketing by 160% and reaching an impressive $326 million. It’s noteworthy that a substantial 36.2% of BONK’s trading volume is attributed to Binance, particularly in conjunction with the USDT trading pair. As per a prior technical analysis, there are indications that the price of BONK might experience another surge, potentially reclaiming its position as a top gainer.
Claiming the third position is Bitcoin SV (BSV), valued at $91.34, showcasing a significant uptick of 19.2% in the past 24 hours. The cryptocurrency market is poised for substantial changes, with expectations centering around two pivotal factors.
The imminent decision by the SEC tomorrow regarding the introduction of a Bitcoin Spot ETF is capturing significant market interest as a primary factor. Furthermore, the anticipation of the upcoming Bitcoin halving event slated for late April 2024 adds to the overall excitement within the cryptocurrency landscape.
Analysts have reached the consensus that despite certain positive indicators, not all aspects of the market are in a favorable state, and volatility persists. The global community remains on edge as it anticipates the forthcoming decision on the spot Bitcoin ETF.
