HNT on a heater
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 6th September 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.
What’s up
Helium Hits The Spot
Helium (HNT) has gained nearly 20% this week to reach $8.30 amidst significant growth in the number of the network's mobile subscribers. HNT is the 59th-largest crypto, according to CoinGecko. For context, looking within the ranks of Top 100 coins, only one, No. 95 Starknet (STRK), is in double-digit territory (+11%) over the past seven days.
The Helium network allows Helium Mobile users to connect with hotspots, globally, sans traditional centralized cellular networks or WiFi networks.
The total number of Helium Mobile subscribers recently exceeded 100,000, representing a 300-fold increase in one year (Cointelegraph).
What's down
Harsh Conditions Persist
It's been a tough week. Bitcoin and Ethereum each lost 6% since last Friday. Solana shed 7%. AI, memes, DeFi, whatever the camp, the losses have piled up. Crypto ETFs collectively are a sieve. Risk appetites are way down.
The Crypto Fear and Greed Index fell from 27/100 earlier this week to 22/100 as of today. That's an indication of “extreme fear” among investors.
At one point earlier this morning, the largest crypto sank to $55,500.
Stock futures were falling as of 8 a.m. (EST). Today's jobs report (for August) was set up as one of the most important economic releases of the year.
Economists' consensus for nonfarm payrolls growth: 161,000.
And the unemployment rate was expected to slightly decline to 4.2%.
The numbers came in at 8:30 a.m. (EST) as we were checking to see if BTC had found its way back above $56K.
Only 142,000 nonfarm jobs were added last month. Less than expected. The unemployment rate was indeed 4.2%, in line with expectations.
BTC took the news in its stride. It bounced to $56.8K.
What's next
Big-Time Breakout Scenario Bandied About
Four years ago today, Bitcoin was barely $10,000. Shrugging off the pandemic-induced puke-fest, when the largest crypto in mid-March of 2020 sank to $5.5K, while brazenly carving out new turf, BTC spent the backside of 2020 going parabolic to $30K.
Is the stage set for just such another breakout? Yep.
That's the take from a popular pundit, Dave the Wave: "BTC bull markets climb a wall of worry."
He's dismissing the doldrums of late, and focusing on the longview. In fact, Dave the Wave, per The Daily Hodl, insists BTC’s current market cycle remains in an uptrend.
The pseudonymous trader suggests that BTC will test a long-term support that could act as a launching pad for explosive price action, similar to what occurred in late 2020.
