Why Will This Cryptocurrency Rule the Charts in 2024?

Cryptocurrency is expected to grow at an unheard-of rate in 2024: the new financial charting power

The Helium mainnet, which went live in July 2019, enables low-powered wireless devices to send and receive data among its node network. The term "Hotspots" refers to nodes that combine the functions of a wireless gateway and a blockchain mining device. As a result, users who run nodes mine and get compensated in HNT, the native money of Helium. Since its founding in 2013, Helium has worked to uncover shortcomings in the current infrastructure to prepare IoT communication for the future.

Price History

Since the year's start, helium has increased in value by almost 3000%, making it one of the top-performing cryptocurrencies in 2023. CoinMarketCap reports that the price of helium peaked in December 2023 at US$10.2 per HNT, having begun trading at roughly US$0.3 per HNT in January 2023. Helium became one of the top 100 cryptocurrencies by market cap during that time, as its market capitalization grew from about US$30 million to over US$1 billion. 

The price surge of Helium can be attributed to various factors, such as:

• The rising need for Internet of Things (IoT) products and services, particularly in the domains of logistics, smart cities, healthcare, and agriculture. The size of the global IoT market is predicted to increase at a compound annual growth rate (CAGR) of 10.53% from US$761.4 billion in 2020 to US$1,386.6 billion by 2026, according to a report published by MarketsandMarkets. Using peer-to-peer networks and blockchain technology, Helium seeks to offer an affordable, safe, and scalable IoT connectivity solution.

Price Prediction

In the upcoming years, the price of helium is predicted to continue rising based on existing patterns and estimates. The price of helium is predicted to range from US$8.45 to US$19.16 by the end of 2024, and from US$14.86 to US$143.89 by the end of 2028, based on several models and sources.

Challenges and Limitations:

• Other IoT networks and platforms including Sigfox, LoRa Alliance, and IOTA, which might provide comparable or superior services and solutions for IoT connectivity and applications.

• The legality and accessibility of helium and HNT may be impacted by the regulatory and compliance difficulties that may come from the usage of blockchain and cryptocurrency technology, particularly in various nations and regions.

• The decentralized and distributed structure of the Helium network may give rise to security and scalability challenges, leaving users and the network vulnerable to potential assaults.

• The supply and demand, market sentiment, outside events, and market manipulation are some of the factors that can impact the price and value of HNT and other cryptocurrencies. These factors also include the volatility and unpredictability of the cryptocurrency market.

By 2024, Helium (HNT) is expected to make major gains in the cryptocurrency space. By connecting marginalized populations, the integration of a decentralized peer-to-peer network seeks to increase Helium's value. Helium may very well dominate the cryptocurrency charts in 2024, with trade prices predicted to reach approximately US$8.82.