A16z-Backed 5G Project Token Rallies 32%, Outperforming Bitcoin, Ethereum By Benzinga

© Reuters. A16z-Backed 5G Project Token Rallies 32%, Outperforming Bitcoin, Ethereum

Benzinga – Helium (CRYPTO: HNT) surged 32% on Wednesday, topping intraday gains and outpacing apex crypto (CRYPTO: BTC), and (CRYPTO: ETH).

What Happened: At the time of writing, HNT was trading at $2.14. One of the biggest catalysts behind the surge has been the announcement that HNT is moving to the (CRYPTO: SOL) Blockchain in the first quarter of 2023.

The Helium Network, a decentralized peer-to-peer 5G wireless network, raised $111 million in August in a token sale led by Andreessen Horowitz.

See More: Best Crypto Day Trading Strategies

Unlike traditional cellular networks like Verizon (NYSE:) or AT&T, the Helium network uses a revolutionary decentralized infrastructure powered by hotspots. These hotspots are small, wireless devices that are connected to the Helium blockchain and provide range and accessibility without relying on costly cell towers centralized by major cellular operators.

Price Action: At the time of writing, apex crypto BTC was trading at $16,852 up 0.02%. ETH at $1,214, up 0.54% the last 24 hours, according to Benzinga Pro.

Read Next: Bitcoin, Ethereum, Dip: Analyst Says Apex Crypto Left Out Of Wall Street’s Risk-On Mode As Sam Bankman-Fried Flies Into US

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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