HNT and BSV are gaining ground despite selling cryptocurrencies

Sentiment in the cryptocurrency market still remains bearish as market sales intensified after dovish US inflation data triggered a key rate hike from the US Federal Reserve. The Fed, through its chairman, announced an interest rate hike of 75 basis points (0.75%) in an effort to keep the steadily rising rate of inflation in check. This is the largest increase in the United States since 1994.

In addition to the US, the Swiss National Bank surprised the market with its key rate of 50 basis points. Also during the week, the Bank of England, which raised its interest rate, rose for the fifth consecutive time by 25 basis points. Also in Nigeria, the Nigerian financial supervisory body, the Central Bank of Nigeria, raised the monetary policy rate (MPR) to 13% from 11.50% (150 BP), its first increase since September 2020.

During the week, Bitcoin cryptocurrency’s flagship activity fell below the $ 20,000 support zone to trade at $ 17,708.62. As with the fall of Bitcoin, so it is with Altcoins, as the leader of the altcoins, Ether refused to drop into the now triple digits during the week. This has seen the cryptocurrency’s market cap lose its billion dollar status, as it currently trades at $ 819 billion with Bitcoin’s market dominance at 42.70%.

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While most of the top 100 cryptocurrencies by market cap experienced weekly declines, gains from HNT and BSV drove the market rally, posting gains of 10% and beyond. Here because :

Helium HNT 14.50%

Helium is a blockchain-based decentralized network for Internet of Things (IoT) devices. It was launched in 2019, and its core network allows low-power wireless devices to communicate with each other and send data across its network of nodes. Users who mine nodes thereby mine and earn rewards in Helium’s native cryptocurrency token, HNT.

The April-May crash seen in the crypto space plunged the token price to a new 2022 low of $ 6.64. This saw some buyers wanting to enter at discounted prices, which ultimately pushed the price up 75.5% to test immediate resistance at $ 12. However, during last week’s selloff, the price of HNT showed a eased slightly before challenging the broad resistance at $ 12.

Technical analysts explain that all of this consolidation seen in the token reflects the formation of a cup and handle pattern, indicating a true recovery opportunity. It reads: “If the price of HNT breaks and succeeds above the $ 12 neckline, buyers would take the altcoin to its first target of 38% above $ 16.70.”

Bitcoin Satoshi Vision BSV 15.40%

Bitcoin SV emerged following a hard fork of the Bitcoin Cash (BCH) blockchain in 2018, which itself had been forked from the BTC blockchain a year earlier. Bitcoin SV’s goal is to realize the original vision of the Bitcoin protocol and design as described in Satoshi Nakamoto’s white paper, Bitcoin’s first client software, and Satoshi’s known writings.

BSV aims to provide scalability and stability suited to Bitcoin’s original description as a peer-to-peer electronic payment system, as well as to provide a distributed data network capable of supporting enterprise-class advanced blockchain applications. To that end, it removed artificial block size limits and re-enabled scripting commands and other technical features that had historically been disabled or limited by the developers of the BTC blockchain protocol.

This allows the network to process tens of thousands of transactions per second while maintaining extremely low transaction fees for micropayments, as well as offering advanced features such as tokens, smart contracts, compute, and other data use cases.

BSV continues to rise after the decline of the cryptocurrency market. This was reportedly fueled by its listing on Huobi Japan, which will support the token and open up more opportunities for BSV in Japan, a larger and increasingly profitable market. The buildup of commercial interest and support appears to have demonstrated BSV’s gains.

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