Helium crypto soars as investors expect big announcements in September

Helium is one of today's biggest movers to the upside in the crypto world, with an intraday move of as much as 15%.

share price up, share price gain, lift, boy flying lifted by balloons

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

As of 1:30 p.m. ET, Helium (CRYPTO: HNT) had surged 8.1% higher over the past 24 hours. Interestingly, at today's intraday high, this token surged nearly 15% over a 24-hour period, as momentum in this little-known crypto has picked up.

Currently No. 53 in the cryptocurrency rankings by market capitalisation, Helium is a decentralized blockchain project aimed at promoting integration between the Internet of Things (IoT) and the blockchain. It appears upcoming announcements tied to this project's "HeliumHouse" event on Sept. 20 in New York is driving speculative investor interest in this token.

At this event, it's expected Helium may provide community demos and various updates about the project's roadmap and growth prospects.

So what

Helium's focus on integrating blockchain technology with the high-growth area of IoT is compelling from a long-term perspective. There are many other competing projects in this space (Helium is far from the only project to be focusing on this utility-oriented end market). However, the potential for disruption in how people think about traditional communications infrastructure and the tracking and storage of data provides a relatively large potential market for investors to get excited about.

Helium's upcoming event on Sept. 20 in New York could indeed outline some exciting new use cases and unveil intriguing opportunities this project is looking to tackle. However, with little in the way of any pre-released information about what will be announced, this catalyst appears to be more speculative than anything.

Now what

Helium's significant outperformance today is noteworthy, as most tokens appear to be trading in a lower-volatility fashion today. With little news driving this token outside of potential catalysts on the horizon, perhaps today's move is suspect. After all, some of the momentum this token saw earlier this morning has dissipated as of this afternoon's session.

That said, Helium's long-term prospects remain intriguing to many, as evidenced by today's price action. This is a token I've put on my watch list, and will follow for any big updates in the weeks to come. Until then, investors may want to be careful trading tokens that can move so violently on relatively inconsequential catalysts.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on International Stock News

A man looking at his laptop and thinking.
International Stock News

Why Alphabet stock was sliding today

Let's take a look.

Read more »

A man looking at his laptop and thinking.
International Stock News

Nvidia's stock was down despite its amazing earnings. Here's what history says is coming next

Although it might seem to defy logic, it's not an uncommon phenomenon.

Read more »

A woman holds a soldering tool as she sits in front of a computer screen while working on the manufacturing of technology equipment in a laboratory environment.
International Stock News

Nvidia share price slips despite 94% revenue growth

Q3 earnings beat expectations, but what about guidance?

Read more »

high, climbing, record high
International Stock News

Could the S&P 500 Index hit 6,500 by the end of 2025?

Could the index climb higher?

Read more »

a small child holds his chin with his head on the side in a serious thinking pose against a background of graphic question marks and a yellow lightbulb.
International Stock News

Is it too late to buy Nvidia shares?

Is Nvidia stock a buy ahead of its third-quarter earnings report tomorrow?

Read more »

a group of people stand examining a large glowing cystral ball held in the hands of one of the group members while the others regard it with various expressions of wonder, curiousity and scepticism.
International Stock News

Here's what to expect from Nvidia on November 20

Can Nvidia score another win?

Read more »

Two people lazing in deck chairs on a beautiful sandy beach through their hands up in the air.
International Stock News

2 no-brainer Warren Buffett stocks to buy right now

While replicating Buffett's success isn't possible, there are a handful of his investments that are no-brainer buys.

Read more »

A man with a beard and wearing dark sunglasses and a beanie head covering raises a fist in happy celebration as he sits at is computer in a home environment.
International Stock News

3 reasons to buy Nvidia stock before November 20

This week marks a big moment for tech investors as perhaps the most anticipated earnings of the year will be…

Read more »