Bitcoin (BTC) price continues to defy gravity and its strong bullish breakouts frequently result in short sellers needing to cover their positions in a hurry. A repeat of this happened on Feb. 9 when Bitcoin soared on the news of Tesla’s $1.5 billion Bitcoin purchase. Bybt data shows that about $1.34 billion worth of Bitcoin futures positions were liquidated due to the sharp rally.
Another notable event was the launch of CME Ether (ETH) futures on Feb. 8. Several traders feared that the launch would send Ether price tumbling, similar to the weakness seen in Bitcoin shortly after the launch of its futures in 2017. However, this has not happened and Ether remains strong.
Along with the major cryptocurrencies, several smaller tokens with strong use cases have also performed well. Let’s study three tokens that have been performing well in the current bullish environment.
The number of daily use gadgets connected to the internet has surged over the years and as more are added Helium (HNT) wants to allow users and firms to build, connect and send data across a network of nodes.
The number of new Helium nodes saw a sharp jump from 3,271 active nodes at the end of April 2020 to 18,001 active hotspots in active use today. Another positive sign is the original Helium miner is sold out but the company recently formed a partnership with three new third-party manufacturers for its mining hardware.
The number of hotspots in use could receive a further boost as Helium plans to enter China in March and has tied up with HBTC to cater to the massive demand in Southeast Asia.
On the use case front, the network is attempting to solve car parking problems, autonomously control the operating systems of cooling towers, monitor agricultural commodities in real-time and support COVID-19 medical innovations. The growth of the network and its use cases project a positive picture for the protocol.
HNT has risen from an intraday low at…