The Reason Behind the Bull Run of SUI, Zcash (ZEC), Helium (HNT) Amidst Crypto Market Crash

Bittime – While the crypto market as a whole is still recovering from last week's sharp correction, several altcoins have shot up with triple-digit gains. Here are the reasons behind the bull run of SUI, Zcash (ZEC), and Helium (HNT) amidst the crypto market crash.

Bitcoin (BTC) itself only experienced a moderate increase of 6% in the last seven days, lagging behind the market increase of almost 10%.

1. SUI: Skyrockets Over 100%

SUI (SUI), which ranks 30th by market capitalization, recorded a significant increase of 109% in the last seven days. This surge occurred following the launch of the Grayscale Sui Trust by Grayscale Investments on August 7.

Grayscale's decision to include SUI in their portfolio is considered a form of faith in the future of this token, thus increasing the buying pressure in the last week.

Technically, SUI has strong support at IDR 14,880 or $0.94. The relative strength index (RSI) is at 52, indicating potential for further price increases.

Also Read: BlackCardCoin (BCCoin) Big News Update: Welcome the New Era with Liquidity Boost

2. HNT: Soars Over 50%

HNT (Helium) price surged more than 50.98% in the last seven days. This increase was accompanied by an 86.6% increase in trading volume from $13.78 million to $25.72 million between August 6 and August 13.

This price spike was triggered by the announcement that two leading mobile operators in the US were conducting trials to move their mobile traffic to the Helium Network.

This could potentially lead to a shift to a more decentralized network infrastructure.

Technically, HNT price movement formed a "golden cross" pattern on the daily chart, indicating strong bullish momentum. The RSI value of more than 63, approaching the overbought region, further strengthens the dominance of buyers in the market.

HNT has the potential to continue its upward trend towards the March 2024 high of $9.60. A firm daily close above this level could prompt a retest of the multi-year high at $11.16.

3. ZEC: Up 51%

Zcash (ZEC) jumped 51.15% in the last seven days. This increase was largely driven by a proposed upgrade to a hybrid proof-of-stake (PoS) model by Zcash founder Zooko Wilcox.

This discourse received support from Tyler Winklevoss, one of the founders of Gemini Exchange. 

The hybrid model aims to overcome the problems posed by the PoW mechanism, by opening up staking opportunities for ZEC holders and reducing circulating supply, thereby stabilizing the value and having a positive impact on the ZEC price.

However, technically, ZEC is at risk of experiencing a correction due to its overbought status. The daily RSI indicator has been around 60-70 since August 9.

The price is also currently trading close to strong resistance at $45, which increases the possibility of a correction or consolidation.

Also Read: Final Payment Mt. Gox: Potential Impact On The Bitcoin Market

How to Buy and Sell SUI, HNT, and ZEC

To buy or sell SUI, HNT, and ZEC, you need to use a cryptocurrency trading platform or exchange. Here are the general steps:

1. Choose an Exchange

Choose an exchange that supports trading the token you want. Some popular exchanges include Bittime. Consider factors such as transaction fees, security, and feature availability when choosing an exchange.

2. Create an Account and Verify Identity

Register an account on the exchange you choose and complete the identity verification process according to the requirements. Identity verification usually involves submitting documents such as an ID card or passport.

3. Deposit Funds

Deposit funds into your exchange account in the form of fiat currency (such as Rupiah) or other cryptocurrencies. Some exchanges offer a variety of payment methods, including bank transfers, credit cards, and digital wallets.

4. Buy Tokens

Search for a trading pair for the token you want to buy (for example, SUI/USDT, HNT/BTC, or ZEC/ETH). Use limit or market orders to buy tokens at the price you want.

5. Storing Tokens

After purchasing, consider storing your tokens in a personal crypto wallet for increased security.

6. Selling Tokens

To sell a token, simply open the appropriate trading pair and place a sell order. The proceeds from the sale will go into your exchange account balance.

7. Investment Risk

Investing in cryptocurrencies carries high risks. Prices can fluctuate greatly, and it is possible to lose some or all of your investment. Always do in-depth research and only invest money you can afford to lose.

Conclusion

In the midst of the general crypto market correction, several altcoins such as SUI, HNT, and ZEC actually showed impressive performance.

These price spikes are driven by a variety of factors, including new product launches, technology adoption, and proposed upgrades.

Investors need to continue to monitor the latest developments and conduct research before making investment decisions.How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.