Hedera (HBAR) and Tezos (XTZ) Lead Altcoins in Bullish Gains with Over 25% Upsurge Today

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As a seasoned crypto investor who has weathered numerous market cycles since the early days of Bitcoin, I must say that witnessing the current surge in the altcoin market is nothing short of exhilarating. The recent performance of mid-cap layer one projects like Hedera (HBAR) and Tezos (XTZ), which have registered impressive gains over the past 24 hours, is a testament to the resilience and potential of these projects.

With the overall crypto market cap surpassing its previous record high, there’s a growing bullish energy in the altcoin sector. Over the past 24 hours, several mid-tier layer one (L1) projects have seen significant increases, notably Hedera Hashgraph (HBAR) and Tezos (XTZ). These two coins have recorded the highest gains among their peers. Here are their current details:

Based on recent crypto reports, the price of HBAR surged approximately 29% within the past 24 hours, reaching around 14 cents during early trading on Tuesday, November 19, in New York. This surge led to over $9.5 million being wiped out from the leveraged HBAR market, primarily affecting short sellers.

In the same span, the price of XTZ surged by approximately 31% and reached around $1.12. This surge led to over $6 million being withdrawn from the leveraged XTZ market.

Over the last day, a significant number of short traders in the HBAR and XTZ markets were forced to exit their positions due to the ongoing short squeeze. This has intensified the effect of the current short squeeze happening within the altcoin market.

Major Factors that Caused HBAR and XTZ to Lead the Altcoin Market

Earlier reports from Coinspeaker indicated that the altcoin market has experienced a noticeable upturn following the electoral success of pro-cryptocurrency leaders, notably President-elect Donald Trump, in the U.S. It is anticipated that the U.S. will introduce clear crypto regulations over the next few years to stay competitive on the global stage.

As a result, the price of Bitcoin has drawn in more money from traditional investment areas, as shown by significant investments into U.S. spot Bitcoin ETFs. During past market rallies, it’s been typical for cryptocurrency investors to shift their funds towards undervalued altcoin projects when Bitcoin’s upward trend starts to lose steam.

Regarding the cryptocurrency Hedera’s HBAR, the past fortnight has seen an exceptionally bullish trend driven by increased fear of missing out (FOMO) among traders. From a technical perspective, the price of HBAR managed to bounce back from a significant support level above $0.042, which was formed between May 2022 and now.

Currently, HBAR’s Weekly Relative Strength Index (RSI) has soared beyond the 70% mark, a result of its impressive 220% increase over the past fortnight. For this altcoin to maintain its momentum, it must persistently break through the significant resistance barrier approximately at 14 cents, a level last seen during May 2024’s peak.

According to Coinspeaker’s report, the potential involvement of Hedera’s developers in the upcoming Trump administration has noticeably enhanced the optimistic perspective for HBAR. For example, Brian Brooks, a well-known Bitcoin board member at Hedera Hashgraph, is rumored to be among the candidates for the position of Chairman at the US Securities and Exchange Commission (SEC).

Currently, reports suggest that the U.S. government under President Trump is contemplating an investigation into implementing a federal voting and identification system based on blockchain technology. This proposed system would operate across multiple networks such as Hedera, Cardano, and Hyperledger.

Regarding the increase in XTZ price over the last 24 hours, a significant factor has been the increased adoption by Everstake, a leading validator on over 70 blockchain networks. According to their announcement, Everstake plans to support Tezos staking, offering an annual return rate of up to 13.35%.

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2024-11-19 17:47