As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself intrigued by the recent surge in HBAR, the native token of the Hedera network. While I’ve seen my fair share of bull and bear markets, the 15% increase in the past week has certainly caught my attention.
The Hedera network’s native token, HBAR, which supports the development of decentralized applications on its enterprise-grade blockchain, has experienced a significant 15% growth over the past week and a further 2.44% increase in the last 24 hours. This surge comes amidst a broader rise in crypto prices, suggesting that the bullish trend may persist. Here’s a breakdown of its current status:
Currently, the value of HBAR token is at $0.05708, representing a significant decrease of 89.97% from its peak price of $0.5701, which was reached in September 2021 during the previous crypto market surge. The trading activity for this altcoin has also spiked by 40.25%, reaching approximately $61.5 million, indicating a growing interest among investors.
The market capitalization of the HBAR token stands at $2.14 billion, making it the 43rd-largest digital asset on CoinMarketCap. In the past month, the cryptocurrency’s price dropped a modest 2.41%, and it is clear that the altcoin is trading close to monthly highs. It is also important to note that HBAR has been one of the worst-performing altcoins this cycle and just printed 12.33% in gains since September 2023.
Over the last day, HBAR experienced a rise from its lowest point at $0.05534, peaking at $0.058. However, it encountered resistance when attempting to surpass the $0.058 mark. To validate an upward trend, this digital asset must overcome this barrier and transform it into a support level instead. It’s also crucial to note that another significant resistance zone can be found around the $0.07 price range.
Possible Reasons for the HBAR Price Surge
“Three potential explanations have been suggested for the recent increase in HBAR‘s price. The first possibility is that the broader cryptocurrency market is experiencing a surge, with Bitcoin leading the charge. When Bitcoin rises, it often pulls other digital currencies along with it, causing them to become more valuable as well. In the last few days, Bitcoin has managed to regain its position above $64,000 after the Fed’s rate cut. At the time of this writing, it is trading at $63,509.38.
One reason for the increase in the cost of HBAR is the forthcoming Renaissance update and a preview shared by Axelar Network. On platform X, the Hedera community was encouraged to mark their calendars for October 3rd, which added to the optimism among investors. A 28-second video labeled “Renaissance” suggested the development of a new dApp utilizing Hedera’s Hashgraph.
A well-known cryptocurrency channel called NCashOfficial shared a video on YouTube detailing a positive outlook for Hedera. The video discussed potential plans for a partnership between Hedera and tech giant Microsoft, hinting at their previous collaboration in 2020 and the secrecy surrounding their joint projects since then. Moreover, it was highlighted that the blockchain network of Hedera has experienced substantial growth, managing over 48 billion transactions and boasting more than a million active accounts.
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2024-09-24 14:15