HBARUSD Archives

25th April 2024

HBAR Prices Crashes 35% As BlackRock Denies Any Ties To Hedera

HBAR, Hedera’s native token, saw a sharp correction following clarification that the world’s largest asset manager, BlackRock, was not directly involved in the tokenization of its ICS Treasury Fund on the Hedera network.

HBAR Token Crashes By Almost 35%

Data from CoinGecko shows that the HBAR token has declined by almost 35% since its price rose by over 100% on the back of the announcement, which many misinterpreted to mean that BlackRock tokenized its fund on the Hedera network. On April 24, the Hedera Foundation shared that Blockchain trading firm Archax and Infrastructure firm Ownera had collaborated to tokenize BlackRock’s ICS US Treasury money market fund (MMF) on Hedera.

Members of the crypto community, including influencers like CrediBULL Crypto and Mason Versluis, misconstrued this as meaning that BlackRock had tokenized its fund on Hedera. This assumption immediately created a bullish narrative for the ecosystem, leading to HBAR’s price rallying by over 100% and peaking at $0.176.

However, the crypto token has since been on a downtrend, with BlackRock denying any involvement with Hedera. Specifically, a BlackRock spokesperson told Cointelegraph that the world’s largest asset manager “has no commercial relationship with Hedera nor has BlackRock selected Hedera to tokenize any BlackRock funds.”

Meanwhile, Archax’s co-founder had also clarified on his X (formerly Twitter) platform that BlackRock wasn’t directly involved in the whole move. He claimed that tokenization of the fund can usually be done without the permission of the asset manager. However, he revealed that BlackRock knew they were tokenizing on the network.

Why The News Is Still Bullish For The Hedera Ecosystem

Despite BlackRock not being directly involved in this development, crypto analyst CrediBULL Crypto offered some perspective on why this news is still bullish for Hedera and its HBAR token. He revealed that BlackRock is the fourth largest shareholder of ABRDN, a firm that is a primary investor in Archax.

Therefore, the crypto analyst believes that BlackRock must have signed off on this move, something he considers a “de-facto endorsement of the product.” Meanwhile, he also alluded to an interview that revealed that BlackRock chose Hedera, although ABRDN introduced them to the network.

CrediBULL Crypto noted that even if BlackRock wasn’t building on the network, it is clear that “major enterprises are using Hedera.” They are “actively involved with building on the network and are constantly pushing to move it forward behind the scenes,” he added. He suggested that this puts Hedera above 99% of networks that can’t boast of such achievements.

HBAR price chart from Tradingview.com (Hedera)

25th April 2024

BlackRock’s Tokenized Fund News Sends Hedera (HBAR) Soaring 100%, The Reason May Surprise You

In a surprising turn of events, the native token of the decentralized ledger platform Hedera, HBAR, experienced a significant price surge of over 100% during the early hours of Tuesday. Starting from a low of $0.0875, HBAR skyrocketed to reach the $0.1821 mark by Wednesday.

The sudden surge was triggered by the news of BlackRock’s tokenized fund, BUIDL, which generated high expectations among HBAR investors regarding a potential collaboration between the prominent asset manager and the Hedera protocol.

Not Directly Connected To Hedera?

Launched by BlackRock in March 2024, BUIDL operates as a tokenized fund on the Ethereum blockchain, providing US dollar yields through tokenization.

Initially, an announcement led to confusion among investors, who mistakenly believed that BlackRock would directly tokenize the fund on the Hedera network. This misunderstanding triggered a significant surge in the HBAR price.

Upon closer examination of the announcement, it became clear that BlackRock and Hedera had no direct connection, although the initial reaction to the news was noteworthy.

Crypto analysts, who use the pseudonym “CrediBull” on social media site X (formerly Twitter), shed light on the situation, emphasizing that explicit permission from BlackRock was unnecessary to list tokenized versions of their funds.

It was not a deliberate decision by BlackRock to tokenize on Hedera; rather, an existing platform on the network took the liberty of tokenizing one of BlackRock’s funds. However, for the analyst, the fact that a platform on Hedera was among the first to tokenize a BlackRock fund reflects the platform’s leadership in the space.

Analyst Clarifies Misconception

Further examination reveals that Archax, the company behind the tokenized BlackRock fund on Hedera, is a portfolio company of ABRDN Investments, the largest asset manager in the UK, with approximately $500 billion in assets under management (AUM).

Additionally, CrediBull emphasizes that BlackRock happens to be the fourth-largest shareholder of ABRDN. Notably, around ten months ago, Archax tokenized one of ABRDN’s money market funds, preceding their launch of the BlackRock fund.

An interview by the Head of Digital Assets at ABRDN clarifies their involvement in the tokenization process on Archax. A “distribution agreement” was signed permitting the tokenization to proceed. If a similar agreement were reached with BlackRock, it would imply the asset manager’s endorsement of the product.

Ultimately, the interview with the head of digital assets at ABRDN underscores the fact that significant players are utilizing and contributing to the growth of Hedera behind the scenes.

Hedera

Following the clarification of the situation, the price of HBAR has retraced to $0.1199. Nevertheless, it remains up 8% over the past 24 hours and has recorded an impressive gain of nearly 60% in the past seven days.

CoinGecko data highlights a substantial surge in HBAR’s trading volume, which has increased by over 1,100% in the past few days. This surge in trading volume indicates the widespread confusion sparked by the initial news announcement.

Featured image from Shutterstock, chart from TradingView.com

20th February 2024

Hedera (HBAR) Soars By 13%, Analyst Predicts Doubling Soon

Hedera (HBAR) has surged by 13.7% in the past 24 hours and a notable 31.5% over the last week. This uptick is part of a broader “altcoin season,” where select altcoins are experiencing significant gains. Scott Melker, a prominent figure in the crypto analysis space, today shared his insights into the altcoin market and specifically on HBAR’s potential for growth.

Altcoin Market Overview

Melker, also known as the “Wolf of all Streets,” has highlighted the significance of the Total 3 market cap, which excludes Bitcoin (BTC) and Ethereum (ETH), to gauge the health of the altcoin market. According to Melker, Total 3 reaching a new cycle high of approximately $550 billion on a weekly close is a clear indicator of a robust altcoin market poised for further expansion.

He stated, “Looking at it generally gives us a clearer picture of what is happening with altcoins. […] With that in mind, it is important to note that TOTAL 3 just made a new cycle high on the weekly close, around $550B. This indicates that the altcoin market remains healthy and likely to continue to grow.”

Technical Analysis Of Hedera (HBAR)

This dynamic is the basis for HBAR (1-week chart, HBAR/USDT), for which Melker’s analysis shows a very optimistic scenario. Currently, the Hedera price is challenging a significant resistance zone. Melker has identified the $0.10 level as pivotal for HBAR’s potential uptrend.

Hedera HBAR price analysis

This resistance zone, highlighted by Melker in red, is crucial because a consistent close above this level on the daily and weekly charts would signal a shift in momentum favoring the bulls. At press time, HBAR was trading just above this key resistance zone, with yesterday’s daily candle closing above $0.10 for the first time since May 2022. The price closed at approximately $0.1117. Melker states:

HBAR is pushing hard into the key resistance zone that I discussed many months ago. To keep it more simple, a push above 10 cents should do the trick. Bulls want to see daily and weekly closes above the red zone. A retest of that zone as support would be an ideal entry.

Two Simple Moving Averages (SMAs) are plotted on the chart: the 50-day SMA at around $0.0615, which HBAR is currently well above, and the 200-day SMA at approximately $0.1241, which is slightly above the current price action. The price positioning between the two SMAs can be interpreted as a consolidation zone where the price needs to establish a firm direction.

Melker points out that past the $0.10 resistance zone, there appears to be minimal historical resistance until nearly a 2x increase around the $0.186 level. This lack of resistance suggests that if HBAR can maintain its position above the red zone, there is potential for a relatively unobstructed upward trajectory.

“As you can see on the left of the charts, there is almost NO RESISTANCE until nearly 2x, around .186. This coin dropped hard, leaving a vacuum. It should do well if it can push through here,” Melker remarks.

However, if HBAR manages to break through the $0.186 resistance zone, Melker’s final target is the blue zone around $0.25. This would net investors more than a 2x on their investment.

At press time, HBAR traded at $0.10647.

hedera hbar price

19th February 2024

Hedera (HBAR) Soars 50% To Mark New 20-Month High, Fuels Bullish Price Targets

Hedera (HBAR), a decentralized public network known for its near real-time consensus and developer-friendly environment, has emerged as one of the top-performing altcoins in the cryptocurrency market.

As the overall market experiences a resurgence of bullish sentiment, HBAR has demonstrated impressive growth, positioning itself as one of the leaders among the top 100 cryptocurrencies by market capitalization.

Trading Volume For HBAR Spikes 200%

Over the past fourteen days, HBAR has recorded substantial gains, surging by nearly 50%. This upward momentum extends to the thirty-day and year-to-date time frames, with gains of 36.8% and 15%, respectively.

In the past seven and twenty-four hours alone, HBAR’s price has continued its bullish trajectory, skyrocketing by 33.5% and 17%, respectively. These price movements have propelled HBAR beyond its previous 19-month high of $0.1015, reaching a new 20-month high of $0.1060.

The surge in trading volume, which currently stands at $218,438,657 in the last 24 hours, reflects the increased market activity surrounding HBAR, representing a 204.90% increase from one day ago, according to CoinGecko data.

Hedera

Despite HBAR’s impressive performance, the road to its all-time high (ATH) of $0.5759, achieved in September 2021, presents a formidable challenge. Currently facing an almost two-year downtrend structure, HBAR would require a staggering 443% uptrend to reclaim its previous milestone.

In the near term, HBAR faces a crucial hurdle at the $0.110 level, which must be defended to prevent further gains. A breach of this level would open the door for testing the $0.1148 and $0.1285 resistance walls.

Should bullish momentum persist, attention will then shift to the resistance at $0.1506, followed by $0.1690 and $0.1822. These levels represent the final obstacles before potentially reaching the $0.2000 mark, a threshold not surpassed since April 2022.

On the downside, the $0.0855 level is expected to act as a support, preventing HBAR from establishing a lower low within the current market uptrend structure.

Hedera Network Welcomes Mondelēz International

As the adoption of cryptocurrencies gains momentum among major companies worldwide, the Hedera Council, responsible for overseeing the Hedera public network, has recently announced a series of significant partnerships.

One notable addition to the Council is Mondelēz International (Nasdaq: MDLZ), a prominent multinational food company renowned for its global brands, including Oreo, Ritz, LU, Clif Bar, Cadbury Dairy Milk, Milka, and Toblerone.

On February 14, the Hedera Council revealed that Mondelēz International had joined its ranks. This collaboration marks a significant milestone as Mondelēz International, with its mission to empower people to “snack right”, sets its sights on leveraging distributed ledger technology (DLT)-based solutions on the Hedera network.

Per the announcement, the initial focus of the partnership will revolve around digital transformation initiatives, supply chain management, and enhancing core business processes to deliver elevated customer experiences.

With an emphasis on digital transformation, Mondelēz International seeks to streamline processes, enhance transparency, and optimize supply chain management using the Hedera infrastructure.

All around, the Hedera protocol and its native token HBAR have experienced substantial growth in market capitalization, trading volume, and partnerships, reflecting the increasing interest from investors in the protocol’s offerings. This positive environment sets the stage for future growth and development of the protocol.

However, it remains to be seen whether HBAR can sustain investor attention and continue to achieve price gains, considering the possibility of market corrections following the significant gains recorded in the past 30 days. Nonetheless, HBAR appears well-positioned to emerge as one of the top-performing altcoins in the current bull run.

Featured image from Shutterstock, chart from TradingView.com

27th January 2024

Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion

Hedera (HBAR), the open-source Proof-of-Stake (PoS) blockchain network, has made significant strides in the fourth quarter (Q4) of 2023, according to a recent report by Messari. The network’s performance showcased notable growth in key metrics, outpacing the crypto market.

Hedera Outpaces Crypto Market With 78% QoQ Increase

During Q4 2023, Hedera’s circulating market cap experienced a 78% quarter-over-quarter (QoQ) increase, reaching $2.9 billion. This growth surpassed the overall crypto market’s growth rate of 54%, signifying Hedera’s growing influence. The year-on-year (YoY) change for HBAR stood at 211%, reflecting the network’s progress and adoption.

Hedera

In the same line, Hedera Network’s revenue witnessed a substantial 59% QoQ increase, amounting to $1.6 million in Q4 2023, primarily driven by a 66% QoQ surge in transactions, notably propelled by the Hedera Consensus Service.

Furthermore, the revenue generated from Token and Smart Contract Services contributed approximately 14% of the total revenue, exemplifying a healthy distribution in Hedera’s revenue streams.

With a fixed total supply of 50 billion HBAR, Q4 2023 saw 33.6 billion HBAR, or 67% of the total supply, in circulation.

The quarterly distribution of HBAR, reported through the Hedera Treasury Management Report, anticipates an additional 10% of the total supply to be unlocked in Q1 2024, including new ecosystem grants.

While the number of addresses experienced a decline in Q4 2023, with average daily active addresses decreasing by 22% QoQ to 6,600 and average daily new addresses dropping by 39% QoQ to 5,200, there was still substantial YoY growth. Active addresses were up 90% YoY, and new addresses witnessed a 123% YoY increase.

Hedera Network achieved a new record in transaction volume for the sixth consecutive quarter, with an impressive daily average of 164 million transactions in Q4 2023, marking a 66% QoQ surge. The Hedera Consensus Service remained the primary driver of this activity, accounting for 99% of all transactions on the network.

DEX Trading Volume Skyrockets 164% QoQ

In Q4 2023, the Hedera network reported 28 billion HBAR staked, representing 85% of the circulating and 56% of the total supply.

Entities such as Swirlds and Swirlds Labs played a significant role in staking their HBAR allocations, and the Hedera Treasury supported validators in meeting the minimum staking threshold for network consensus.

The Hedera network’s Total Value Locked (TVL) demonstrated positive growth, reaching $64 million by the end of 2023, reflecting a significant YoY increase of 169%. The TVL denominated in HBAR reached 733 million, indicating a 16% QoQ and YoY increase. Interestingly, Hedera’s TVL ranked among the top 40 blockchain networks.

Moreover, Hedera Network experienced a 164% QoQ increase in average daily decentralized exchange (DEX) trading volume, reaching $1.3 million, an all-time high. SaucerSwap dominated DEX trading volume on the Hedera network, accounting for most of the trading activity, as seen in the chart below.

Hedera

Lastly, the stablecoin market cap on the Hedera network grew by an impressive 73% QoQ, culminating in a year-end total of $6.3 million. Circle’s USDC stood as the sole stablecoin available on Hedera.

The network’s rank in the stablecoin market cap among blockchain networks improved by four spots QoQ, solidifying Hedera’s position in the stablecoin market.

Hedera

Under current market conditions, the price of HBAR stands at $0.0736, showcasing substantial growth in the past 24 hours, with a 5% increase.

Featured image from Shutterstock, chart from TradingView.com

14th August 2023

HBAR Token Spikes 16% In One Day, Can Bulls Sustain the Momentum?

HBAR has soared with momentum after the US Federal Reserve adopted the Hedera Hashgraph-based Dropp micropayments platform. According to the announcement, Dropp is now on the list of service providers on Fed’s FedNow instant payment system.

Following this news, HBAR’s market sentiment improved, causing a rapid price surge that propelled the token from $ 0.0561 to $0.06544. This represents an over 16% increase in the last 24 hours. However, HBAR price has crossed the overbought region, raising questions about how long the current rally can last.

FedNow Adds Hedera Hashgraph-Powered Dropp To Its List Of Service Providers

On July 20, the US Federal Reserve launched the FedNow instant payment system. This payment system allows banks and credit unions to transfer money for customers any time, any day, instantly.

However, according to the latest development, FedNow adopted Dropp, a micropayment platform built on Hedera as a service provider. Dropp allows users to use micropayments for small-valued transactions in USD Coin (USDC), HBAR, and US dollars.

Adopting Dropp as a FedNow service provider implies that banks and other financial service providers can use the micropayment platform for real-time payments. This feat marks a milestone for Hedera as FedNow indirectly supports the token, granting the Hedera blockchain support from traditional finance companies.

Similarly, Hedera is already benefiting from this partnership as its price has increased by over 16% in the last 24 hours. Also, Hedera garnered massive investor attention in the past week due to increased partnerships, such as South Korean automobile companies Kia and Hyundai, which have adopted Hedera’s infrastructure to track vehicle carbon emissions.

HBARUSD price chart

HBAR Price Outlook; How Long Can The Bulls Hold?

HBAR soared over 16% within a few hours after the FedNow support announcement. That brought the token’s seven-day price increase to nearly 17%.

In addition, HBAR’s valuation is now 25% higher than its price 30 days ago. HBAR trades at $0.065, with a day high of $0.06625 and a low of $0.05046.

One remarkable thing about HBAR’s performance is the massive surge in trading volume, which signifies increased network activity and investor interest. As of the time of writing, HBAR has recorded an over 1,219% surge in 24-hour trading volume, after securing its position as the highest-gaining cryptocurrency today.

According to the daily chart, HBAR trades above two key support levels at $0.063035 and $0.06005. Moreover, the bulls have formed green bars above the support levels as they vie to push HBAR to higher highs.

The Relative Strength Index is at 72. But while this signifies increased buying pressure, the sideways movement of the RSI graph suggests a weakening trend. So HBAR buyers have reached saturation and are probably about to lose momentum.

Additionally, the faded green histogram bars show the buying demand for HBAR tokens has dwindled slightly. If this continues, the HBAR rally could stall, allowing the bears to push prices downward.

8th August 2023

HBAR Token Scores Impressive Gains As Major Cryptos Nosedive

Hedera Hashgraph’s native cryptocurrency, HBAR, is shining following the slight boost in the crypto market today, August 8. Hedera briefly broke through the one-month-long $0.5 resistance, climbing above $0.6, while top coins like Bitcoin bleed with losses.

Even though the overall crypto market cap gain affected many assets positively, HBAR owes most of its gains to the latest ecosystem developments and partnerships.

HBAR Price Performance Amid Impressive Ecosystem Updates

Despite a drop in trading volume, HBAR has soared over 6%, attaining a peak of $0.06032 on Tuesday morning. This sharp spike represents a nearly 10% increase from the day low of $0.05483. But the token has now receded from its peak value and currently trades at $0.05951.

Moreover, the HBAR price has soared over 16% in a week, bucking the bearish trend that snatched all of Bitcoin and Ethereum’s past week’s gains. The token’s value is now over 22% higher than the price recorded 30 days ago.

However, HBAR’s trading volume is south of its price trajectory. The over 16% decline in 24-hour trading volume raises questions about whether the bulls had reached saturation and capitulated to the bears even before the rally grew strong.

HBARUSD

Strategic Partnerships Drive HBAR’s Rally

Hedera’s network advancements and strategic partnerships have helped to boost HBAR’s current market position. In August, the Hedera network recorded notable deals with leading banking and financial institutions and automobile companies.

On August 2, Korean automobile firms Hyundai and KIA announced the launch of a new blockchain and AI-powered Supplier co2 Emission Monitoring System (SCEMS) on the Hedera network. This integration allows Hedera to record the carbon emission data from suppliers while AI will predict future emissions following the data provided.

Similarly, on August 4, Hedera announced a partnership with FreshSupplyCoAu in a groundbreaking move that could reshape the digital finance landscape. The strategic partnership allows users to connect with conventional banking and the Mastercard network for a seamless, safe, and wider range of cross-border payments.

Through Mastercard’s payment gateway, Hedera will connect traditional banking infrastructure with decentralized finance technology, bridging the gap between blockchain and traditional finance.

These strategic partnerships mark significant milestones for the network. They could boost HBAR’s usability and trading activity as more investors adopt the token.

This move could amplify HBAR’s reach and market presence, potentially increasing network activities and the token’s price.

HBAR Market Outlook, Will The Bulls Sustain?

Hedera’s dwindling 24-hour trading volume, however, raises questions about the longevity of the ongoing rally since a trading volume decline often signifies bearish market activities.

The HBAR’s price chart reveals that technical indicators suggest a bearish trend reversal for HBAR as the token trades above the 50-day moving average, confirming the bullish momentum on its price today. But the Relative Strength Index has receded from 62 to 57, demonstrating weakening momentum as buyers exit the market.

Also, the Moving Average Convergence/Divergence has converged with the signal line and now moves below, while the faded green histogram bars have birthed red ones.

This observation shows HBAR could face downturns in the next few hours unless the bulls regain control.