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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)

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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

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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

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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

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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 

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Hedera (HBAR) Q3 Triumph: Transaction Volume Soars, Network Revenue Crosses 1M Milestone

According to a recent report by the online database platform Messari, the Hedera (HBAR) Network, an open-source, public blockchain governed by the Hedera Governing Council, has showcased significant growth in the face of a challenging crypto market during Q3 2023. 

Hedera Network Hits New Record With 99 Million Daily Transactions

Per the report, Hedera Network’s transaction volume continued its upward trajectory, achieving a new record of 99 million daily average transactions in Q3 2023. 

This milestone marks the fifth consecutive quarterly increase in transaction activity, with the Hedera Consensus Service responsible for 99% of all transactions on the network. 

Notably, the network’s revenue derived from transaction fees surpassed $1 million for the first time, experiencing a remarkable 30% quarter-on-quarter growth. 

Hedera

According to Messari, the Hedera Consensus Service largely drove the revenue growth and remained independent of HBAR’s price fluctuations, as transaction fees are fixed in USD terms.

While the overall crypto market experienced a moderate downturn during Q3 2023, HBAR’s circulating market capitalization grew by 7.6% quarter-on-quarter, reaching $1.7 billion by the end of September. 

HBAR’s fully diluted market capitalization also increased by 2.5%, settling at $2.5 billion. As a result, the Hedera Network emerged as the 31st-largest crypto protocol by market capitalization, demonstrating its growing prominence in the industry.

Hedera’s TVL Skyrockets By 29%

The protocol’s Total Value Locked (TVL) reached $31 million in Q3 2023, a 29% increase from the previous quarter. While the broader market witnessed a reduction in TVL, Hedera’s year-over-year (YoY) TVL growth stood at an impressive 75%. 

Hedera

SaucerSwap, the leading protocol within the Hedera ecosystem, accounted for most of the TVL, with $27 million locked, comprising 87% of the Hedera Network’s total TVL. According to Messari, this growth in TVL can be attributed to the launch of new protocols within the ecosystem.

On the flip side, the Hedera community has strongly emphasized enhancing developer tools and collaborations. 

In Q3 2023, significant progress was made toward achieving Ethereum Virtual Machine (EVM) equivalence. The community introduced developer-focused features, integrated the JSON-RPC codebase, and refined contract creation transactions through HIP-729. 

These efforts have increased compatibility with EVM networks and expanded the capabilities of smart contract development on the Hedera Network.

High Staking Percentage And Strategic Partnerships

The Hedera Network reported a high staking percentage, with 85% of the circulating supply and 56% of the total supply staked. 

Core entities such as the HBAR Foundation, Swirlds, and Swirlds Labs have staked their HBAR allocations and the Hedera Treasury to support validators in meeting the minimum staking threshold for network consensus. Notably, these entities have chosen not to collect staking rewards. 

Per the report, the Hedera Governing Council modified the staking rewards structure during Q3, adjusting the reward rate to 2.5% and setting a maximum staked quantity to ensure proportional reward rates.

Despite the challenging crypto market conditions in Q3 2023, the Hedera Network has showcased significant growth. The expansion of TVL and the dominance of SaucerSwap further solidified the ecosystem’s position. 

Hedera

Despite the growth of Hedera Network’s ecosystem, the native token, HBAR, is currently trading at $0.0460, reflecting a 4.5% decrease in value over the past 24 hours. This trend has persisted throughout the year, resulting in a year-to-date decline of 24%.

Featured image from Shutterstock, chart from TradingView.com 

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Hedera Falls To Critical Support Level: Can HBAR Rebound This September?

Hedera (HBAR) recently encountered a significant hurdle as it faced price rejection at a crucial weekly bearish order block. Currently hovering at the $0.0500 level, this juncture has emerged as a formidable obstacle for sellers looking to capitalize on the prevailing bearish sentiment.

In a price report, it was revealed that HBAR’s funding rates have consistently remained in negative territory for the past few days. This bearish skew in the futures market further underscores the challenges HBAR faces in its price recovery. 

The current HBAR price, as reported by CoinGecko, stands at $0.050716, with a 5.0% decline over the last 24 hours and nearly 13% drop over the past seven days.

Declining Open Interest Reflects Reduced Hedera Demand

Adding to the bearish narrative, open interest rates for HBAR have plummeted from $27 million to $21 million within the last five days (from August 24th to August 31st). This substantial drop indicates a waning demand for HBAR within the futures market, potentially emboldening sellers to seek further gains.

The fate of HBAR remains closely intertwined with Bitcoin’s performance. As Bitcoin drops below the key $26,000 level, it has retraced a significant portion of its loss courtesy of a favorable US court ruling in Grayscale Investments’ Bitcoin ETF case against the Securities and Exchange Commission.

SEC’s ETF Delay Casts a Shadow on the Crypto Market

Bitcoin’s value, along with that of other cryptocurrencies, took a hit following the SEC’s announcement of a delay in reviewing seven spot Bitcoin exchange-traded fund (ETF) applications until October. This delay has cast a shadow of uncertainty over the cryptocurrency market, impacting investor sentiment.

CoinShares, in its latest Digital Asset Fund Flows Weekly Report, revealed that digital assets collectively experienced outflows of $168 million over the past week, marking a two-week streak of declining investments. This negative sentiment can be attributed to the growing belief that the approval of a spot Bitcoin ETF will take longer than initially anticipated.

However, amidst this turbulent market atmosphere, there is a glimmer of hope, especially after Grayscale’s win in its lawsuit against the SEC.

The court acknowledged the SEC’s error in rejecting Grayscale’s bitcoin ETF application. This legal triumph could potentially inject some optimism back into the crypto market in the coming days.

The fate of HBAR remains closely linked to Bitcoin’s performance, and uncertainties stemming from the SEC’s ETF delay continue to weigh on the broader cryptocurrency market.

Grayscale’s legal victory, however, offers a ray of hope amidst the prevailing bearish sentiment. Meanwhile, traders and investors are advised to tread cautiously and monitor market developments closely.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from IntelligentHQ

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Hedera (HBAR) Rises As Weekend’s Top 50 Sole Gainer With 14% Rally

Hedera (HBAR), despite the very unpredictable cryptocurrency market, has demonstrated its ability to defy trends by recording more than 14% increase on its price chart, Sunday.

Hedera has not only held its place despite the volatile circumstances that frequently affect other digital assets, but has also shown steady resilience.

At the time of writing, HBAR emerged as the only crypto in the top 50 ranking with the highest increase in the seven-day timeframe at 15%. Trading at $$0.063, HBAR only sustained a very minor 1.1% loss in the last 24 hours.

Given that the majority of cryptocurrencies have had significant weekly falls, which have been further exacerbated by the latest market collapse, this is of utmost importance.

Hedera: Weekend Rout Top Performing Crypto

The cryptocurrency market took a major beating on Friday, causing a broad slump and more than $1 billion in liquidations. The most popular cryptocurrency, Bitcoin, experienced a swift decline of nearly 10% in just a few hours, falling to a two-month low of $25,600.

Since the collapse of the FTX crypto exchange in November, this was the alpha coin’s most challenging week. The incident highlights how intertwined the crypto industry is and how a substantial decline in one key asset can have a ripple effect across the market.

Hedera saw a notable increase in trade volume, which rose by a staggering 60% over night to reach an outstanding total of $220,755,864. This increase in trading activity is a sign of greater market engagement and interest, which may indicate a change in the way the market feels about the currency.

Additionally, the examination of Hedera’s price patterns using its technical indicators and moving averages displays a convincing sequence of strong buy signals. This line-up of indicators supports the idea that market forces are advantageously positioned to promote the price growth of Hedera.

Bright Prospects For HBAR

Analysts are continuing to have a bullish stance on Hedera’s prospects in light of these significant developments. They have reason to be optimistic since they anticipate a price increase that might push Hedera’s value up to the anticipated target of $0.065 by the end of August.

Partnerships And Adoption

The HBAR price surge coincided with the integration of Dropp, a micropayments platform based on the Hedera Hashgraph, to the FedNow instant payments system operated by the US Federal Reserve.

The pricing increase also follows a recent press release touting Hedera’s partnership with Validation Cloud. The integration intends to increase Ethereum Virtual Machine (EVM) developers’ interest in the Hedera network.

Meanwhile, Hyundai and Kia, two well-known names in the automotive sector, are enthusiastically adopting the Hedera network, marking yet another outstanding benchmark in platform adoption.

Significantly, the news that these auto industry heavyweights will be using a Hedera network-based artificial intelligence system to monitor carbon footprints throughout their supply chain has boosted trust and confidence in the platform’s prospects.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from US Army

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Hedera (HBAR) Blooms 21% – Uncloaking The Factors Behind The Rise

Hedera (HBAR) has stolen the limelight by becoming the highest-gaining cryptocurrency in the past 24 hours. As investors eagerly accumulate, the token’s price exhibits a roller-coaster ride of volatility. While optimism fuels the anticipation of a price rally, caution is advised as HBAR’s Bollinger Bands cast a shadow of uncertainty over its immediate future.

At the time of writing, HBAR’s price is recorded at $0.071 according to CoinGecko, reflecting an 8.1% rally over the past 24 hours. Impressively, the token has experienced a seven-day surge of 21.3%, underlining its significance in the market’s recent performance.

Hedera Price Roller-Coaster And Its Indicators

The token’s recent performance showcases its resilience amidst market dynamics, but investors should be prepared for its volatile nature. Bollinger Bands, a widely-used technical analysis tool, serve as a flashing signal of HBAR’s ongoing turbulence. 

A price analysis notes that token is currently trading above the upper band of the indicator, implying a potential overbought situation. Moreover, the notable disparity between the upper and lower bands accentuates the prevailing high volatility. This discrepancy warns of an imminent correction, underscoring the capricious nature of HBAR’s market behavior.

The surge in HBAR’s value can be attributed to a significant development in the coin’s ecosystem. News of the United States Federal Reserve’s endorsement of the FedNow payment system, which integrates support for Dropp—a micropayment platform built on the Hedera Network—has undoubtedly propelled the value of HBAR. 

This latest endorsement follows a series of positive strides for Hedera. In the preceding week, the network cemented its commitment to a “blockchain-powered future” by becoming a part of Blockchain for Europe. 

Hedera Transactions, User Base Climb

Amidst the market’s tumult, Hedera’s accomplishments continue to underscore its prowess. The recent celebration of processing 17 billion transactions on its blockchain stands as a testament to its efficiency and scalability. 

Data sourced from Arkhia reveals that the total transactions now stand at an impressive 17.5 billion. Additionally, the network boasts an expanding user base, with 3.1 million accounts created as of press time. These milestones not only reflect the network’s growth but also highlight its potential as a significant player in the blockchain space.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from The Daily Hodl

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Here’s Why This Analyst Foresees Hedera (HBAR) Breaking Into The Crypto Top 10

Hedera popularly known as HBAR, has lately been drawing attention in the world of cryptocurrencies. An influencer from the crypto-sphere recently asserted that this digital currency is poised to cement its position among the top 10 in the industry.

HBAR’s Position In The Upcoming Bull Market

Classy Crypto, a crypto-focused YouTube channel, hosted a discussion where the anchoring influencer laid out his reasoning, foreseeing HBAR’s substantial ascent in the near future. According to the host of Classy Crypto, HBAR is not just positioned to rise but is also primed to become one of the biggest beneficiaries in the anticipated bull run.

Related Reading: HBAR Token Scores Impressive Gains As Major Cryptos Nosedive

The host noted that one factor driving this optimism is the forthcoming Bitcoin and Ethereum Exchange Trust Funds (ETFs). As these ETFs come into play, they are expected to usher a wave of institutional investors into the crypto sphere.

However, the influencer argues that the initial attraction toward giants like Bitcoin and Ethereum would eventually pivot. Investors, after their primary foray, would likely explore alternative digital assets.

These alternatives, which the host referred to as “pseudo-centralized currencies” offering distinct use cases, especially those with tracking capabilities, would then become the focal point. Hedera, with its tracking features, according to the host, could potentially emerge as a leading contender in this narrative.

Hedera Offerings And Market Dynamics

Diving deeper into Hedera’s offerings, the Classy Crypto host highlighted the consensus service of the platform. The host emphasized that this plays a significant role in tracking and catering to rising global demand.

Additionally, in the backdrop of an evolving global political scenario, solutions like Hedera’s are anticipated to gain traction, given their ability to address large-scale issues.

The host noted:

Hedera has a consensus that does a lot of tracking and it’s great for the environment which is an increasingly large issue in our world political scene.

Furthermore, beyond these specifics, the influencer also shared a broader market perspective. He envisions a major market breakout before the culmination of 2023. This momentum is likely to carry forward into 2024, heralding a significant bull run.

One pivotal point he made pertained to the Layer 2 blockchains prevalent in the market. A realization among investors that many of these platforms might not support sustainable transaction sizes could direct focus towards Hedera.

Particularly, its attributes, including fixed gas fees and the avant-garde Hashgraph technology, might just provide the edge it needs, according to the host.

Over the past 24 hours, HBAR has traded in the red, down by nearly 5%. The asset currently trades at a price of $0.058, at the time of writing.

Hedera (HBAR) price chart on TradingView

Featured image from iStock, Chart from TradingView