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- Hedera (HBAR) is reported to have just begun its rally despite surging by more than 200% in the last 30 days and 32% in the last seven days.
- Its recent rally is reported to have been triggered by the HBAR Exchange Traded Fund (ETF) application and crucial technical integrations.
Hedera (HBAR) recently made a surprising comeback to hit a monthly high of $0.1692 from its $0.04 low. According to our market data, the asset recorded a staggering surge of 32% on its weekly price chart and a 205% growth on its monthly chart. Meanwhile, it remains significantly down from its all-time high price of $0.57 recorded on September 16, 2021.
Coupled with the Ripple effect from Bitcoin’s ascension to $99k and the broad market rally, the price of HBAR was massively influenced by the recent reports that Canary Capital has filed for an S-1 registration statement for a new HBAR ETF. According to our source, this move is meant to provide direct exposure to the HBAR token. Immediately after this disclosure, the asset surged by 20% to reach $0.066.
What Could Be The Driving Factors?
Exploring other factors behind its sudden growth, CNF discovered that the price could have also been affected by the fixed-fee transaction approach. Fascinatingly, this was recently lauded by the vice president, Don Ripske, when he highlighted its applicability in enterprise applications.
So far, 71 billion transactions have been completed on the network. Additionally, its transaction capacity is around 10,000 Transactions Per Second (TPS). Hedera has also been integrated for cross-border trade payments services with the Monetary Authority of Singapore (MAS).
According to multiple sources, the Federal Reserve is also advancing its move to integrate Hedera and Ripple’s XRP with a specific focus on RLUSD. As highlighted by crypto influencer Shawn, this is meant to enhance the payment capabilities for faster and more cost-effective transactions. Throwing more light on this, Hedera’s integration is reported to have been facilitated by the earlier addition of its micropayments platform Dropp.
To perfectly run shoulders with leading competitors, Hedera Hashgraph has implemented quantum-resistant security protocols to be at the forefront of next-generation digital security. This comes as the implementation of conventional encryption techniques in the blockchain technology industry becomes more threatened by the developments in quantum computing.
Above all, CNF recently reported that Hedera could go into space to facilitate crypto transactions following a groundbreaking partnership with SpaceX. According to Shawn, Hedera could enable the tokenization of resources from asteroid mining, improve space supply chain management, track and manage space traffic, and enhance the autonomous decision-making capabilities of spacecraft and space vehicles.
The Next Direction of HBAR
According to an analyst identified as Maverick, HBAR’s price surge has just begun. Speaking to his 145,000 X followers, the analyst estimated that the asset could soon hit a year-to-date high of $0.1813.
His prediction was based on the recent HBAR spot ETF application and its incredible trading volume. He also pointed out that HBAR’s futures open interest has been very strong as it jumped to $66.7 million, up from $26.6 million in September. Meanwhile, another analyst identified as WSB Trader Rocko believes that the asset could soon hit $0.4.
I said $HBAR was going to $0.1 then $0.15
Now im saying it’s going to $0.4
Make sure to buy the dip, think #Hedera will be one of the strongest performers this bull market 🚀🚀 pic.twitter.com/CLS8MR6HMn— WSB Trader Rocko 🚀🚀🚀 (@traderrocko) November 20, 2024
