Arslan Butt
The Hedera Hashgraph (HBAR) cryptocurrency has experienced a dramatic climb in the last 24 hours, reaching a high of $0.089 and growing by more than 17%. This surge in price is attributed to the growing governing council, which is driving up the value of hedera hashgraph and positioning the network for corporate expansion. As per a statement released by Hedera, Dell, one of the largest technological companies in the world, has recently joined its council.
.@Hedera ended Q4 with an all-time high TVL of $23M thanks in large part to the tremendous growth at #DEXes @SaucerSwapLabs, @HeliSwap_DEX, and @bubbleswapio.
Here's to a big 2023! pic.twitter.com/HS7KpO6pml
— Arkhia (@Arkhia_io) February 10, 2023
Hedera (HBAR) is an open-source public ledger that aims to achieve decentralization and network security through “permissionless” network nodes. What sets Hedera apart from other blockchains is its ability to offer cheap transactions at lightning-fast rates. Moreover, it is promoted as being 880,000 times more efficient than Bitcoin and energy-efficient as well. For instance, while each Bitcoin transaction costs 885 kWh of energy, Hedera only uses 0.001 kWh per user. This feature has also contributed significantly to the increase in Hedera coin pricing.
The Skyrocketing Hedera (HBAR) Price: Will It Continue to Rise or Fall?
As of now, Hedera’s price stands at $0.08742, with a 24-hour trading volume of $225,898,507. Over the last 24 hours, Hedera has experienced a nearly 15% % surge in price. Currently ranked at #28 in the market, Hedera has a live market cap of $2,291,149,886. There are currently 26,051,470,159 HBAR coins in circulation, with a maximum supply of 50,000,000,000 HBAR coins.
On the technical front, the HBAR/USD pair is displaying a strong bullish bias, having successfully broken through a significant resistance level at $0.0840. Further gains may be possible, with a breach of the $0.098 level opening the way to a potential target of $0.1100.
Technical indicators such as RSI and MACD currently suggest buying pressure, while the “three white soldiers” candlestick pattern, combined with an upward channel, provides additional support for an uptrend. As a result, investors are likely to seek buying opportunities above the $0.0840 level.
The Growing Dominance of Hedera: Is HBAR Poised to Take Over the Crypto World?
Based on the latest data on transactions per second, Hedera achieved a flow of 18.98 transactions per second (TPS). The network conducted a total of 530 million transactions in the previous year, which is a significant amount. In the same period, there were roughly 769,000 new transactions initiated.
These statistics suggest that despite the challenging market conditions and the impending crypto winter of 2022, the Hedera network will continue to grow at a rapid pace. This growth has been seen as one of the primary factors supporting the pricing of Hedera.
❇️MARKET: Today, @hedera $HBAR has reached 0.20% dominance of the whole crypto market. The all-time high during the previous bull run in the 2021 winter was 0.27%. Hedera has been on an uptrend since it has been launched. pic.twitter.com/2IPJaaBotz
— HBAR Jerry (@HbarJerry) February 7, 2023
It is noteworthy that Hedera’s fundamentals have continued to improve, with its fourth-quarter transfer volume and transaction count rising by 123% and 70%, respectively. Although the number of daily active users and new accounts decreased somewhat, they remained significantly higher than the previous quarter, after setting new all-time highs in the third quarter. These factors have supported the price of Hedera (HBAR), which has surged by over 75% in the last thirty days.
#SupplyChains present huge opportunities for #blockchain to improve efficiencies, reduce fraud, and introduce traceability. Read more about how our partner AVC Global is transforming supply chains with #Hedera in @GBBCouncil’s 2022 Annual Report:
Pg. 112https://t.co/igWDG5CCUY pic.twitter.com/7MtgOBl46v
— Hedera (@hedera) February 10, 2023
Hedera Global Governing Council: A Key Driver of Hedera’s Growth and Adoption?
Another factor that has contributed to Hedera’s sharp rally is the addition of their 28th governing council member, which already includes industry titans such as Google, Boeing, LG, IBM, and Nomura. As previously mentioned, there were approximately 769,000 newly initiated transactions over the previous year.
These facts suggest that, despite challenging market conditions and the impending crypto winter of 2022, the Hedera network will continue to expand responsibly.
1/ We are excited to announce that @Dell has joined the #Hedera Governing Council, helping organizations explore #DLT and developing applications for highly decentralized mission-critical environments such as #EdgeComputing. @Dell_Edgehttps://t.co/JnPHII7ttQ
— Hedera (@hedera) February 7, 2023
Given the positive developments and factors supporting Hedera’s growth, it is possible that HBAR may make a comeback and surpass its previous record high of $0.56 and even surge above $1, as it has done previously when council member announcements were made. As of now, Hedera’s price stands at $0.086465, with a 24-hour trading volume of $232,067,800. Over the last 24 hours, Hedera has increased by 15%.
Bearish Crypto Market: What It Means for Hedera (HBAR) Cryptocurrency?
The global cryptocurrency market saw a sharp decline as the recent upward rally of Bitcoin and Ether lost momentum, mainly due to concerns about increased regulation of cryptocurrencies, solid job data for the week, and continued hawkishness from the Fed. Additionally, the announcement that Kraken would no longer offer liquidity staking services to American customers was viewed as another negative factor that affected the crypto market.
The #Total market cap for crypto .take a look at chart. the bearish move is about to come pic.twitter.com/9IX4yPV689
— CryptoHitesh (@CryptoHitesh) February 11, 2023
The negative sentiment in the broader crypto market could be seen as one of the factors that may have prevented further rises in the value of HBAR coins. However, it’s worth noting that Hedera’s positive developments and fundamentals may still support its price in the long term, even if short-term fluctuations are affected by broader market sentiment.
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This article was written for Business 2 Community by Arslan Butt.
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