The native token of the Hedera network, HBAR, has attracted the attention of investors by increasing by 15% in the past week. HBAR, which has increased by approximately 2.44% in the last 24 hours, is in line with the price increases in the general crypto market. This situation is quite positive as the bull market expectation has taken over the investors.
HBAR Price Change
The price of the HBAR token is trading at $0.05708 at the time of writing. This is 89.97% below its all-time high of $0.5701 reached in September 2021. The altcoin’s trading volume increased by 40.25% to $61.5 million. This increase indicates that demand for HBAR is increasing among investors.
HBAR Market Value and Performance
The market cap of the HBAR token is $2.14 billion and is ranked 43rd on CoinMarketCap. The cryptocurrency’s price has slightly decreased in the past month, down 2.41%. However, the altcoin is trading near monthly highs. HBAR has been one of the worst performing altcoins this cycle, gaining only 12.33% since September 2023.
Reasons for the HBAR Rise
There are three main reasons for the increase in the price of HBAR. The first is the demand brought by the general market rally. Bitcoin $63,729The increase in the price of has led to an uptrend in altcoins. In recent days, Bitcoin has reclaimed the $64,000 level following the Fed’s interest rate cut decision and is trading at $63,509.38.
The second reason is the upcoming Renaissance update and the announcement shared by Axelar Network. The Hedera community was urged to add October 3rd to their calendars, creating a positive atmosphere among investors. A 28-second clip titled “Renaissance” hinted at a dApp being developed on Hedera.
The third reason was a video on YouTube by leading crypto channel NCashOfficial, in which he presented a positive scenario for Hedera. The video mentioned a possible new collaboration between Hedera and tech giant Microsoft. The projects that the two companies have been working on since their partnership in 2020 have not yet been disclosed. In addition, the Hedera network has recently shown significant growth, processing 48 billion transactions and more than 1 million active accounts.
Future Expectations
In order for HBAR’s price to continue its ongoing uptrend, it needs to stay above the $0.058 price level and turn into support. Another important resistance level is around $0.07. Breaking these levels could allow HBAR to gain even more value. The Hedera team and investors expect these developments to have a positive impact on HBAR’s future performance. In particular, technology collaborations and network updates could support HBAR’s value growth by expanding its usage areas.
The current market status and future potential of HBAR are among the important factors that investors should carefully monitor. The course of developments will determine the short-term and long-term performance of HBAR. The Hedera representative said the following.
“Hedera’s innovative approaches and strategic partnerships will help HBAR become even stronger in the future.”
The rise of HBAR is supported by the general positive sentiment and technical developments in the crypto market. Investors are noting that if this trend continues, HBAR could gain even more value.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
