Hedera’s HBAR surged 44.37% in 24 hours, driving its market cap to its all-time highest position. Investors who bought the coins around the beginning of November are 432.19% up today.
This article will study the reasons for this incredible upward movement in detail and find out where it is headed next. Also, we will get into the details of the HBAR coin, including tokenomics and a purchasing guide.
The Reasons for HBAR’s Surge
There are multiple reasons for HBAR’s impressive upward momentum, including its filing for ETF-related speculations and purchases by institutional investors like NoviqTech. Let’s get into the details.
- HBAR ETF by Canary: A major reason for HBAR’s uptrend is its news regarding an upcoming ETF. After applying for an XRP ETF to SEC in October, Canary Capital filed for an HBAR ETF on November 13, 2024. The coin has been surging since then. If Canargy gets the SEC’s approval and an exchange’s slot to list HBAR ETF, we can see a further increase in its price.
- NoviqTech’s HBAR Allocation: Hedera’s climate-friendly approach to reducing carbon emissions by offering rapid transaction speeds has made it one of the most sustainable dApps providers. NoviqTech, a company providing blockchain-based software and solutions, has increased its HBAR hodling to over 1.5 million by accumulating 490,622 tokens today. NoviqTech’s Carbon Central, a software solution created to monitor carbon emissions, uses HBAR for its internal transactions.
- Launch of Asset Tokenization Studio: When Hedera launched the Asset Tokenization Studio (ATS) on September 17, 2024, investors were attracted to it for its scalability in transforming real-world assets into digital securities. The introduction of tools like pause functionality and token locking in ATS, along with interoperability by integrating multiple wallets, is expected to bring more users in the future.
What’s Next? HBAR Price Prediction by Analysts
Technical analysis by More Crypto Online that incorporates Elliot Wave theory into the chart movements suggests the continuation of this uptrend. Various other analysts expect HBAR to touch a $10 billion cap today.
Since HBAR is in its highest market capitalization ever, some corrections can also be expected. Short-term traders might exit from the run, creating a dip. Because of the volatility that creates recurring ups and downs, it is important to set stop losses to safeguard the funds.
What is Hedera?
Launched its mainnet in 2018, Hedera Hashgraph (HBAR) is a Texas-based distributed ledger that uses the Hashgraph algorithm to process transactions. It has a highly scalable transaction protocol that can process 10,000 HBAR transactions per second. It utilizes 0.00017 kWh on average for each transaction, costing around $0.0001 USDT.
HBAR Token Details
| Token Ticker | HBAR |
| Total Supply | 50 Billion HBAR |
| Circulating Supply | 38.20 Billion HBAR |
| Market Cap | $9.54 Billion |
| 24-hr Volume | $3.47 Billion |
HBAR is used in the execution of smart contracts and other usual transactions. Users can also stake the coins to receive rewards. The decentralized distribution and the tokenomics allocate 32.4% to the pre-minted treasury and 24% to the ecosystem development signifies that is coin is investment-worthy.
Where to Purchase HBAR?
HBAR is available in almost all prominent exchanges, including Binance, Bybit, and Coinbase. A perpetual contract with the pair HBAR/USD is available in dYdX v4 DEX. It can also be earned by staking via its official network.
Final Thoughts: Is HBAR a Credible Investment?
HBAR is in the 19th position according to market cap, and it has emerged as an important coin in the web3 market. As a web3 enthusiast, you can get into hodl of some HBAR to diversify your portfolio. Also, be conscious and alert while doing short-term trading.
Visit HBAR’s blog, docs, and social media profiles to learn more about coins and the ecosystem. Finally, browse through our website to learn more about coins that have been surged recently.