Let’s talk web3, crypto, Metaverse, NFTs, CeDeFi, meme coins, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!
Hedera (HBAR) Price Hits 31-month High of Over 25 Cents Catalyzed by Robust Fundamentals
12/02/2024 19:11
The DeFi ecosystem on the Hedera network has grown to over $154M in TVL and more than $17M in stablecoins market cap.
Key Notes
- Hedera price has mirrored that of XRP amid the ongoing altcoin bullish breakout after months of consolidation.
- The Hedera’s DeFi ecosystem has grown to the network’s high throughput and stable transaction cost.
After Bitcoin price BTC $95 081 24h volatility: 2.3% Market cap: $1.89 T Vol. 24h: $88.83 B failed to reach the much-anticipated target of about $100K last month, the altcoin industry, led by Ripple Labs’ XRP XRP $2.62 24h volatility: 36.6% Market cap: $150.31 B Vol. 24h: $60.00 B , and Hedera HBAR $0.28 24h volatility: 45.5% Market cap: $10.59 B Vol. 24h: $5.25 B , among others, has registered palpable gains in the last two days. After closing November at the highest level since May 2021, HBAR price continued with a bullish outlook in the first two days of December.
The mid-cap altcoin, with a fully diluted valuation of about $12.2 billion and a daily average traded volume of about $4 billion, surged over 23 percent in the last 24 hours to reach a peak of about $0.253.
Consequently, HBAR price ended a multi-month consolidation and signaled the onset of a bullish outlook. From a technical analysis standpoint, HBAR’s weekly Relative Strength Index (RSI) surged over the 80 percent level for the first time since Q1 2021. Additionally, the monthly RSI is on the cusp of rallying above the 70 percent level for the first time since early 2021, signaling the resurgence of bullish sentiment.
Factors Fueling Bullish Sentiment for Hedera
As Coinspeaker previously explained, Hedera’s bullish outlook is heavily bolstered by the robust fundamentals obtained in the past few months. Furthermore, the Hashgraph-powered blockchain, with dozens of DeFi protocols has attracted significant attention from institutional investors.
Real-world utility is important.
Affordable, predictable fees are important.
Responsible, transparent governance is important.#Hedera is important. #HelloFuture pic.twitter.com/ketybMmobj— Hedera (@hedera) December 1, 2024
For instance, Hedera’s governing council consists of top-tier institutions around the world led by IBM, Google, Boeing, and the Nairobi Stock Exchange (NSE), among many others. As of this report, Hedera’s network had more than $154 million in total value locked (TVL) and over $17 million in the stablecoins market cap.
The Hedera network has higher growth potential compared to its competitors, including Ethereum ETH $3 585 24h volatility: 3.6% Market cap: $432.05 B Vol. 24h: $47.45 B , heavily due to its fixed transaction fees and high throughput. Moreover, the Hedera network does not hike its transaction fees in case of heightened on-chain activities compared to Bitcoin and Ethereum.
Consequently, DeFi developers have a surety of a stable future in Hedera’s ecosystem, with a reputable governing council to ensure reliable access and transparency.
Midterm Expectations for HBAR Price
After confirming a macro bullish breakout, HBAR price is well positioned to continue with a rising trend in the coming months. The real-world utility-based altcoin is likely to grind higher towards its all-time high in the near term.
Furthermore, on-chain data shows that the ongoing rally of large-cap altcoins is not fueled by capital cash rotation from Bitcoin, but instead by their underlying robust fundamentals.
However, a potential correction for the best-performing altcoins, as investors attempt to rotate profits to potentially bullish projects, could push HBAR’s price toward the support range between 14 cents and 18 cents before continuing with the rising trend.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
