Hedera (HBAR) Prints Massive Gains, Up 15% This Week: Possible Reasons

Coinspeaker
Hedera (HBAR) Prints Massive Gains, Up 15% This Week: Possible Reasons

HBAR HBAR $0.06 24h volatility: -0.1% Market cap: $2.12 B Vol. 24h: $65.32 M , the native token of the Hedera network, an enterprise-grade blockchain allowing users to build decentralized applications, is up a massive 15% in the past week and has surged 2.44% in the past 24 hours, while the broader crypto market is also witnessing an increase in prices, hinting at the possible continuation of the bull cycle.

The price of the HBAR token stands at $0.05708, down a massive 89.97% from its all-time high of $0.5701 witnessed in September 2021, during the past crypto bull cycle. The trading volume of the altcoin also rose 40.25% to $61.5 million, suggesting an increase in demand among investors.

The market capitalization of the HBAR token stands at $2.14 billion, making it the 43rd-largest digital asset on CoinMarketCap. In the past month, the cryptocurrency’s price dropped a modest 2.41%, and it is clear that the altcoin is trading close to monthly highs. It is also important to note that HBAR has been one of the worst-performing altcoins this cycle and just printed 12.33% in gains since September 2023.

In the past 24 hours, HBAR rose from a low of $0.05534 and reached a high of $0.058 while facing resistance at the $0.058 price level. In order to confirm an uptrend, the digital asset needs to break above this price level and turn it into a support level. Another important resistance zone is around the $0.07 price region.

There are three possible reasons for the surge in the price of HBAR, the first being the broader market movement. When the price of Bitcoin BTC $63 141 24h volatility: -0.9% Market cap: $1.25 T Vol. 24h: $22.11 B , the world’s largest cryptocurrency, surges, the broader market usually follows the trend, and altcoins turn bullish as well. In the past few days, Bitcoin was able to reclaim the $64,000 following the Fed’s rate cut and is trading at $63,509.38 at the time of publication.

Another reason for the surge in the price of HBAR is the upcoming Renaissance upgrade and a sneak peak posted by Axelar Network. In a post on X, the Hedera community was asked to bookmark their calendars for October 3, which further instilled bullish sentiment among investors. A 28-second clip titled “Renaissance” hinted at an upcoming dApp built on Hedera’s Hashgraph.

Prominent crypto channel NCashOfficial posted a video on YouTube outlining a bullish scenario for Hedera. The video explained the possible chances of a new collaboration between Hedera and leading technology company Microsoft. The two entities had earlier partnered in 2020 and have since not unveiled what they have been working on. Additionally, the blockchain network has grown significantly recently, processing 48 billion transactions and over 1 million active accounts.next

Hedera (HBAR) Prints Massive Gains, Up 15% This Week: Possible Reasons