What Made Hedera (HBAR) Price Go Up by 100% in One Day?
Hedera, a decentralized network that anyone can use, has been getting a lot of attention in the cryptocurrency world. Its price has been going up a lot lately, which has made investors and experts curious. Let's explore this idea further.
How has the Hedera (HBAR) Price Moved Recently?
Currently, the price of Hedera Hashgraph (HBAR) stands at $0.132051, with a 24-hour trading volume of $6.56 billion. The market capitalization of HBAR is $4.72 billion, and it holds a market dominance of 0.19%. Over the past 24 hours, the price of HBAR has increased by 43.65%.
Hedera Hashgraph reached its highest price on September 15, 2021, hitting an all-time high of $0.567001. Conversely, its lowest recorded price was on January 2, 2020, at an all-time low of $0.009880. Since its all-time high, the lowest price observed was $0.035755 (cycle low), and the highest price since then was $0.179297 (cycle high). Currently, sentiment towards the price prediction of Hedera Hashgraph is bullish, and the Fear & Greed Index stands at 72 (Greed).
The circulating supply of HBAR is currently 35.74 billion out of a maximum supply of 50.00 billion HBAR. The yearly supply inflation rate is 140.97%, resulting in the creation of 20.91 billion HBAR over the last year.
Why Hedera (HBAR) Price Surged?
This impressive surge occurred when BlackRock, the world's largest asset manager, revealed its plan to tokenize its US Treasury money market fund on Hedera in partnership with Archax and OwneraIO.
The blending of traditional finance (TradFi) with Hedera's blockchain technology marks a significant milestone, showcasing the network's capability to draw institutional-grade projects because of its fast speed, strong security, and low fees. Archax's efforts to expand tokenized money market fund offerings have been instrumental in broadening the variety of financial instruments available to institutional clients.
This step by Hedera showcases its increasing importance in the financial sector and reflects investor trust in the network's ability to manage substantial financial instruments. As Hedera continues to promote blockchain integration in mainstream finance, the positive price response of HBAR reflects the market's enthusiasm for innovation and institutional adoption within the crypto industry.
