Despite the volatility of the cryptocurrency market, Hedera (HBAR) has shown remarkable resilience, recording a more than 14% increase in its price chart on Sunday. It has not only maintained its position but also demonstrated steady growth. At present, HBAR is the only cryptocurrency in the top 50 ranking that has seen a 15% increase in the last seven days, trading at $0.063. Although it has sustained a minor 1.1% loss in the last 24 hours, this is insignificant compared to the significant weekly falls experienced by other cryptocurrencies, which have been further exacerbated by the latest market collapse.
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Hedera: Weekend Rout Top Performing Crypto
The cryptocurrency market took a major beating on Friday, causing a broad slump and more than $1 billion in liquidations. The most popular cryptocurrency, Bitcoin, experienced a swift decline of nearly 10% in just a few hours, falling to a two-month low of $25,600. Hedera (HBAR) up 14% as top weekend gainer.
Since the collapse of the FTX crypto exchange in November, this was the alpha coin’s most challenging week. The incident highlights how intertwined the crypto industry is and how a substantial decline in one key asset can have a ripple effect across the market.
Hedera experienced a significant surge in trade volume, increasing by an impressive 60% overnight, reaching a total of $220,755,864. This uptick in trading activity suggests a growing interest and engagement in the market, possibly indicating a shift in sentiment towards the currency.
Furthermore, an analysis of Hedera's price patterns using technical indicators and moving averages reveals a strong sequence of buy signals. This alignment of indicators supports the notion that market forces are favorably positioned to drive the price growth of Hedera.
Bright Prospects For HBAR
Analysts are continuing to have a bullish stance on Hedera’s prospects in light of these significant developments. They have reason to be optimistic since they anticipate a price increase that might push Hedera’s value up to the anticipated target of $0.065 by the end of August.
Partnerships And Adoption
The price of HBAR surged after the integration of Dropp, a micropayments platform based on the Hedera Hashgraph, into the FedNow instant payments system operated by the US Federal Reserve. The increase in pricing was also influenced by Hedera's recent partnership with Validation Cloud, aimed at increasing Ethereum Virtual Machine (EVM) developers' interest in the Hedera network. Additionally, Hyundai and Kia have adopted the Hedera network and are using an AI system based on it to monitor carbon footprints throughout their supply chain, which has boosted trust and confidence in the platform's prospects.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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