Inline with the broader crypto market conditions, Hedera Hashgraph’s native HBAR token is also rising in value. The growth was more evident when its price rose multifold in Q4 2023. After recording multiple highs and lows from the beginning of 2024, its price surged by 10% on February 06, 2024.

With the recent price spike, investors are wondering whether HBAR price will surpass $1 this year. Here, we are going to discuss whether there is a possibility for HBAR to reach $1 and analyze the factors that influence its price in the coming months.

Hedera Hashgraph Overview

The Hedera Hashgraph stands out from the rest of the projects with its unique hashgraph technology. With a high transaction per second (TPS) of 10,000 at extremely low cost per transaction. This feature gives Hedera an advantage over other blockchain projects like Ethereum.

While most of the cryptocurrencies work based on blockchain technology, Hedera uses hashgraph technology, bringing more advantages than blockchain. The native HBAR token has a fixed supply of 50 billion tokens, making the inflation highly unlikely. Thus, the project not only enables the development of decentralized applications with the support of smart contracts, also makes an investment in HBAR worthwhile.

Hedera Hashgraph (HBAR) Market performance

The native token HBAR started trading on open markets with a starting price of $0.09052 in 2019. For several months, its price didn’t witness any noteworthy highs or lows and traded in range between $0.01 and $0.08.

The favorable market conditions in 2021 along with network developments and improvements caused its price to rise in mid-2021. After plunging to $0.17 from $0.377, its price increased sharply and reached an all-time high value of $0.51 in September, 2021.

With several downfalls like FTX collapse and UST de-pegging, combined with the effects of global market conditions, the HBAR price dropped. It witnessed wild fluctuations throughout 2023 but recorded considerable returns by the end of the year.

The fact that Hedera became the top DLT with more than 13 billion transactions in July 2023 is commendable. Even though the HBAR price started to recover at the beginning of 2024 and reached a peak of $0.08, it is way less than its all-time high value.

As part of a five-year agreement valued at $250m with the Saudi Ministry of Investment (@MISA), @The_Hashgraph Association has announced the launch of the DeepTech Venture Studio – empowering companies to develop innovative technological solutions. #web3https://t.co/wnqA9H4rm4 https://t.co/Yi6EJWqEh6

— Hedera (@hedera) February 6, 2024

Currently, the HBAR price is trading at $0.07145 after recording a 10% growth on Feb 06, 2024. The major reason behind this price surge is the announcement of a 5-year agreement of Hedera with the Saudi Ministry and the launch of DeepTech Venture Studio in Riyadh. However the price started to dip today even though the trading volume kept soaring by more than 600%.

Will HBAR Cross $1 in 2024?

All things considered, there is a long way for Hedera to cross the $1 mark under current market conditions. Its all-time high value itself stands at $0.51, which is exactly half less than the $1 mark. Before the current market value, $0.07, reaches the $1 level, it needs to cross its previous all-time high value of $0.51.

If we look at the possibility of HBAR reaching $1, it seems highly unlikely in the next couple of years as well. Top crypto predictions by Coinpedia and Techopedia are also estimating that HBAR will only reach a maximum of around $0.2 by the end of 2024.

Keeping the technical analysis aside, for HBAR to witness a price spike, there needs to be a widespread adoption and development of technical infrastructure. In addition to these factors, the global economic conditions and the broader crypto market performance also play a crucial role in the case of HBAR market price.

With the upcoming Bitcoin halving event and the anticipation of a bull market, the HBAR price may increase. But, we cannot surely say if its price will cross $1 this year.

Nonetheless, the crypto market is unpredictable and highly volatile. If the market conditions favor Hedera and its network development and adoption increases, combined with positive news spread across social media, its price may cross its previous all-time high and even reach $1 this year. However, investors need to be cautious and keep a close eye on the market conditions before entering a trading position.

The post HBAR Price: Will HBAR Price Cross $1 in 2024? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am