TL;DR

Hedera (HBAR) has recorded a 516% increase in its value over the past month, reaching $0.278 after a 47.5% surge in the last 24 hours.
The rise of HBAR is due to factors such as potential strategic partnerships, including integration with the FedNow payment system from the Federal Reserve and the application for an ETF.
Interest in HBAR derivatives has reached a historic record of $222 million, with expectations of a possible target of $0.504 in the short term.

Hedera (HBAR) has experienced an incredible rise in its value over the past month, registering a 516% increase.

In the last 24 hours, the price of HBAR surged by 47.5%, consolidating its monthly rise and bringing its value to $0.278. The spike has generated significant interest both in the crypto market and in the financial sector, positioning Hedera within the top 20 cryptocurrencies by market capitalization.

What is Behind Hedera’s (HBAR) Rally?

The momentum of HBAR is linked to several factors, with growing optimism about growth opportunities for the Hedera network. It is speculated that the increase in the value of HBAR is due to discussions around potential strategic partnerships, including integration with the FedNow payment system from the U.S. Federal Reserve.

Additionally, the possibility of HBAR being part of an exchange-traded fund (ETF) has generated expectations among investors. Canary Capital, an investment firm, filed a request with the U.S. Securities and Exchange Commission (SEC) to launch the first Hedera ETF, which could provide institutional investors with a new way to access the cryptocurrency.

The increase in HBAR derivatives activity has also been notable. Open interest in HBAR derivatives contracts has reached a historic record of $222 million, reflecting strong investor confidence in the cryptocurrency. This figure has risen more than 1000% in just 30 days, suggesting that the market is anticipating a continuation of the bullish momentum.

Will It Continue to Rise?

Short-term predictions for Hedera are positive. Several market analysts are targeting a possible goal of $0.504, which would represent an increase of more than 100% from its current level. Rumors of a potential collaboration with Ripple for the creation of a global payment settlement standard and the expansion of Ripple’s RLUSD stablecoin on the Hedera network have also fueled investor expectations.

Hedera is making the most of the attention from the crypto market, driven by institutional interest and the potential of its technological innovations. As the price of HBAR continues its rise, the future of the network looks increasingly promising

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Filed under: News - @ December 2, 2024 5:21 pm