Is It Too Late to Buy Hedera? HBAR Price Rallies Over 10% and This Other Coin Could Explode Next – Here’s Why
Bitcoin sank to around $40,500 earlier today amid rumors of a possible rejection for a spot Bitcoin ETF, dragging the broader crypto market down with it.
Despite hitting a new multi-year high yesterday, Hedera Hashgraph’s HBAR token was not immune to the selloff.
It dropped nearly 9% to $0.0885 as of writing. However, HBAR remains well above its weekly lows and has maintained its position within its current trading range.
The recent rally for HBAR was fueled by growing adoption and development activity on the Hedera network.
A crucial partnership was announced in December with Archax, an institutional-grade digital asset exchange.
This expanded support for staking HBAR, enhancing its appeal to institutional investors and validating Hedera’s protocol.
Additionally, the total value locked (TVL) in Hedera’s DeFi ecosystem has reached new highs, indicating a growing user base and strong fundamentals driving the token’s valuation.
New initiatives are also playing a key role in expanding Hedera’s presence and utility.
These include a $1 million metaverse fund through AfroFuture DAO, an NFT campaign titled “Ashfall,” and notably, support from the US Federal Reserve’s FedNow instant payments system after it added Hedera-based Dropp for micropayments.
This fundamental growth, coupled with strong price performance and interest from investors in new presales like Pushd built on Hedera, gives HBAR a solid foundation.
While Bitcoin’s spot ETF-induced correction has slowed momentum, HBAR remains well-positioned for renewed upside once the market stabilizes.
Despite setting a multi-year high of $0.1014 yesterday, the broader cryptocurrency market sell-off has taken HBAR back to its current resistance range.
With HBAR hovering precariously near
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