Why is Hedera (HBAR) Price Pumping Today? Is $1 The Next Target?

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull runs and bear markets. The recent surge in Hedera’s price has certainly caught my attention, particularly given its impressive 14% weekly gain and 2.7% daily surge.

Over the last several days, Hedera’s price has significantly picked up speed, with a weekly increase of 14%. Today alone, it’s continuing this upward trend, currently being traded at $0.05695 following a 2.7% rise. This growth also extends to its market capitalization, now standing at $2,142,862,094, an increase of 4.4%. Although it’s not as well-known as some other cryptocurrencies, Hedera stands out due to its role in developing decentralized applications (dApps).

The interest among investors is increasing significantly, which is driving up today’s HBAR price. In the last 24 hours, trading volume has increased by 56%, currently standing at approximately $61.9 million. Yet, it’s important to note that there is still a significant gap to reach the all-time high (ATH) of $0.5701, as the current value only represents around 10% of that mark.

Why Is Hedera Price Pumping Today?

The surge in Hedera’s price can be attributed to the improving market conditions, sparking optimism across many cryptocurrencies. This upward trend originated from the rise in Bitcoin‘s value following the Federal Reserve’s 50 basis point interest rate reductions, which shifted investor sentiment from fear to neutral. Consequently, this boost has rippled through the entire crypto market, including Hedera, leading to a price increase. Yet, there are two additional factors contributing to this growth spurt that could potentially drive the HBAR price to unprecedented levels.

Earlier today, the HBAR Foundation unveiled a preview of the forthcoming Renaissance Update, encouraging online communities to mark their calendars for October 3, 2024. The announcement was accompanied by brief video snippets, potentially suggesting the impending development of a decentralized application (dApp) based on Hedera’s Hashgraph technology. This news has sparked excitement among HBAR investors, underscoring the network’s growing momentum.

A renaissance awaits. October 3, 2024.
— HBAR Foundation (@HBAR_foundation) September 18, 2024

There are whispers that Hedera might be working alongside tech titan Microsoft on future endeavors. This speculation arises due to a prior partnership between the two in 2020 and their frequent joint appearances and projects. NCashOfficial, a well-known cryptocurrency channel, has hinted at this potential collaboration. In a YouTube video, they explained that Hedera has seen rapid growth over the past year, boasting 48 billion transactions and more than one million active accounts.

Notably, over the past week, Hedera has handled a remarkable 1 billion transactions by itself – a significant achievement that indicates a robust expansion. In comparison to other prominent cryptocurrencies such as Bitcoin, Ethereum, and numerous others, Hedera has shown exceptional progress, exceeding them on the cumulative growth chart. To date, it has processed an astounding 70 billion transactions, while Bitcoin took 15 years to reach the 1 billion mark. This underscores the growing attention and interest from companies and investors in this particular token.

What’s Coming Next For HBAR Price $1 or Fall?

In recent times, the native token of Hedera has experienced significant increase, but upon closer examination, this growth pales in comparison to its earlier peak periods. Currently, the HBAR price stands about 90% below its all-time high (ATH), and it has dropped approximately 50% since its bullish surge in March.

Why is Hedera (HBAR) Price Pumping Today? Is $1 The Next Target?

Despite the bulls holding sway in the market at present, crypto analysts predict that the upward trend for Hedera’s price could persist and potentially reach between $0.059 and $0.063 in the near future. However, this prediction hinges on Bitcoin’s performance, as if Bitcoin manages to stay above $62,500 in value, it’s likely that the positive trend will carry on.

As a researcher, I’ve noticed that some crypto analysts are predicting the value of this token could potentially reach between $1 and $1.5 in the long term, given major companies like Blackrock supporting it. Interestingly, Blackrock has recently secured approval from the SEC for Options Trading, which could further fuel the upward trend of Hedera’s price.

$HBAR could reach $1, and I personally am betting on $1.50
Why?
This platform seems to encompass every narrative out there, and it even has the support of major corporations such as BlackRock. What more could you possibly want than a reliable, established blockchain like Hedera instead of some trendy meme coin? #Hedera #HBAR #RWA #AI
— MickYe (@MickYe333) September 23, 2024

Final Thoughts

In spite of moderate popularity, the HBAR token remains in high demand within the market, fueling its persistent price increase. The company’s regular updates and partnerships have maintained its visibility, resulting in heightened trading activity. This attention has led some analysts to predict that the Hedera price could reach $1. However, given the current market situation, such a rise seems improbable since the token’s value currently stands at $0.05695 and even its peak price fell short of the $1 mark. Nevertheless, there is potential for new record highs if demand continues to grow and new partnerships are formed.

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2024-09-24 11:43