HBAR Coin Price Increased by Over 40%, Can It Go Higher Again?

Bittime - The price of Hedera coin (HBAR) has recently caught the attention of many investors after recording a tremendous surge. On the last day, HBAR even increased by 47.5%! 

This price increase extends the bullish trend that has been going on throughout the last month. In fact, for the entire month, this coin recorded a fantastic increase of 692.9%. 

This price surge has positioned HBAR among the top 20 cryptocurrencies with the largest market capitalization, a very significant achievement amidst the ever-fast-moving dynamics of the crypto market.

With this sharp increase, many are wondering whether HBAR will continue its upward journey, or will experience a correction after a fairly high increase. This article will take a deeper look at what underlies the HBAR price spike, as well as potential future price movements.

What Drives the HBAR Price Surge?

There are several factors that influence this quite impressive increase in HBAR prices. One of the most important is growing optimism about the future of the Hedera network. 

Many investors and market observers are starting to notice Hedera's potential as a solution to scalability and efficiency problems in the crypto world.

One of the news that also boosted the price of HBAR was talk about a potential strategic partnership with Hedera, including possible integration with the FedNow payment system managed by the US Federal Reserve. 

If this materializes, Hedera will become part of a larger payment system, which will certainly increase the adoption and use of the HBAR coin.

Apart from that, there are also rumors that HBAR could enter an Exchange-Traded Fund (ETF), which would allow institutional investors to access HBAR crypto in an easier and safer way. 

Canary Capital, an investment firm, has applied to the US Securities and Exchange Commission (SEC) to launch the first ETF based on Hedera. If approved, this could be a major step in introducing Hedera to large investor circles.

The rise in HBAR derivatives activity is also noteworthy. Over the last 30 days, open interest in HBAR derivative contracts reached a record figure of $222 million (around IDR 3.5 trillion), registering a jump of more than 1000%. This indicates that many investors believe in the continuation of this bullish momentum.

Read also: Best Crypto for Investment in December: There are HBAR and IOTA

Will HBAR Prices Continue to Rise?

Looking at short-term predictions, market analysts are quite optimistic about HBAR's prospects. Many predict that the price of HBAR could continue its increase until it reaches $0.504 (around IDR 8,000), which is an increase of more than 100% from the current price. 

One of the reasons behind this prediction is speculation regarding a potential collaboration with Ripple, which could focus on creating a global payment settlement standard. If this collaboration materializes, then HBAR could play a bigger role in the international payments ecosystem.

In addition, the expansion of Ripple's RLUSD stablecoin on the Hedera network also adds to optimism among investors. If these two things really happen, then demand for HBAR will likely increase, which of course has the potential to increase the price of this coin even further.

However, although the short-term outlook looks positive, as with all crypto assets, the price of HBAR can experience considerable volatility. 

Considering that this coin has experienced a significant increase in a relatively short time, there is a possibility of a short-term price correction before finally continuing its bullish trend.

Read also: What is Hedera Coin (HBAR)?

Factors Affecting HBAR Price Increases

TThere are several factors that influence the future price of HBAR. The following is the explanation:

Strategic Partnership: Hedera's involvement in global payment systems such as FedNow, as well as potential collaboration with Ripple, could increase the adoption of this network in the market.

Institutional Interest: Demand from institutional investors via ETFs or other financial products will help increase liquidity and introduce Hedera to a wider audience.

Technological Innovation: By using innovative Hashgraph technology, Hedera offers advantages in terms of transaction speed and efficiency, which makes it an attractive choice for various decentralized applications.

Increased Derivatives Activity: The surge in interest in HBAR derivative contracts shows that investors are quite confident about the prospects of this coin.

Read also: HBAR ETF Still Waiting, Will Hedera Bull Run Happen?

Conclusion

HBAR price has risen more than 40% in a short time indicating that this coin has great potential in the crypto market. With the support of strategic partnerships, institutional interest, and technological innovation promoted by Hedera, many predict that HBAR still has room for further growth. 

However, due to the high volatility in the crypto world, investors should remain alert to possible short-term price corrections.

Can HBAR still go higher? Based on existing factors, it is likely that this coin will continue to show positive performance in the near future. 

The increase in HBAR prices could continue, especially if the expected strategic collaboration actually materializes. As an investor, maintaining a cautious attitude and monitoring further developments will be very important in making decisions.

FAQs About Hedera (HBAR)

What is Hedera (HBAR)?

Hedera Hashgraph is a public network that enables individuals and businesses to create powerful decentralized applications (DApps). These crypto assets are also referred to as the “internet trust layer”.

What is the all time high HBAR?

The highest price paid for Hedera (HBAR) was $0.5692, recorded on September 15, 2021 (approx. 3 years).

Who is the founder of HBAR?

Mance Harmon is the CEO and co-founder of Hedera. Mance has a background in software and technology development. Prior to founding Hedera, Mance led several technology initiatives in the public and private sectors.

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Reference: 

Crypto Economy, artikel Crypto Economy, accessed December 3, 2024.

Coingecko, chart HBAR Coingecko, accessed December 3, 2024.

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