Hedera (HBAR) Price Surges 11% to $0.40 with $14 Billion Market Cap
HBAR Price Surge
- HBAR, the native cryptocurrency of the Hedera Network, increased by 11% in 24 hours, reaching $0.40.
- Market cap surpassed $14 billion, making HBAR the 15th largest cryptocurrency.
- Daily trading volumes doubled to $2.7 billion.
- Open interest rose by 22% to $547 million, indicating strong trader interest.
Technical Analysis
- HBAR broke through the 0.61 Fibonacci retracement level, suggesting potential price gains.
- If it closes above $0.37, HBAR may reach $0.46, approaching its all-time high of $0.57.
Market Context
- Following Donald Trump's election win in November 2024, HBAR has gained significant market traction after a 36-month consolidation period.
- Hedera is expected to enter the top ten cryptocurrencies in the next bull run.
Institutional Adoption
- Coinbase Prime added HBAR to its custody services for institutional investors.
ETF Developments
- Canary's early Hedera ETF move positions it for potential first-mover advantage amid growing institutional interest in digital assets.