Hedera (HBAR) 17% Spike Amid Falling Market, Here’s What’s Behind It

HBAR, the native crypto asset of the Hedera blockchain, saw a major spike in today’s session as it printed a massive green daily candlestick.

Notably, HBAR saw a surge from lows of $0.056 to reach intraday highs of $0.0664 at press time. Currently, Hedera’s HBAR token ranks as the biggest gainer in the top 100 cryptocurrencies, up 16.29% in the last 24 hours to $0.065.

Hedera trading volume has also seen a 1,179% surge in the last 24 hours as traders piled into the market to make gains.

The latest increase in HBAR’s price coincides with the exciting news that the United States Federal Reserve’s FedNow has added Dropp, a Hedera-based micropayments platform, as a service provider.

The Fed created FedNow as an instant payment service provider for U.S. depository institutions. Dropp enables micropayments in HBAR, USD and USDC.

Positive catalysts

Hedera enthusiasts take the recent development as a positive catalyst, given that the Hedera blockchain might see increased adoption and utility consequently.

Whether its Hyundai integration of @Hedera, FedNow highlighting our premier micropayments platform, Dropp, the largest single use case in all of crypto in https://t.co/TBTpFV8HKy, or Karate Combat and Calaxy revolutionizing sports and social media, the rising tide of positive… pic.twitter.com/KI7mjffXkJ

— The HBAR Bull (@thehbarbull) August 14, 2023

This means that banks in the United States seeking micropayment services can now employ Hedera, as Dropp will enable real-time payments through FedNow, an enthusiast stated.

In recent weeks, the Hedera network has reached significant milestones. The Hedera blockchain hit the 17 billion transaction milestone in the past week, indicating its rising utility.

Hyundai and Kia, two big car manufacturers, have embraced the Hedera network in a major blockchain adoption, as previously reported. South Korea’s biggest car maker, Hyundai and Kia, have launched an AI-enabled supply chain carbon emissions tracking system on the Hedera network, marking a significant milestone for the network.