Hedera hits 20 billion transactions- bullish for HBAR?

• Hedera (HBAR) has hit a record 20 billion mainnet transactions.
• HBAR price rose slightly on Tuesday. However it remains in a long-term downward trend at around $0.049

Hedera is celebrating a major milestone as a crypto platform – the mainnet transaction count has surpassed the 20 billion mark.

As far as what this means for the decentralised public network, it is a significant achievement made all the more notable by the fact that the broader crypto market has seen a slowdown of activity. This even as crypto winter begins to recede into the rearview mirror for this cycle.

On Tuesday, Hedera posted the network’s achievement on X (fka Twitter), and noted something that points to how it’s recorded aggressive growth over the past few months and weeks. Per the X post, while it took years for total transactions to hit 10 billion, the march to 20 billion only took 100 days.

#Hedera: 20 Billion Transactions

1,738 days for the first 10 billion –
100 days for the next 10 billion.

Real-world adoption; real-world utility.#HelloFuture pic.twitter.com/3kuYu8uNGw

— Hedera (@hedera) September 5, 2023

In other key network metrics on the HBAR website, details show Hedera currently processes over 134 million transactions per day. Total mainnet accounts have grown to more than 3.5 million.

Part of what’s driven real-world adoption for the network is recent partnerships with automakers Hyundai and Kia and the support for Hedera-based micro-payments platform Dropp Inc by the Federal Reserve’s payments network FedNow.

HBAR price

The price of HBAR was hovering around $0.049 at the time of writing, having retreated from weekly highs of $0.056. The current level was slightly in the green with 1.7% upside but traded more than 10% off its weekly peak as most altcoins mirrored Bitcoin’s declines to under $26k.

While HBAR saw an uptick today, sentiment is largely still bearish. Positive triggers alongside further global adoption will be key to bulls’ attempts to hit targets. 

However, an overall downturn in the market could dictate downside action and see sellers aim for June lows near $0.040.