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

The Hedera price has gained quite a momentum over the past few days, where the value has surged 14% over the week. Even today, the price is on the rise, as it is currently trading at $0.05695 after a 2.7% surge and market capitalization of $2,142,862,094, which is also up by 4.4%. Despite being among the less popular cryptocurrencies, its application is high due to its service in dApps creations.

The demand among investors is also rising, fueling today’s HBAR price as the trading volume is up by 56% in the last 24 hours, currently at $61,938,047. However, there is still a long way to go, as the ATH of $0.5701 is 90% away from the current value.

Why Is Hedera Price Pumping Today?

Hedera’s price rally is the outcome of the recovering market conditions, providing a bullish stimulus to many cryptocurrencies. This recovery began with the surge in the Bitcoin price following the Fed’s 50 bps interest rate cuts, which caused the users’ sentiments to turn neutral from the earlier fear. As a result, it has boosted the entire crypto market, causing an upsurge in the Hedera price as well. However, there are two more reasons behind this upsurge, which might also push the HBAR price to new highs.

The HBAR Foundation released a sneak peek of the upcoming Renaissance Upgrade earlier, asking the netizens to save the date for October 3, 2024. This post included 28-second video clips, possibly hinting at the upcoming decentralized application (dApp) built on Hedera’s Hashgraph. This has created a buzz among the HBAR holders, showcasing the positive growth of the network.

A renaissance awaits. October 3, 2024. https://t.co/QEw5YEPFgZ

— HBAR Foundation (@HBAR_foundation) September 18, 2024

There are also rumors of Hedera’s collaboration with the Tech giant Microsoft for long-term projects. A popular crypto channel, NCashOfficial, has indicated the possibility of this collaboration, as these two had partnered in 2020 and have many mutual appearances and projects. In the YouTube video, he also clarified how the Hedera has grown exponentially over the last year, with 48 billion transactions and over 1 million active accounts.

More importantly, in the last week, Hedera has a record 1 billion transactions alone, which is impressive growth. Even on the overall growth chart, Hedera has surpassed Bitcoin, Ethereum, and many other popular cryptos. Here, it has completed 70 Billion transactions, but Bitcoin has only accomplished the 1 Billion mark in the last 15 years. It clarifies how companies and investors are taking an interest in this token.

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

Hedera native token has shown impressive growth in the last few days, but on analyzing the broader picture, it is nothing compared to its prime days. The HBAR price is 90% away from the ATH and is 50% down to its march’s bullish rally.

However, with the bulls setting dominance in the market, crypto analysts believe that the ongoing Hedera price rally will continue and surge to $0.059-$0.063 in the upcoming days. However, it depends on the Bitcoin price, and if Bitcoin maintains its value above $62.5k, the uptrend is likely to continue.

Some other crypto analysts have spoken of seeing this token’s value hit the $1-$1.5 mark in the long term due to major companies, including Blackrock, backing up this token. Talking of which, Blackrock has recently gained SEC approval for Options Trading, which will also push the Hedera price rally

$HBAR could reach $1, and I personally am betting on $1.50 🫡

Why?

It’s literally covering all the narratives and it has big companies backing it like #BlackRock what else do you want some worthless memecoin instead?!@hedera @HBAR_foundation #Hedera#HBAR#RWA#AI pic.twitter.com/AEJiNx3Nf5

— MickYe 🧨 (@MickYe333) September 23, 2024

Final Thoughts

Despite being only decently popular, the HBAR token is still in demand in the market, torching its ongoing price surge. The constant updates and collaborations of the company have kept it under the spotlight, leading to increased trading activities. Based on this, many analysts have claimed to see the Hedera price to touch the $1. However, on the current market conditions, it is less likely as the worth of this token is only $0.05695, and even the peak price was less than the $1 mark. However, it is possible to witness new highs based on demand and new collaborations.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.