The surge of Hedera price pushed HBAR market cap above $14 billion with a 100% increase in daily trading volume, making it the 15th largest cryptocurrency.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
2 mins read
HBAR HBAR $0.23 24h volatility: 1.3% Market cap: $8.74 B Vol. 24h: $349.96 M , the native cryptocurrency of the Hedera Network, has extended its rally by another 11% in the last 24 hours, surging all the way to $0.40. With its market cap soaring past $14 billion, HBAR is now the 15th largest cryptocurrency by market cap. Crypto market analysts believe that the massive Hedera price breakout could set the stage for its further rally to a new all-time high.
Interestingly, the current HBAR price surge comes with a 100% surge in daily trading volumes to $2.7 billion. Furthermore, Coinglass data shows that the Hedera open interest has surged 22% to $547 million showing strong traders’ interest. It also highlights that the bullish momentum is likely to continue moving ahead.
With its current rally, Hedera price has broken through the 0.61 Fibonacci retracement level, raising bullish prospects for further price gains. According to crypto analyst Tony Bitcoin, if the daily candlestick closes above the critical $0.37 level, HBAR is likely to climb to the 0.78 Fibonacci level at $0.46.
Should HBAR break and confirm this level, the analyst suggests it could rapidly ascend to its all-time high (ATH) of $0.57, marking a significant recovery and rally for the digital asset. Traders are closely watching these technical levels as momentum builds in the market.
Source: Tony Bitcoin
Following Donald Trump‘s election victory in November 2024, Hedera price has staged a massive rally after 36 months of consolidation. HBAR has climbed to one of the top positions in social and market activity rankings, trailing only Litecoin. As a result, analysts are expecting the altcoin to enter the top ten crypto-list in the next bull run.
As the Hedera cryptocurrency continues to gain more prominence, big players are pushing ahead for greater adoption. Coinbase Prime has announced the addition of Hedera (HBAR) to its custody offerings, providing institutional investors with secure storage options for the digital asset. The availability of HBAR custody services may vary depending on the custodian entity and the jurisdiction of the customer.
Hedera (HBAR) is now available for custody on Coinbase Prime! https://t.co/U7xlCjUvmw.
Availability of this asset may be restricted based on custodian entity and customer jurisdiction. pic.twitter.com/T3gd9qjw1c
— Coinbase Institutional 🛡️ (@CoinbaseInsto) January 16, 2025
In the rapidly evolving crypto ETF landscape, Canary’s early move into a Hedera ETF positions it for a potential first-mover advantage, further fueling positive momentum. This development gains importance as institutional interest in digital assets continues to grow, driven by the recent approval of Bitcoin ETFs.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
