Hedera Hashgraph (HBAR) Surges 35% to Hit Seven-Month High

Market Surge and Trading Volume

Amidst a day of relatively stagnant trading for major cryptocurrencies, Hedera Hashgraph’s native coin HBAR experienced a remarkable 35% surge, reaching its highest level in seven months.

The trading volume for HBAR more than tripled in the past 24 hours, indicating a significant increase in buying activity.

Outperforming Bitcoin and Ethereum

HBAR’s price jump overshadowed the modest gains seen in the more well-known cryptocurrencies Bitcoin and Ethereum, with HBAR ranking as the third best performer over the last week, boasting gains exceeding 160%.

This upward trajectory coincided with growing speculation around Brian Brooks, a member of the HBAR Foundation board, potentially being selected by President-elect Donald Trump as the next SEC Chair.

Potential Bullish Catalysts

Additionally, news of Canary Capital seeking to launch an HBAR exchange-traded fund (ETF) added to the bullish sentiment surrounding the coin, potentially paving the way for increased mainstream adoption.

HBAR and Hedera Network

Hedera Hashgraph serves as a public blockchain network that supports the development of decentralized applications, with HBAR playing a central role in securing the network through staking.

With a market capitalization of $5.70 billion and a circulating supply of 37.69 billion, HBAR has emerged as a key player in the cryptocurrency market.

As of the latest data, HBAR was trading at $0.1497, reflecting a 35% increase over the past 24 hours.

Image via Pixabay

Conclusion

The surge in HBAR’s price underscores the growing interest in alternative cryptocurrencies and the potential for significant gains. With key developments on the horizon, HBAR’s momentum is expected to continue in the near future.