Key Takeaways:
Hedera (HBAR) has upsurged 34% in 24 hours, outperforming the top 30 largest cryptocurrencies by market capitalization. The current trading of Hedra is at $0.1532 HBAR. The weekly gains of Hedra have extended by 100% adding to $1.4 billion in just a week. The price action of the token is currently testing the key resistance levels that must turn into support for further upward momentum. If the token manages to break these key resistance levels then a spike in its price is expected.
Hedera is a popular enterprise-grade public network for a decentralized economy that allows individuals and businesses to create powerful decentralized applications. The network’s native utility token is HBAR. Launched in 2018 as an ICO, Early investors received HBAR at its lowest price. The token is used for two major applications. The first is to act as fuel that powers Hedera services and to secure the network by staking the coin. Hedera has been considered an alternative to enterprise-grade blockchain technology. The popularity of Hedera has been increasing since the launch of mainnet in 2019. Hedera supports the innovation in the platform by enabling its in-app payment services and micropayments.
Hedera (HBAR) witnessed an upsurge after Canary Capital applied for a Hedera spot ETF with the US Securities and Exchange Council (SEC). This filing created optimism for the future of the cryptocurrency. The price upsurge is an indication of growing investor interest with the rise of market capitalization to $4.47 billion and trading volume upsurge to 32.93% and reached $1.23 billion. After the filing, Hedera has been positioned as a leading player in the market. This increased exposure to the coin and its potential for long-term growth. The ETF allows users to have direct exposure to HBAR without using derivatives or other financial instruments. The investors get pure exposure to the cryptocurrency’s performance.
Hedera: Current Market Analysis
The current market capitalization of the token is $5,690,371,620. The total supply and maximum supply is limited to 50,000,000,000. The circulating supply of HBAR is 37,693,033,213. The tokens are available on centralized crypto exchanges. Binance is the most prominent option with a trading volume of $539,790,126 in the past 24 hours. Gate.io and WhiteBit are other options for trading Hedera. You can choose a reputed exchange after comparing the options. Investors check for reliability, customer service, and the transaction cost of the exchanges. Since the exchange functions as a portal for trading, it is mandatory to choose an amiable option.
Canary Capital filed for HBAR ETF
The cryptocurrency market witnessed a significant move of canary capital. Canary Capital applied Securities and Exchange Council for HBAR Spot ETF. The proposed fund is intended to hold HBAR tokens and provide the investors gain direct access to the token’s price movements. The filing created an expectation that the US administration may become more inclined to the funds in the existing market conditions. This has contributed to the rise of HBAR. The future growth expectations of the token have intensified. This upsurges the attraction of investors to participate in the ecosystem expansion of Hedera.
Hedera Board Member can be the next SEC chairman
The conversation on the next Securities and Exchange Council chair on social media pointed out Brain Brooks as a prominent candidate. He is a former Binance CEO and a board member of the Hedera Foundation. He is a person who always advocated for sensible regulation of cryptocurrency. This expectation also supported the upsurge of the coin. President Donald Trump has nominated Brooks twice for the five-year term during the 116th and 117th Congress.
As Donald Trump regains power, Brooks is seen as a leading candidate for the chairmanship of SEC. He is expected to be a key figure in strengthening the regulatory landscape for digital assets. The project is consistently attracting potential investors looking forward to tokenizing real-world assets. With the continued adoption of the token HBAR price is well positioned to rally into new heights.
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