Bittime - In the last 24 hours, the price of Hedera (HBAR) jumped up to 120%, there is an assumption that this happened because of Blackrock's 'interference' .
Actually, what happened? What is the analysis of the price of Hedera (HBAR) which jumped up to 120%? Check out the explanation here.
What is Hedera (HBAR)?
Before discussing the Hedera (HBAR) price analysis which jumped up to 120%, it is better for us to get to know Hedera (HBAR) first. What is Hedera (HBAR)?
HBAR is an energy-efficient native digital asset of the Hedera public network. HBAR is used to pay application transaction fees and defend the network against attacks with proof of ownership.
Developers can use HBAR to pay for network services such as HBAR transfers, minting of fungible or non-fungible tokens, use of smart contracts , and data storage.
For each transaction sent to the network, HBAR is used as a means of paying fees that compensate validator nodes for bandwidth, computing, and storage.
Also Read: How to Avoid Smart Money Trap with Technical Analysis
Meanwhile, Hedera is an open-source, proof-of-stake public network. When HBAR is staked to a network node, it has a major influence on the consensus to validate transactions.
The weighted voting system makes it difficult and expensive for malicious actors to maliciously influence the consensus and requires a centralized authority to own and stake one-third of the total supply of HBAR on the network.
Check Today's Crypto Market:
Hedera Price Analysis (HBAR) and Blackrock's 'Meddling'
In a significant event related to the tokenization of real assets, the price of Hedera (HBAR) jumped 100% in the span of 24 hours.
This significant increase comes after BlackRock, the world's largest asset manager, announced plans to tokenize its US Treasury money market fund on Hedera, in collaboration with Archax and OwneraIO.
Also Read How to Buy Crypto:
After BlackRock's announcement on April 13, the price of Hedera's native crypto asset , HBAR, rose 100% to $0.18.
Currently, HBAR is trading at $0.13, fueled by BlackRock's plans to tokenize its money market funds on the Hedera Blockchain.
Source: Bittime
This action, supported by Archax, a London-based digital asset company, and Ownera, marks a milestone in the real-world asset tokenization process.
In the previous year, abrdn, a leading wealth manager in the UK, also tokenized funds through Hedera.
HBAR trading volume surged by 6082% to $2.5 billion, pushing the price beyond $0.15 for the first time in two years.
The Relative Strength Index (RSI) shows the potential for further upside, with targets reaching levels around $0.20 or $0.30.
Potential Hedera Price Correction (HBAR)
This fantastic upward trend in the price of Hedera (HBAR) does not mean there are no consequences. Because taking profits can trigger price corrections, especially around $0.1096.
If the price breaks below the 21-day moving average at $0.1038, a decline towards the support level at $0.0815 is likely.
The price range between $0.18 to $0.20 is also a significant resistance level. Passing this level could push the price towards an all-time high.
Also read: Hedera (HBAR) rises and falls drastically due to misunderstanding of BlackRock report
Conversely, if the price falls below $0.125, it will most likely indicate a continuation of the correction lower.
The increase in price and trading volume of HBAR due to BlackRock's tokenization plans on Hedera indicates a huge interest in blockchain-based asset management.
However, this could suffer from profit taking near key support levels.
Check Crypto Prices Today:
Hedera (HBAR) Becomes Top 30 Due to Surge in Trading Volume
After the announcement, HBAR experienced an astonishing price jump of 100%.
HBAR reached a two-year high of $0.18 before the price started to correct. Currently, the price has risen by 57% today.
Additionally, HBAR's total market capitalization currently stands at $4.7 billion. The rapid price surge has seen HBAR rise to 26th of all crypto assets by market capitalization .
It's also worth noting that the announcement has pushed HBAR's trading volume to $2 billion at the time of writing.
This makes HBAR the altcoin with the fourth highest trading volume (excluding stablecoins) after Bitcoin, Ethereum, and Solana.
How to Buy Hedera (HBAR) on Bittime
You can buy and sell Hedera (HBAR) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Hedera (HBAR) is available on Bittime with the market pair HBR/IDR . To be able to buy HBR IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Hedera (HBAR) on Bittime .
Monitor the price chart movements of Hedera (HBAR) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
EOS Network Foundation Proposes Major Tokenomics Overhaul, Check Out the Changes!
Worldcoin Meets Malaysian Government, Privacy Concerns Language
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.