Is Hedera (HBAR) Price Eyeing $1 Following These Developments?
Hedera, which is powered by its own proprietary Hashgraph technology, recently released its community update, followed by its Q4 performance report by Messari. And for those interested in its success as well as the performance of its native coin HBAR, there are some intriguing results to consider when determining its price movement for the year 2023.
Hedera’s Growing Dominance
Hedera has reportedly accomplished a throughput of 18.98 transactions per second, as stated in the most recent transaction per second (TPS). In terms of the number of transactions, it managed to complete 530 million of them over the course of the year. During the length of the previous year, there were approximately 769,000 new transactions initiated. These data point to a sound expansion of the Hedera network in spite of difficult market conditions and the brewing crypto winter of 2022.
Despite the downward trend in price action, Hedera’s fundamentals have kept moving upward after a productive third quarter. The transfer volume and transaction count for Hedera increased by 123% and 70%, respectively, during the fourth quarter. After reaching new all-time highs in the third quarter, the number of daily active users and new accounts both dipped marginally, but they remained significantly higher than in the previous quarters. The combination of increased activity and a slight drop in user numbers hints that the users are extremely engaged on the network.
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Hedera (HBAR) Price Action
All these factors have corroborated well with the price of Hedera (HBAR), which recently witnessed a rally of over 75% in the past thirty days. In spite of this significant uptick, the flagship cryptocurrency recently saw a price dip of over 6% in the past seven days. With the upcoming packed calendar of economic data and central bank decisions, combined with growing geopolitical tensions — HBAR could see a further setback in terms of price. However, as time has shown, the effects of these elements are typically transient and have a tendency to fade away with time. In the past, the crypto market has been beneficial to projects that have demonstrated positive figures in terms of performance, and HBAR seems to be no exception.
In the event that central banks adopt a more dovish stance and affirm that inflation is falling, this would be a bullish situation for HBAR. It would imply that the factors that were dragging down 2022 are beginning to weaken, which might lead to an influx of bullish bids in the price movement. It is reasonable to anticipate that HBAR will break beyond $0.08538374 and then surge higher towards $0.10 on the back of that change.
Another bull case could be Hedera announcing their 28th governing council member, which already comprises industry heavyweights like Google, Boeing, LG, IBM, Nomura and others. In the event that another significant name emerges, HBAR might possibly stage a comeback to breach its all-time high and rally towards $1, similar to what happened when previous council member announcements were made. As things stand, the price of Hedera (HBAR) is currently being traded at $0.063. This represents a decrease of 8.82% in the past 24 hours, in contrast to its 5.89% dump during the last seven days, as per CoinGape’s crypto market tracker.
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