Key Insights:
HBAR has risen to the 12th largest crypto rising faster, than most altcoins.
Hedera Hashgraph's unique ability to process transactions a lot faster than any chain helped it become a top crypto.
HBAR board member also participated in the White House Crypto Summit.
It might see an ETF soon by Grayscale, likely approved by mid-2025.
HBAR has become the 12th largest crypto spot by market cap in recent times. One of the top reasons for helping it get wide adoption is its ability to process transactions securely, which is also the reason why top companies like IBM, Google, LG, and Microsoft have partnered with it.
Hedera has several things going in its favor be it its unique architecture, its ability to solve the blockchain trilemma, its growing adoption, its presence in the White House crypto summit, or its futuristic plan to be the only blockchain you ever need.
Several events have shaped HBAR's future outlook in the recent past. We will focus on two main events in March 2023 that will have the largest impact, the latest being its ETF and its presence in the White House Crypto Summit.
Hedera Hashgraph might soon see its first ETF by mid-2025 as Grayscale acknowledged that it has applied for a trust registration with the SEC. In the US and many other countries, an ETF is the share of a trust listed on top exchanges.
Hedera Board Member Brian Brooks participated in the White House Crypto Summit, a meeting that saw very limited invitation from the host. The meeting is expected to play a key role in deciding the future of crypto in the USA and the world.
Other crypto executives who participated in the meeting were from MicroStrategy, Chainlink, XRP, and several other key crypto companies and institutions.
Most of HBAR's token supply, i.e., 84% of its 50 billion HBAR, is in circulating supply. This makes it suitable for long-term accumulation. However, there are token unlocks in the near future which may be disliked by some users based on our market experience.
HBAR has faced some criticism regarding the degree of centralization in its governance. At present, there are 39 validators in Hedera, all of which are run by its corporate partners like Google, IBM, LG and other multi-billion-dollar corporations.
Hedera has seen a few key developments in the recent past, which, paired with a decent chart setup, could push HBAR towards a 100% rally.
Between May and July 2024, HBAR rose 10x from $0.042 to $0.04, which took it to the 12th largest spot. Since then, HBAR saw a gradual decline in its price and traded around $0.019 at press time.
HBAR Price Trend in the Last 12 Months
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HBAR USDT 1D Charts
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HBAR saw a consolidation in price after reaching the $0.4 high last year. Since then, the crypto saw its price getting stuck between $0.2 and $0.4. Now HBAR saw its price take a support at $0.2.
Going ahead, HBAR might see a retest of $0.4 levels. In the next few weeks, we could see a rally towards these levels. RSI on HBAR's 1D charts in the last 3 days indicates that it has seen a rise in HBAR's momentum from the levels of 40 to 46. If this rise sustains above 60, we could see a 100% rally in HBAR.
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