HBAR, the native cryptocurrency of the Hedera Network, has seen an impressive 11% surge over the last 24 hours, pushing its price to $0.40. With a market cap now exceeding $14 billion, HBAR has climbed to the 15th spot in the global cryptocurrency rankings. Crypto analysts are increasingly optimistic about the altcoin’s future, suggesting that this breakout could signal the beginning of a rally toward new all-time highs.
The surge in Hedera’s price has been accompanied by a 100% increase in daily trading volumes, reaching $2.7 billion. This surge in trading activity, coupled with a 22% rise in open interest to $547 million, indicates strong trader confidence. These metrics suggest that the bullish momentum behind HBAR is likely to continue as market sentiment remains positive.
One key technical development that has bolstered HBAR’s bullish outlook is the price’s breakout above the 0.61 Fibonacci retracement level. According to crypto analyst Tony Bitcoin, if HBAR can close above the crucial $0.37 level, it could push towards the next Fibonacci resistance at $0.46. A confirmed break above this level would open the door for a rapid ascent toward its previous all-time high (ATH) of $0.57, marking a significant recovery for the digital asset.
Hedera’s impressive performance comes after 36 months of consolidation, with the altcoin now gaining recognition in both market activity and social media sentiment. Following the election victory of Donald Trump in November 2024, HBAR’s rally has propelled it to one of the top spots in cryptocurrency discussions, and analysts predict it may soon crack the top ten crypto list in the next bull run.
As HBAR’s popularity grows, major platforms like Coinbase Prime are stepping up to support its institutional adoption. With Hedera now available in Coinbase’s custody offerings, secure storage options for institutional investors have expanded. Additionally, the growing demand for an HBAR ETF, fueled by Canary’s first-mover advantage, further enhances the bullish outlook for Hedera.
Hedera (HBAR) is now available for custody on Coinbase Prime! https://t.co/U7xlCjUvmw.
— Coinbase Institutional 🛡️ (@CoinbaseInsto) January 16, 2025
Availability of this asset may be restricted based on custodian entity and customer jurisdiction. pic.twitter.com/T3gd9qjw1c
As momentum builds, all eyes are on HBAR’s potential to reach new heights, with its continued rise reinforcing its position in the cryptocurrency market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Hedera (HBAR) Surges 12% as Coinbase and Trump’s Crypto Policies Spark Bullish Momentum
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