- HBAR market curiosity and buying and selling quantity hit all-time highs
- Will 2021’s HBAR sample reveal itself amid larger purchaser exhaustion on the $0.4 stage?
Hedera Hashgraph [HBAR] has been a serious spotlight of this cycle’s altcoin season.
In reality, it rallied by 9x over the previous month, surging by $0.04 to $0.35 whereas outperforming Bitcoin [BTC]. What was behind this outstanding pump although?
What’s driving HBAR?
The important thing driver behind HBAR’s 9x pump has been huge market curiosity, which shortly pushed buying and selling volumes past its 2021 peak.
Based on Google Developments, search curiosity in Hedera elevated in November and hit an all-time excessive in early December.
Supply: Google Developments
The hike in market curiosity additionally spurred social quantity, with the identical mirrored within the buying and selling quantity. HBAR’s buying and selling quantity hit an ATH of $7.42B, eclipsing March 2024 and 2021 peaks.
In 2021, the buying and selling quantity peaked at $1.31B, whereas March 2024 hit a file of $2.84B. That’s almost 3x in buying and selling quantity.
Supply: Santiment
Right here, it’s additionally value noting that rumors of President-elect Donald Trump selecting Brian Brooks, a Hedera board member, as SEC chair additionally fueled the rally.
Now, though prediction markets are favoring Paul Atkins for the job, Brooks’ title has tipped the dimensions for the altcoin. HBAR soared by 63% this week after his title was floated as a possible successor to Gary Gensler.
So, regardless of unbelievable partnerships and fundamentals, HBAR’s huge rally appeared pushed by better market curiosity.
Supply: X
That being mentioned, crypto analyst Benjamin Cowen cautioned that the rally flagged a short-term bubble threat – An indication that the altcoin might stall or retrace quickly.
Learn Hedera Hashgraph [HBAR] Worth Prediction 2024-2025
Within the meantime, HBAR gave the impression to be dealing with purchaser exhaustion close to the $0.4-level on the worth charts, as proven by the lengthy higher wick on the weekly candlestick.
In 2021, HBAR stalled on the stage and retraced to $0.2 earlier than climbing larger to $0.57. Therefore, the query – Will this development repeat itself?
Supply: HBAR/USDT, TradingView
