The $HBAR token, the native coin of the Hedera Hashgraph blockchain project, has become the leader in growth over the past 24 hours. Its rate has grown by 51% in 24 hours, and the altcoin trading volume has increased by 104% and reached $7.2 billion, according to CoinMarketCap. HBAR has risen in price by 730% in a month.
Hedera Hashgraph is a public blockchain launched in 2019 for businesses and companies as a decentralized services platform. This network is characterized by high scalability and low fees. The project's investors included Digital Currency Group, Fenbushi Digital, and Multicoin Capital, and the governing board includes Boeing, Deutsche Telekom, IBM, Google, and other large companies.
The Hedera blockchain is used to run private top-level networks and projects related to payments, identification, accounting, and other business processes. The network is home to dozens of decentralized applications (dApps) used in healthcare, scientific research, payment systems, and other areas. For example, in 2023, the US Federal Reserve added the Hedera-based Dropp service to its FedNow instant payments infrastructure.
On December 3, HBAR ranks 17th in the list of the largest cryptocurrencies by capitalization — the market value of the asset is $13.6 billion. At 14:30 Moscow time, the coin is trading at about $0.35.
Canary Capital filed an application to launch an exchange-traded fund (ETF) based on Hedera with the US Securities and Exchange Commission (SEC) in November. On news of the application, the HBAR token jumped by 26%, from $0.053 to $0.067.
Another factor that could have impacted the price of HBAR was a report by Fox Business journalist Eleanor Terrett that former Binance CEO and Hedera board member Brian Brooks has become a contender for the post of SEC Chairman.
Google Trends data shows a noticeable surge in searches for Hedera. On December 3, interest in the project in the search engine reached its highest level since the project's inception (five years).
There have also been rumors in the community that Hedera is collaborating with Ripple on a project to launch the RLUSD stablecoin. This has not been confirmed by any official sources, but has been widely shared on social media, which may have increased user interest in HBAR.
The XRP cryptocurrency ($XRP ) from Ripple Labs has risen in price fivefold in a month. The rapid growth of XRP, which amounted to more than 400%, is associated with positive investor expectations regarding the regulation of cryptocurrencies in the United States.$SCRT
