HBAR market interest and trading volume hit a historic high
With buyer fatigue rising at the $0.40 level, will the 2021 HBAR pattern manifest?
Hedera Hashgraph [HBAR] is a major highlight of this cycle's altcoin season.
In fact, over the past month, it has risen 9 times, soaring from $0.04 to $0.35, outperforming Bitcoin [BTC]. However, what is behind this astonishing surge?
What are the factors driving the development of HBAR?
The key driver behind HBAR's 9-fold rise is the immense market interest, which quickly pushed trading volume above 2021's peak.
According to Google Trends data, search interest in Ivy has increased in November, hitting a historic high in early December.
The rise in market interest has also stimulated social volume, which is reflected in the trading volume. HBAR's trading volume reached a historic high of $7.42 billion, surpassing the peaks of March 2024 and 2021.
In 2021, trading volume peaked at $1.31 billion, while March 2024 set a record of $2.84 billion. This is nearly three times the trading volume.
It's also worth noting that rumors regarding President-elect Donald Trump's choice of Hedera board member Brian Brooks as the chairman of the SEC have fueled the stock price increase.
Now, even though the prediction market is optimistic about Paul Atkins being suitable for the position, Brooks' name has changed the fate of altcoins. After Brooks was nominated as a potential successor to Gary Gensler, HBAR surged 63% this week.
Therefore, despite having incredible partnerships and fundamentals, HBAR's significant rise seems to be driven by greater market interest.
That said, cryptocurrency analyst Benjamin Cowen warns that this rebound marks a short-term bubble risk—indicating that altcoins may soon stagnate or retract.
Meanwhile, HBAR seems to be facing buyer fatigue around the $0.40 level, as indicated by the long upper shadow on the weekly chart.
In 2021, HBAR stagnated at this level, falling back to $0.20, then climbing to $0.57. So the question is—will this trend repeat itself?
