The cryptocurrency industry, despite Bitcoin‘s (BTC) being trapped below $30,000, can occasionally make surprise attacks. One of the cryptocurrencies that made these attacks was Hedera (HBAR). HBAR gained a 25% increase in the last week. This rise occurred outside the dynamics of the cryptocurrency industry and was a surprise to many investors.
HBAR Among the Best Performers
With this increase, HBAR became the second best-performing cryptocurrency within the top 100. This actually shows that HBAR is the second cryptocurrency with the highest increase among cryptocurrencies with real volume. Just above HBAR is Thorchain (RUNE) with a 63% increase.
So why is the price of HBAR rising? The biggest reason for this may be the recently announced partnership. HBAR is known for its partnerships with South Korean automotive giants Hyundai and Kia. However, it is known that HBAR reacted to the news coming from the Federal Reserve recently.
Why is the Price of HBAR Rising?
The Federal Reserve decided to integrate the Hedera-based micro-payment platform Dropp into its network and added it to the platforms that will be used for instant payments under FedNow. Dropp is known as an alternative offered to banks for credit card payments and enables small transactions without high transaction fees.
Micro-payments on this platform are made in HBAR, USD, and USDC. This allowed the expected increase in the price of HBAR to happen and made it one of the best performers in a short time.
HBAR gained a 10% increase in the last 24 hours and reached $0.07. However, despite this performance, HBAR is still far behind its all-time record level of $0.56 and has an 87% loss. HBAR broke this record during the 2021 bull market, and bullish expectations may mean new records based on recent developments.
HBAR is still far behind its all-time record level of $0.56 and has an 87% loss. HBAR broke this record during the 2021 bull market, and bullish expectations may mean new records based on recent developments.
