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The local token of the Hedera network, HBAR, has drawn attention with a 15% increase over the past week. Comparing with the general price rise in the crypto market, HBAR has seen a nearly 2.44% rise in the last 24 hours. This positive trend occurs as investors are engulfed by expectations of a bullish market.
Price Fluctuation of HBAR
As of the time of writing, the price of the HBAR token is trading at $0.05708. This value is 89.97% below its all-time high of $0.5701 reached in September 2021. The trading volume for altcoins has increased by 40.25%, reaching $61.5 million, indicating a rising demand for HBAR among investors.
Market Value and Performance of HBAR
The market value of HBAR stands at $2.14 billion, placing it at 43rd on CoinMarketCap. Over the past month, the crypto’s price has slightly fallen by 2.41%. However, the altcoin remains close to its monthly peaks, with HBAR being one of the worst-performing altcoins in this cycle, having only recorded a 12.33% increase since September 2023.
Reasons for HBAR’s Rise
There are three main reasons for the price increase of HBAR. First, the overall market surge has generated increased demand. The rise in Bitcoin’s price has led to an upward trend in altcoins. Recently, Bitcoin 
$104,324 regained the $64,000 level following the Fed’s rate cut decision and is currently trading at $63,509.38.
The second reason is the upcoming Renaissance update and the announcement shared by Axelar Network. The Hedera community has been encouraged to mark October 3 on their calendars, creating a positive atmosphere among investors. A 28-second clip titled “Renaissance” provided hints about a dApp developed on Hedera.
The third reason is a video from the leading crypto channel NCashOfficial on YouTube, which presented a positive scenario for Hedera. The video discussed a potential new collaboration between Hedera and technology giant Microsoft. The projects both companies have been working on since their partnership in 2020 have yet to be announced. Additionally, the Hedera network has recently shown significant growth, processing 48 billion transactions and over 1 million active accounts.
Expectations for the Future
To maintain its ongoing upward trend, HBAR must stay above the $0.058 price level and transform it into support. Another significant resistance level is around $0.07. Surpassing these levels could allow HBAR to gain further value. The Hedera team and investors expect these developments to positively impact HBAR’s future performance, especially technology collaborations and network updates that could expand HBAR’s use cases and support value appreciation.
The current market situation and future potential of HBAR are crucial factors that investors should monitor closely. The direction of these developments will determine HBAR’s short- and long-term performance. A representative from Hedera stated, “Hedera’s innovative approaches and strategic partnerships will contribute to HBAR’s stronger position in the future.”
The rise of HBAR is supported by the overall positive sentiment in the crypto market and technical advancements. Investors note that if this trend continues, HBAR could gain even more value.
