Despite the downward trend in the cryptocurrency market for weeks, Hedera (HBAR) has experienced a strong upward momentum, gaining over 20% in the past month and reaching $0.062 levels. However, cryptocurrency analysis platform Santiment has highlighted a decline in critical metrics and shared updated data.
Value Surpasses 20%
While the cryptocurrency market saw a rebound yesterday, it has experienced a downward trend in recent weeks. The leading cryptocurrency Bitcoin (BTC) briefly dropped to $25,400 levels last Friday. Most cryptocurrencies in the market have suffered significant losses during this period, resulting in a drastic decrease in the total market capitalization of the crypto industry.
Due to this downward trend, several cryptocurrencies such as Curve DAO Token (CRV), Compound (COMP), ApeCoin, and Filecoin (FIL) have recorded value losses exceeding 20% in the past month. However, Hedera (HBAR) has shown a positive deviation from the market during this period, experiencing a more than 20% increase in value.
Will the Rally Continue?
Despite the ongoing market downturn, Hedera (HBAR) has gained significant momentum with the addition of Dropp, its Hedera-based micro-payment platform, to the Federal Reserve’s instant payment system, FedNow. HBAR has gained over 20% in the past month and has reached $0.062 levels, recording an average 5% increase in the past 24 hours, according to CoinMarketCap (CMC) data.
Following the surge triggered by the FedNow development, HBAR has outperformed many high-market-cap cryptocurrencies in terms of price performance. According to CMC data, HBAR has been among the top gainers in percentage terms among high-market-cap cryptocurrencies in the past month. However, despite the recent upward trend, HBAR faced rejection at $0.72 levels in mid-August and briefly dropped to $0.54 levels on August 18.
Crypto analysis platform Santiment has also shared critical metrics and updated data, highlighting a decline in Hedera’s development activity. Despite the recent price surges, Santiment’s data indicates a significant decrease in Hedera’s development activity in recent days.
