How NFT fever in the Metaverse can help HBAR expand even faster

 How NFT fever in the Metaverse can help HBAR expand even faster

Over the last 24-hours, HBAR increased by 12.79 percent, Arweave increased by 10.33 percent, Decred increased by 9.70 percent, and yearn.finance (YFI) increased by more than 7% in what appeared to be an altcoin rally party.

The aforementioned currencies were among the top five gainers of the day among the top 100 assets by market cap, with Hedera (HBAR) leading the pack.

While mid-cap cryptocurrencies appeared to steal the show, whether the altcoin rise will continue is contingent on BTC's on-chain and social metrics being favourable.

Nonetheless, the top gainer Hedera appeared to be a promising initiative at the time of writing. So, what can we anticipate from this altcoin?

 

 

Why the rally?

The HBAR Foundation got on the Metaverse bandwagon with a new agreement with MetaVRse to assist the development of metaverse-related apps. HBAR is up nearly 40% in the last week. The fresh interest in HBAR was also sparked by the company's Tweet regarding Google accepting crypto-currencies for Google Cloud, as well as the fact that it "also has agreements with Hedera and others."

Hedera's native token, HBAR, has seen a nearly sevenfold increase in price year to date on the enterprise-grade, proof-of-stake public network. When seen in relative terms, however, projects such as MATIC witnessed a 100-fold growth.

Nonetheless, according to data, HBAR had a network utilisation of over 2K+ TPS on December 18th, which is a very respectable number representing the significant network usage activity on the blockchain.


HBAR gained popularity after Elon Musk called for a sustainable coin. It has since been an interesting project. In fact, Hedera’s development activity had grown and stood at all-time high levels, at the time of writing. 

Source: Sanbase

While HBAR seems like an attractive prospect, at the moment, the coin is still over 35% down from its September ATH price of $0.57. So, will HBAR finally move towards recovery and target its all-time high?

Where can the price go?

With the price picking up, HBAR’s circulating marketing cap has been picking up too – A good sign. The altcoin’s Sharpe ratio, however, was still negative but was recovering from all-time low levels – A fortunate sign of price recovery. 

Higher transaction volumes in the spot market supported a positive story in the Futures market as well, with Open Interest jumping 88.86 percent throughout the Perpetual market. According to Coinalyze data, roughly $477k worth of shorts were liquidated on December 18th. At the time of writing, this indicated that the market was leaning positive.

With the alt trading at $0.305, HBAR has flipped the $0.3 Support/Resistance line. The altcoin could reach greater price levels if it can maintain its upward trajectory above this critical support level.

The price of HBAR, on the other hand, has been somewhat unpredictable throughout the year. With volatility on the rise once more, it'll be best to take only calculated risks.

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