Close Menu
    Sunday, October 12
    HBAR

    Hedera Hashgraph rallies 150% in a week as its ecosystem expands

    No Comments3 Mins Read
    Hedera Hashgraph rallies 150% in a week as its ecosystem expands

    Real-world adoption and blockchain integration is the ultimate goal of any serious fintech protocol looking to offer workable solutions to some of the biggest challenges in finance and data transmission.

    Hedera Hashgraph is a public network that uses a distributed ledger technology known as Hashgraph to increase scalability and lower transaction costs.

    HBAR/USDT 4-hour chart. Source: TradingView

    Two of the main reasons for the recent rise in Hedera’s native cryptocurrency, HBAR, include a growing list of ecosystem partners and the introduction of nonfungible token (NFT) minting capabilities to the network.

    Hedera partnerships expand HBAR’s availability

    The Hedera partnership program is an offshoot of the Hedera community that aims to roll more integrators, technology partners and enterprise applications to Hedera’s blockchain.

    A scroll through the project’s Twitter feed shows that the partnership program lured new partners such as the London School of Economics and Political Science and the Indian Institute of Technology Madras to the Hedera governing council.

    Other recent partnership announcements include collaborations with Fobi, Dropp and Filecoin, which has launched a $200,000 developer grant project in conjunction with Hedera designed to help advance Web 3.0 interoperability.

    Related: Indian university joins Hedera decentralized governance council

    NFTs come to the Hedera network

    The second source of excitement for the Hedera protocol has been the introduction of NFT minting capabilities on the network.

    The NFT sector has been one of the hottest trends in 2021, and while the price action and trading activity for NFTs have declined significantly from their August highs, the sector is likely to expand in the near future.

    VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for HBAR on Sept. 4, prior to the recent price rise.

    The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points, including market sentiment, trading volume, recent price movements and Twitter activity.

    VORTECS™ Score (green) vs. HBAR price. Source: Cointelegraph Markets Pro

    As seen in the chart above, the VORTECS™ Score for HBAR climbed into the green zone on Sept. 4 and reached a high of 72 around 72 hours before its price increased 147% over the next seven days.

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.