Here’s why the Hedera Hashgraph (HBAR) price is soaring

The Hedera Hashgraph (HBAR/USD) price jumped sharply on Tuesday as investors cheered its progress. The HBAR token is trading at $0.2610, which is the highest it has been since February 8th. It has risen by more than 17% from its lowest level on Monday. This price is also about 40% above the lowest level this year.

Hedera Hashgraph bounces back

Hedera Hashgraph is one of the fastest-growing blockchain projects in the world. Unlike most projects, Hedera is owned and governed by some of the leading organizations in the world like Alphabet, IBM, ServiceNow, and Chainlink Labs. 

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Hedera offers a platform where developers can build and scale applications in all industries like DeFi and Non-Fungible Tokens (NFT). It prides itself for having superior speeds than other platforms like Ethereum and Polygon.

For example, Hedera can handle over 10,000 transactions per second while Ethereum and Bitcoin offers about 12 and 3 transactions, respectively. Its transaction costs are significantly cheaper than those of traditional platforms. The average cost of a transaction in Hedera is $0.0001 compared to $19 and $25 for Ethereum and Bitcoin, respectively.

Other metrics are also better than those of other networks. For example, the transaction confirmation time is 3-5 seconds compared to Ethereum’s 10-20 seconds.

In the past few months, the number of companies that have embraced Hedera Hashgraph has been rising. For example, Ubisoft, a leading player in computer gaming is using the platform to build NFT projects. Similarly, companies like CouponBureau is using the platform to prevent fraud. 

As a result, the number of transactions in Hedera has grown in the past few months. The platform handled more than 2.4 million transactions in the past 24 hours. The average finality period was about 3.2 seconds while the number of accounts on its mainnet jumped to more than 664k.

Hedera Hashgraph price prediction

The four-hour chart shows that the HBAR price has done well in the past few days. The coin has managed to move above the key resistance level at $0.2498, which was the lowest level on January 10th. The coin has managed to move above the 25-day and 50-day moving averages while the Stochastic Oscillator has moved above the overbought level.

Therefore, there is a likelihood that the Hedera price will continue rising in the near term as bulls target the next key resistance level at $0.2800.

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