How Strong will Hedera’s HBAR be in 2024?

The HBAR digital currency is the native cryptocurrency of the public Hedera network. It is also one of the most energy-efficient tokens you can acquire today. The token is trading on Coinbase today at a price of just under 5 cents. But it was above 50 cents in September 2021. Which is just one of the reasons that we wanted to write about it today.

HBAR is the native token of Hedera, which was created for enterprise. The Hedera network utilizes Hashgraph, a different type of distributed ledger to blockchain. One that can process higher amounts of transaction per second than even the quickest blockchains out there today, like Solana.

Just last year Hedera added Ethereum Virtual Machine (EVM) compatibility. It also announced a new $155 million HBAR fund in order to attract DeFi projects. $60 million of the fund is allocated as liquidity mining rewards for decentralized exchanges.

Who are the companies behind Hedera?

In February this year it was announced on the Hedera site that Dell Technologies joined the Hedera Governing Council. This puts Dell alongside other blue-chip companies already listed in the Governing Council like Google, IBM, Nomura, EDF, Avery Dennison, Dentons and others. A total of 39 companies.

Recent news about a project with Avery Dennison to revolutionize carbon accounting have been received well on the market. Today, Hedera is considered to be ahead of the curve, especially with the creation of a carbon offset token.

Additionally, a recent partnership between Hedera and Flutterwave to integrate USDC on the Hedera network to enhance financial transactions in Africa has also hit the news. The project was unveiled during the Africa Money & DeFi Summit West Africa earlier this month.

Add to this the recent unveiling of the Stablecoin Studio by Hedera and the value of the token becomes much clearer. If it could hit 50 cents before all these stories, then there is scope to grow in price.

Recently DefiLlama listed the Hedera token on its site with a total value locked (TVL) of $29.77 million. Ethereum, in comparison, has over $28 billion TVL. Showing that there is plenty scope for HBAR to grow in DeFi too.

What about Assets Under Management?

DeFi isn’t the only gauge for how a token is doing in the market. Currently, according to Coinbase, Hedera has a total market cap of just under $1.6 billion. In comparison Ethereum has a market cap of $190.3 billion. The opportunity for price growth of the HBAR token is there, but its ability to supercede the market cap of Ethereum is not realistic. That may change in later years though.

Even with so many positive stories going on in the background, traders on TradingView are more inclined to sell today. This may be due to a recent decline in the price which keeps heading south. Tokens like HBAR will ultimately do well when bitcoin inevitably starts its next bull run. But rather than a few basis points difference the chances are that HBAR can return to its earlier highs of 50 cents. Giving savvy investors who get in today the chance to make a tidy return.

This is, of course, speculation. Whether HBAR can hit 50 cents in 2024 is not 100%. But in 2025…? It may be a long term project for risk-averse investors.

Keep an eye on HBAR. We are.

Author: Andy Samu

Disclaimer:

The Editorial Team at #DisruptionBanking have taken all precautions to ensure that no persons or organisations have been adversely affected or offered any sort of financial advice in this Article.

This Article is most definitely not Financial Advice.

Our readers are reminded that investing in cryptocurrencies can mean that you will lose all your money.

See Also:

Unleashing the Power of the Blockchain | Disruption Banking

The Crypto Diary of a Hodler | Disruption Banking