TLDR
- HBAR price surged 12% daily and 38% weekly, reaching $0.3988 with a market cap of $14.53 billion
- Coinbase Prime announced HBAR custody services, boosting investor confidence
- Trump’s consideration of altcoins for strategic reserves, including HBAR, has positively impacted price movement
- Technical analysis suggests potential new all-time high of $0.57, breaking past key Fibonacci levels
- Trading volume increased 111% to $2.72 billion in 24 hours
Hedera’s native token HBAR has experienced a remarkable price surge, climbing 38% over the past week to reach $0.3988. The latest rally puts the token within striking distance of its previous all-time high of $0.4323, established in 2021.
The price movement comes as Coinbase Prime, the institutional arm of the major cryptocurrency exchange, announced the addition of HBAR custody services to its platform. This integration opens up new possibilities for institutional investors seeking secure storage solutions for their Hedera holdings.
Trading volume for HBAR has seen a substantial increase, more than doubling in the past 24 hours to reach $2.72 billion. This surge in activity indicates growing market interest and participation in Hedera’s ecosystem.
The token’s market capitalization has expanded to $14.53 billion, securing its position as the 14th largest cryptocurrency by market value. This represents a yearly increase of 30.19%, demonstrating sustained growth throughout 2024.
Recent developments in the political sphere have added momentum to HBAR’s upward trajectory. Donald Trump’s proposed policies regarding cryptocurrency strategic reserves have sparked discussions within the crypto community. The potential inclusion of various altcoins in these reserves has generated optimism among investors.
Technical analysts have identified key price levels that could signal further upward movement. The token has successfully broken through the 0.61 Fibonacci level, a technical indicator used to identify potential price targets and support levels.
Market observers note that HBAR’s recent price action follows a period of consolidation below $0.33. The breakthrough above this resistance level has established new support zones, potentially creating a foundation for future price appreciation.
The daily trading patterns show increased buying pressure, with multiple technical indicators suggesting continued bullish momentum. Analysts point to the $0.46 level as a crucial milestone, corresponding to the 0.78 Fibonacci retracement level.
Institutional adoption continues to play a vital role in HBAR’s market performance. The Coinbase Prime custody announcement represents a step forward in providing professional traders and institutions with secure access to Hedera’s digital assets.
The broader cryptocurrency market has responded positively to discussions about potential government adoption of digital assets. Trump’s statements at the Bitcoin 2024 Conference in Nashville have contributed to market sentiment, particularly regarding the role of cryptocurrencies in national reserves.
Market data indicates that HBAR’s price appreciation has been accompanied by healthy trading volumes across major exchanges. The distribution of trades suggests broad-based participation rather than concentrated activity from a few large holders.
The token’s technical structure shows the formation of higher lows and higher highs, a pattern typically associated with sustained upward trends. This price action has been supported by increasing volume, lending credibility to the current movement.
Daily price charts reveal that HBAR has maintained its position above key moving averages, traditionally viewed as indicators of market strength. The token’s ability to hold these levels suggests underlying buying support.
Trading activity has increased across both spot and derivatives markets, indicating growing interest from different types of market participants. The balanced participation between these segments often contributes to more stable price discovery.
The most recent market data shows HBAR trading at $0.3796, representing a 12% increase over the past 24 hours. The token’s immediate price action suggests continued testing of resistance levels as it approaches its previous all-time high.
