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Hedera’s native cryptocurrency, HBAR, has captured the attention of investors and cryptocurrency enthusiasts due to its impressive recent performance and growing prominence in the blockchain sector.
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Ivy HBAR The token, backed by major tech companies like Google, IBM, and Boeing, has the potential to revolutionize decentralized finance. In the previous month, HBAR had risen 430%, hitting a new peak at $0.392 and taking its market cap to nearly $13 billion.
Despite some skeptics, analysts believe that a price of $100 for HBAR is within the realm of possibility, although that would require… Significant growth In both market value and real-world adoption.
🌐 Maybe $HBAR Hit $100? Crazy start case
The cryptocurrency space has finally woken up to what Hedera Hashgraph and $HBAR Bring it to the table. But it can $HBAR Realistically hit $100? We think so — here’s exactly how it’s possible based on math, market cap, and the real world… pic.twitter.com/zGtCN2EmU0
– Block Axis (@BlockAxis) December 8, 2024
HBAR’s growth potential
HBAR’s upside is mostly related to its broader standing Cryptocurrency market. Analysts said that for the network to reach a price point of $100, it would require a market capitalization of $5 trillion.
Although it may seem unlikely, HBAR’s ability to penetrate the $110 trillion global stock market and even the larger derivatives market appears increasingly credible upon closer examination.
Token assets, supply chain management, and decentralized finance represent pivotal areas where Hedera’s blockchain can generate value. The ability to implement these applications at scale, coupled with support from prominent companies, positions HBAR as a formidable competitor in the blockchain arena.
Basic metrics on the chain
Hedera’s latest on-chain statistics show a mix of opportunities and challenges. Growing user engagement led to peak on-chain volume of $68 million on December 3.
Although this was an increase, the total value locked on the network decreased from $211 million to $196 million. This decline indicates that while the network is active, investment in decentralized finance (DeFi) applications may diminish, or investors reallocate funds elsewhere.
Institutional support
Hedera stands out significantly from many other cryptocurrencies based on the involvement of several leading and well-established companies, which are represented on its board of directors.
This gives HBAR a strong credibility boost compared to other decentralized tokens. As long as Hedera gets at least a small portion of the industries these companies are connected to, demand for HBAR could skyrocket.
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To achieve the ambitious $100 goal, Hedera must focus on strengthening its ecosystem and continually attracting developers and companies to build on its platform. A crucial aspect of this is ensuring scalability, as Hedera can process 10,000 transactions per second. The scale, coupled with minimal transaction fees, makes it a particularly attractive option for global adoption.
Although a $100 price target may seem ambitious, Hedera’s strong fundamentals and cutting-edge technology, backed by prominent industry figures, make it a project worth paying attention to. If the market continues to adopt DeFi and token economies, HBAR could see significant growth in the coming years.
Featured image from Pixabay, chart from TradingView
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