In line with the broader crypto market conditions, Hedera Hashgraph’s native HBAR token is also rising in value. The growth was more evident when its price rose multifold in Q4 2023. After recording multiple highs and lows from the beginning of 2024, its price surged by 10% on February 06, 2024.
With the recent price spike, investors are wondering whether HBAR price will surpass $1 this year. In this discussion, we will explore the possibility of HBAR reaching the $1 mark and analyze the factors that could influence its price in the coming months.
Hedera Hashgraph Overview
Hedera Hashgraph distinguishes itself from other projects with its innovative hashgraph technology. It boasts a high transaction per second (TPS) rate of 10,000 at an extremely low cost per transaction, giving Hedera an edge over blockchain projects like Ethereum.
Unlike most cryptocurrencies that rely on blockchain technology, Hedera employs hashgraph technology, offering more advantages than its blockchain counterparts. The native HBAR token, with a fixed supply of 50 billion tokens, makes inflation highly unlikely, making an investment in HBAR not only viable for the development of decentralized applications supported by smart contracts but also worthwhile.
Hedera Hashgraph (HBAR) Market Performance
Since its market debut in 2019 with an opening price of $0.09052, HBAR’s price remained relatively stable, fluctuating between $0.01 and $0.08 for several months. The price saw a significant increase in mid-2021 due to favorable market conditions and network enhancements, reaching an all-time high of $0.51 in September 2021.
However, the price of HBAR experienced downturns due to events like the FTX collapse and UST de-pegging, along with the impact of global market conditions. Despite these fluctuations, HBAR managed to record considerable returns by the end of 2023 and was recognized as the top Distributed Ledger Technology (DLT) with more than 13 billion transactions in July 2023. Although its price has started to recover in early 2024, reaching a peak of $0.08, it remains well below its all-time high value.
As of February 6, 2024, HBAR is trading at $0.07145, following a 10% growth due to the announcement of a five-year agreement with the Saudi Ministry of Investment and the launch of DeepTech Venture Studio in Riyadh. However, the price has started to dip today, even as trading volume surged by more than 600%.
Will HBAR Cross $1 in 2024?
Considering the current market conditions, Hedera has a considerable journey to surpass the $1 threshold. Its highest price to date is $0.51, which is significantly below the $1 target. According to predictions by Coinpedia and Techopedia, HBAR is expected to reach a maximum of around $0.2 by the end of 2024, making the $1 milestone seem highly unlikely in the near future.
For HBAR to experience a significant price increase, widespread adoption and further development of its technical infrastructure are necessary. Global economic conditions and the overall performance of the crypto market will also play vital roles in determining HBAR’s market price.
While the upcoming Bitcoin halving event and the potential for a bull market could boost HBAR’s price, it is uncertain whether it will cross the $1 mark this year. However, the crypto market is known for its unpredictability and volatility. If market conditions become favorable for Hedera, coupled with increased network development, adoption, and positive news on social media, HBAR could surpass its previous highs and possibly reach $1. Investors, however, are advised to closely monitor market conditions before making trading decisions.
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