Hedera Gains 25% Amid General Market Losses – Will HBAR Push On?
After a rather explosive start to 2023, the crypto market seems to be undergoing a general price correction, with several assets recording losses over the last week. During this period, the total crypto market cap has decreased by 7.17%, falling off the $1 trillion mark.
However, Hedera (HBAR) has been one of the few cryptocurrencies to have maintained its bullish form despite the widespread price drops. Historically, Hedera is well-known as a crypto asset capable of generating significant returns during a bear market.
In the last seven days, where multiple assets – including BTC – have seen their prices decline, HBAR recorded a stunning 25.30% gain, boosting its total price gain in 2023 to 147.22% based on data from CoinMarketCap.
At the time of writing, HBAR is trading at $0.08871. In the last 24 hours, its trading volume surged by 84.94% to $225.7 million, while its market cap was set at $2.3 billion.
HBAR Trading at $ 0.08873 | Source: HBARUSD Chart on TradingView.com.
Hedera: Interesting Announcements During HBAR’s Price Rally
The positive price movement of HBAR in the last week was spurred by numerous factors, part of which were the exciting developments that took place on its underlying network during the same period.
On Wednesday, Jan. 8, Hedera announced its integration with the popular multichain DEX Pangolin. With the deployment of Pangolin on the Hedera Mainnet, Pangolin users across its 16 chains can seamlessly swap, farm, stake and vote on Hedera.
In addition, Hedera also unveiled its partnership with AfrofutureDAO to launch a $1 million Africa Metaverse Fund aimed at helping the African creative industry to launch into the Web3 space.
The first project of this collaboration is known as “Derived”, which is now operational on the Hedera network. Derived functions as a platform that allows NFT artists to collaborate with African museums, thus employing rich archives in their artwork.
However, the biggest announcement by Hedera this week, causing the highest level of excitement among its user community, was the onboarding of Dell Technologies as a member of its Governing Council.
Dell Partners With Hedera
Dell, one of the world’s computing giants, became the 39th member of the Hedera Governing Council alongside other prominent names such as LG Electronics, Standard Bank Group, Ubisoft, IBM, Google, etc.
Dell is considered a powerhouse in various fields, including data analytics, cloud computing, IT consultancy, etc. Through its partnership with Hedera, Dell will explore integrating distributed ledger technology (DLT) with traditional technological products and services.
If Dell’s blockchain venture is successful, it could lead to many technology companies exploring the applications of blockchain and DLT in their respective operations, thus providing customers with higher levels of transparency and security.