Hedera (HBAR) Soars Over 20% in a Month: What’s the Latest? Will the Uptrend Continue?

• Hedera (HBAR) has seen a value increase of over 20% in the last month, following the development of FedNow.
• HBAR recorded an average increase of about 5% in the last 24 hours, starting to trade at $0.062 levels.
• Despite the continued rise, the crypto analysis platform Santiment highlighted a decline in Hedera’s development activity.

Despite the downward trend in the cryptocurrency market for weeks, Hedera (HBAR) has managed to gain over 20% in value in the last month, reaching $0.062 levels. However, the crypto analysis platform Santiment shared current data, drawing attention to a decline in critical metrics.

Value Increase Exceeded 20%

Although the cryptocurrency market has returned to an upward trend within the last day, it has been on a downward trend in recent weeks. The leading cryptocurrency, Bitcoin (BTC), even briefly fell to $25,400 levels last Friday. During this period, many cryptocurrencies in the market suffered significant value losses. There were also striking declines in the total market value of the crypto industry.

Due to this downward trend in the market, numerous cryptocurrencies, including Curve DAO Token (CRV), Compound (COMP), ApeCoin, and Filecoin (FIL), recorded value losses exceeding 20% in the last month. However, Hedera (HBAR) positively deviated from the market during this period, gaining over 20% in value in the last month and catching an upward momentum.

Will the Rise Continue?

Despite the ongoing downward trend in the cryptocurrency market for weeks, Hedera (HBAR) caught a strong upward momentum with the addition of the Hedera-based micro-payment platform Dropp to the service providers of FedNow, the instant payment system of the FED. HBAR, which gained over 20% in value in the last month, also recorded an average increase of about 5% in the last 24 hours, reaching $0.062 levels, according to CoinMarketCap (CMC) data.

HBAR, which started to rise after the development of FedNow and positively deviated from the market, exhibited a higher price performance compared to most high market value cryptocurrencies during this period. With these value increases, HBAR also ranked among the highest-percentage rising cryptocurrencies among high market value cryptocurrencies in the last month, according to CMC data. However, despite the upward trend in recent weeks, HBAR, which was rejected from $0.72 levels in mid-August, could not remain above $0.7 levels and briefly fell to $0.54 levels on August 18.

Decline in Development Activity

The crypto analysis platform Santiment, which shares critical metrics and current data, drew attention to a striking decline in Hedera’s development activity in recent days, despite the recent rises. According to Santiment, there was a striking decline in Hedera’s development activity in recent days.

Conclusion

Investors should be aware that cryptocurrencies carry risks due to their high volatility and should conduct their transactions in line with their own research. This information in this article does not contain any investment advice.