Massive Increase in Altcoin Wallet Numbers: Possible New Rally for ALT?

• Hedera (HBAR) is on the rise following a sudden increase in new account creation.
• While the overall market recovery is boosting HBAR’s price, the asset also reflects the project’s organic growth.
• The network is increasing its transaction count and active addresses, with this growth being long-term and largely driven by DeFi.

Hedera (HBAR) sees a surge in its price and network activity, driven by a boost in DeFi and an increase in new account creation. This article explores the factors behind this growth and what it means for the future of HBAR.

Hedera’s Active Wallets Increase

Active wallets on the Hedera network have seen an increase, largely driven by momentum from DeFi projects. There has also been growth from NFT owners over the last two quarters. The process of users creating new addresses involves a complex procedure that allows businesses to create 100 wallets in bulk using BitGo.

Alternative Platforms and Blockchains Benefit from DeFi’s Transformation

In recent months, alternative platforms and blockchains have been the biggest beneficiaries of DeFi’s transformation. Hedera hosts decentralized markets and lending protocols that are expanding to multiple chains, like Pangolin DEX. Although the value locked in DeFi on the network is limited, there was growth about six months ago. Decentralized trading and liquidity mining have brought the project to the forefront, not for its long-term goals, but for its ambitions to create a global impact in financial systems and payment systems.

Hedera Announces Partnerships with Projects Aiming to Transform Finance

Recently, Hedera announced that it will form the Decentralized Recovery Alliance (DeRec) with Algorand, Ripple, XRPL Labs, Constellation, and Casper. This alliance aims to transform finance and bring about significant changes in the financial landscape.

Hedera Aims to Develop Real-World Applications

Hedera certainly benefited from DeFi’s comeback and the 2024 bull market. However, the project has long-term goals and is aggressively trying to expand its use cases. A new Beta program is being offered to application developers to implement Hedera technology. Recently, projects like Vayana Official, Inveniam, and FreshSupply were approved. These projects will increase the adoption of blockchain-based finance and work at the intersection of traditional payments and tokenization.

Hedera’s Other Development Direction: Internet of Things (IoT)

Another direction of development for Hedera is the Internet of Things (IoT). While IoT projects in the crypto space are often seen as empty promises, Hedera has the technology to handle the high load of microtransactions. Hedera also announced the Neuron World Beta program, which offers the opportunity to create and test sensors for everyday objects.

Is HBAR Entering a Longer Price Rally?

Hedera has always strived to grow its community and maintain high visibility. The growth of DeFi on the network has helped HBAR bounce back from the lows of the bear market. HBAR is currently trading at $0.11, bouncing back from the lows of $0.09, but still far from its monthly high of $0.17. HBAR is relatively volatile and may touch its monthly lower range again, but traders are waiting for the next breakout.

Conclusion

Hedera’s recent growth is a testament to its ongoing efforts to expand its use cases and make a significant impact in the financial and payment systems. With its focus on DeFi, NFTs, and IoT, Hedera is positioning itself as a versatile and forward-thinking project in the crypto space. Whether or not HBAR will enter a longer price rally remains to be seen, but the project’s current trajectory suggests a promising future.