Hedera (HBAR), the native token of the decentralized public network based on Hashgraph algorithm, has surged past $0.065, taking the lead among the top 100 coins by market cap.
This remarkable price spike is accompanied by a substantial increase in its 24-hour trading volume, signaling a surge in buying pressure and renewed investor interest.
As per data from CoinGecko, Hedera’s price surge has ignited a trading frenzy, with a staggering 1,290% surge in its 24-hour trading volume, totaling over $224 million HBAR tokens traded.
This surge follows a recent dip in price, falling below $0.060, but the cryptocurrency has rebounded with a 17% rise at the time of writing, contributing to a remarkable 25% gain over the past 30 days.
Multiple factors have driven HBAR’s recent price surge, including strategic partnerships and growing adoption efforts within the mainstream landscape.
Notably, partnerships with prominent players like Hyundai and Kia, multinational automakers from South Korea, have played a pivotal role.
Their collaboration introduced an innovative AI-enabled solution for monitoring supply chain carbon emissions, which propelled HBAR’s adoption.
Moreover, a recent partnership announcement with global payments giant Mastercard has further fueled the cryptocurrency’s momentum.
The cumulative effect of these key partnerships has contributed to HBAR’s ascent to its highest price level since May.
Adding to the excitement, HBAR’s recent gains are also attributed to its integration with the Federal Reserve’s FedNow program.
Dropp Inc, a Hedera-powered platform, has been added to the list of service providers for the FedNow initiative.
FedNow, a groundbreaking program launched by the Federal Reserve, aims to provide banks and credit unions with instant payment capabilities.