Hedera Hashgraph is one of the very few coins in the cryptocurrency market which has a huge potential to gain. It has a very smart cloud architecture which can solve many issues faced during the storage and transmission of data. It offers its users high-speed network connectivity and assured security due to its safety of transactions. Certain studies have shown its efficiency in different fields such as transaction processing and latency reduction among others.
As per recent data from Santiment, Hedera’s [HBAR] development activity has consistently grown since November 2018. In terms of ranking, the network ranked third behind Polkadot and Cardano.
Hedera, the most commonly used enterprise-grade public network, is an open-source cryptocurrency network where developers and users alike can launch decentralized applications (dApps).
HBAR, the native token of the company, was ranked as the #39 largest cryptocurrency at press time, trading for $0.0579. According to CoinMarketCap data, HBAR reached its all-time high (ATH) in September 2021 at $0.5701. The token’s current price is 90% below its all-time high.
On a year-to-date basis, the price per HBAR decreased 400% due to the downturn in the cryptocurrency market over the past 10 months.
Since 12 May, when HBAR’s price plummeted to $248.78 million, the asset’s trading volume plummeted significantly. As of press time, the network’s trading volume stood at $35.7 million, down 86% since 12 May.
Price and trading volume dropped along with the percentage of HBAR’s circulating supply held by whales with more than $5 million.
At 42% during press time, this metric had dropped 22% since the beginning of the year, according to Santiment data.
Source: Santiment
A word of warning to traders
HBAR is currently trading at its July 2021 price level. In the last 24 hours, CoinMarketcap reported that the price of HBAR had declined by 2%.
In the last 24 hours, $52.04 million was taken out of the cryptocurrency market, of which HBAR liquidations accounted for 0.00001%. HBAR liquidations totaled $6,615 in the past 24 hours, according to Coinglass.
Source: Coinglass
At the time of writing, buying pressure had started to gain some momentum on a daily chart. MFI was slightly above neutral at 51.08, slightly above the upward trend line of 50.
A positive 0.02 was also posted by HBAR’s Chaikin Money Flow dynamic line (green).
Source: TradingView
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