• Hedera ($HBAR) has seen a bullish trend in August 2023, with its Total Value Locked (TVL) surging by 10% in the past week and 26% within a month.
• Integration with FedNow and adoption of its technology by Hyundai-Kia have been major developments driving this trend.
• While HBAR’s price has dipped slightly in 24H, its overall performance over the past month has been impressive at 15%.
Hedera’s Bullish Performance Amidst Market Downturn
Hedera ($HBAR) has emerged as an unexpected beacon of resilience amidst a broad market downturn that has caused major cryptocurrencies like Bitcoin and Ethereum to stumble below crucial thresholds. The Total Value Locked (TVL) on the network surged by nearly 10% in the past week alone, accompanied by a 26% increase within a month, according to DefiLlama. August 2023 proved to be a pivotal month for Hedera, marked by significant developments that have propelled its upward trajectory.
Integration With FedNow & Adoption By Hyundai-Kia
On August 14th, payments application Dropp integrated with FedNow –the instant payments platform developed by the US Federal Reserve– while automobile industry giants Hyundai and Kia adopted Hedera’s technology to establish CO2 emissions tracking systems earlier in the same month. This news helped drive up HBAR prices significantly over the course of August 2023.
Number Of Transactions Cross 18 Billion Mark
Another noteworthy milestone was achieved when the number of total transactions on Hedera crossed 18 billion. The current price of HBAR experienced only a slight 0.84% decline within 24 hours however trading volume increased 8.43%, offsetting some of this dip as market capitalization experienced only a 1.76% dip during this time frame as well. Over the course of one week, HBAR’s price dropped 14.36%, although it still saw an impressive 15% surge over one month’s time period since reaching an all-time high two years ago in February 2021 when TVL peaked around $46 million before dropping below $22 million thereafter..
RSI Indicates Bullish Sentiment Remains Evident
Analyzing HBAR’s daily price chart reveals that there is still largely a bullish sentiment present, as it consolidates within what appears to be marginally bearish landscape currently; indicated further through deeper examination of its daily Relative Strength Index (RSI), which hovers just below neutral zone at 55 value mark currently..
What Lies Ahead For HBAR?
It remains unclear what lies ahead for HBAR moving forward but given recent performance it appears that there is potential for further growth despite being 89% away from its all-time high reached two years prior back in February 2021 when TVL peaked around $46 million before dipping more than 50% thereafter..