Hedera presented sustained development activity since November 2018 (Santiment data). The platform ranked 3rd, standing behind Polkadot and Cardano. Market participants know Hedera as the most utilized enterprise-status public blockchain.
Hedera is among the open-source crypto network, allowing developers and users to conduct transactions and deploy dApps (decentralized applications). While publishing this post, HBAR traded near $0.0579, ranking 39.
Coinmarketcap data showed HBAR hit a $0.5701 all-time high in September last year. Current prices represent a 90% decline from the coin’s all-time high. Also, the downbeat mood that dominated the crypto market within the past ten months saw HBAR price plummeting by around 400% on YTD.
The persistent price plunge saw HBAR’s trading volume crashing massively, following the May 12 daily high at $248.78 million. While publishing this blog, the network’s trading volume hovered at $35.7M, declining by 86% since the May 12 peak.
Besides the decline in trading volume and price, the token’s circulating supply by whales with over $5 million also plunged. Santiment data shows the metric stood at 42% during this publication, declining by 22% since early this year.
The current HBAR price level represents levels explored during July 2021 sessions. According to Coinmarketcap, the alternative token recorded a 2% decline within the past 24 hours. Besides the overall crypto market’s $52.05 million loss within the past 24 hours, HBAR had its liquidations accounting for only 0.00001% of the total market liquidation.
Coinglass data shows HBAR’s liquidations within the last day hovered at $6,615. The daily chart showed buying momentum attained some momentum during this publication. The MFI (Money Flow Index) maintained uptrends near 51.08, briefly beyond the 50-neutral line.
Also, HBAR\s CMF’s (Chaikin Money Flow) dynamic line stood around the central line, posting a +0.02. Moreover, Hedera fans should watch overall market sentiment before placing their bets. Bulls fought for upsides during this publication.
Bitcoin has reclaimed the $20K mark, enjoying a 0.80% 24hr gain to $20,066. However, the market is yet to confirm stable uptrends, and BTC can slide beneath the sought-after $20K. Time will tell what upcoming sessions will exhibit.
Stay tuned for upcoming cryptocurrency news.