Hedera (HBAR), the open-source Proof-of-Stake (PoS) blockchain network, has made significant strides in the fourth quarter (Q4) of 2023, according to a recent report by Messari. The network’s performance showcased notable growth in key metrics, outpacing the crypto market.

Hedera Outpaces Crypto Market With 78% QoQ Increase

During Q4 2023, Hedera’s circulating market cap experienced a 78% quarter-over-quarter (QoQ) increase, reaching $2.9 billion. This growth surpassed the overall crypto market’s growth rate of 54%, signifying Hedera’s growing influence. The year-on-year (YoY) change for HBAR stood at 211%, reflecting the network’s progress and adoption.

In the same line, Hedera Network’s revenue witnessed a substantial 59% QoQ increase, amounting to $1.6 million in Q4 2023, primarily driven by a 66% QoQ surge in transactions, notably propelled by the Hedera Consensus Service. 

Furthermore, the revenue generated from Token and Smart Contract Services contributed approximately 14% of the total revenue, exemplifying a healthy distribution in Hedera’s revenue streams.

With a fixed total supply of 50 billion HBAR, Q4 2023 saw 33.6 billion HBAR, or 67% of the total supply, in circulation. 

The quarterly distribution of HBAR, reported through the Hedera Treasury Management Report, anticipates an additional 10% of the total supply to be unlocked in Q1 2024, including new ecosystem grants.

While the number of addresses experienced a decline in Q4 2023, with average daily active addresses decreasing by 22% QoQ to 6,600 and average daily new addresses dropping by 39% QoQ to 5,200, there was still substantial YoY growth. Active addresses were up 90% YoY, and new addresses witnessed a 123% YoY increase.

Hedera Network achieved a new record in transaction volume for the sixth consecutive quarter, with an impressive daily average of 164 million transactions in Q4 2023, marking a 66% QoQ surge. The Hedera Consensus Service remained the primary driver of this activity, accounting for 99% of all transactions on the network.

DEX Trading Volume Skyrockets 164% QoQ

In Q4 2023, the Hedera network reported 28 billion HBAR staked, representing 85% of the circulating and 56% of the total supply. 

Entities such as Swirlds and Swirlds Labs played a significant role in staking their HBAR allocations, and the Hedera Treasury supported validators in meeting the minimum staking threshold for network consensus. 

The Hedera network’s Total Value Locked (TVL) demonstrated positive growth, reaching $64 million by the end of 2023, reflecting a significant YoY increase of 169%. The TVL denominated in HBAR reached 733 million, indicating a 16% QoQ and YoY increase. Interestingly, Hedera’s TVL ranked among the top 40 blockchain networks.

Moreover, Hedera Network experienced a 164% QoQ increase in average daily decentralized exchange (DEX) trading volume, reaching $1.3 million, an all-time high. SaucerSwap dominated DEX trading volume on the Hedera network, accounting for most of the trading activity, as seen in the chart below.

Lastly, the stablecoin market cap on the Hedera network grew by an impressive 73% QoQ, culminating in a year-end total of $6.3 million. Circle’s USDC stood as the sole stablecoin available on Hedera. 

The network’s rank in the stablecoin market cap among blockchain networks improved by four spots QoQ, solidifying Hedera’s position in the stablecoin market.

Under current market conditions, the price of HBAR stands at $0.0736, showcasing substantial growth in the past 24 hours, with a 5% increase. 

Featured image from Shutterstock, chart from TradingView.com 

The post Hedera (HBAR) Shines: Record-Breaking 164 Million Daily Transactions, Market Cap Reaches $2.9 Billion appeared first on CryptoSens.

HBAR has soared with momentum after the US Federal Reserve adopted the Hedera Hashgraph-based Dropp micropayments platform. According to the announcement, Dropp is now on the list of service providers on Fed’s FedNow instant payment system. 

Following this news, HBAR’s market sentiment improved, causing a rapid price surge that propelled the token from $ 0.0561 to $0.06544. This represents an over 16% increase in the last 24 hours. However, HBAR price has crossed the overbought region, raising questions about how long the current rally can last.

FedNow Adds Hedera Hashgraph-Powered Dropp To Its List Of Service Providers

On July 20, the US Federal Reserve launched the FedNow instant payment system. This payment system allows banks and credit unions to transfer money for customers any time, any day, instantly.

However, according to the latest development, FedNow adopted Dropp, a micropayment platform built on Hedera as a service provider. Dropp allows users to use micropayments for small-valued transactions in USD Coin (USDC), HBAR, and US dollars.

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Adopting Dropp as a FedNow service provider implies that banks and other financial service providers can use the micropayment platform for real-time payments. This feat marks a milestone for Hedera as FedNow indirectly supports the token, granting the Hedera blockchain support from traditional finance companies. 

Similarly, Hedera is already benefiting from this partnership as its price has increased by over 16% in the last 24 hours. Also, Hedera garnered massive investor attention in the past week due to increased partnerships, such as South Korean automobile companies Kia and Hyundai, which have adopted Hedera’s infrastructure to track vehicle carbon emissions.

HBAR Price Outlook; How Long Can The Bulls Hold?

HBAR soared over 16% within a few hours after the FedNow support announcement. That brought the token’s seven-day price increase to nearly 17%.

In addition, HBAR’s valuation is now 25% higher than its price 30 days ago. HBAR trades at $0.065, with a day high of $0.06625 and a low of $0.05046.

One remarkable thing about HBAR’s performance is the massive surge in trading volume, which signifies increased network activity and investor interest. As of the time of writing, HBAR has recorded an over 1,219% surge in 24-hour trading volume, after securing its position as the highest-gaining cryptocurrency today. 

According to the daily chart, HBAR trades above two key support levels at $0.063035 and $0.06005. Moreover, the bulls have formed green bars above the support levels as they vie to push HBAR to higher highs.

The Relative Strength Index is at 72. But while this signifies increased buying pressure, the sideways movement of the RSI graph suggests a weakening trend. So HBAR buyers have reached saturation and are probably about to lose momentum.

Additionally, the faded green histogram bars show the buying demand for HBAR tokens has dwindled slightly. If this continues, the HBAR rally could stall, allowing the bears to push prices downward.

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