While the whole cryptocurrency market saw a sell-off at the end of the week, HBAR, the native crypto asset of the Hedera blockchain, continues to be a surprising winner.
On Friday, there was a dip in the cryptocurrency market that led to a general decline and more than $1 billion in liquidations. The most popular cryptocurrency, Bitcoin, dropped more than 8% in a short period of time to a two-month low of $25,610, setting the stage for its worst week since November and the demise of crypto exchange FTX.
Surprisingly, HBAR has been in the black ever since the market collapse started, and it still stands out. Hedera concluded the day in the black while the majority of cryptocurrencies did not, as can be seen on its daily chart.
The increasing trend persisted until Hedera printed a massive green candle stick on August 19 just before press time. In the process, Hedera crossed the critical threshold at the MA 200 of $0.059, rising as high as $0.067 during the day.
As of the writing of this article, HBAR has climbed 17.44% in the previous day to reach $0.065. The value of the cryptocurrency increased by 16% during the past week. The majority of cryptocurrencies saw weekly losses, which were made worse by the most recent market sell-off, thus this is significant.
The HBAR token from Hedera now holds the top spot among the top 100 cryptocurrencies in terms of daily gain.
Hedera sees surge in institutional adoption
Given a recent increase in institutional usage, the main factor behind HBAR’s pricing increase may be the favourable perception of the Hedera network.
HBAR saw a big spike on August 14 after news circulated that the Federal Reserve’s FedNow had added Dropp, a Hedera-based micropayments platform, as a service provider.
Two large manufacturers, Hyundai and Kia, have adopted the Hedera network, marking yet another important platform adoption milestone.
Notably, the announcement that Hyundai and Kia had set up an AI-enabled supply chain carbon emissions tracking system on the Hedera network helped to increase hope.
