Hedera Hashgraph (HBAR) emerged as one of the top-performing cryptocurrencies on Friday, November 15. A crypto analyst highlighted the renewed interest in the token and various factors contributing to its success.
HBAR Price Growth
The price of Hedera Hashgraph (HBAR) rose to $0.0767, its highest level since July 17, and 66% above its lowest level this month. Analyst Maverick noted in his post that the increase has just begun and could reach $0.1813, about 182% higher than the current level.
Factors Driving the Growth
Maverick highlights that rising Hedera Hashgraph's volume and Canary Capital's recent ETF application could act as potential catalysts. He also believes that Donald Trump's SEC might easily approve such an ETF. The futures open interest for Hedera has been in a strong uptrend, rising to $66.7 million from $26.6 million in September, signaling strong demand.
Potential Challenges
Nonetheless, Hedera Hashgraph faces several challenges. While it counts large companies like Ubisoft, Dell, Boeing, Google, and Deutsche Bank among its governance council members, its ecosystem remains relatively small. For instance, its DeFi total value locked is just $44 million, significantly smaller than newer blockchains like Sui and Base Blockchain. DEX networks in its ecosystem handled tokens worth $35.4 million in the last seven days, making it the 32nd largest chain in the industry.
While Hedera Hashgraph has shown impressive growth recently, its future relies on numerous factors. Potential ETF approval and increased interest in futures could drive further development, yet existing challenges must be considered.
