Future Outlook For HBAR: Insights From Hedera Q3 Surge And Price Projections
12 Novembre 2024 - 7:45PM
NEWSBTC
Decentralized ledger platform Hedera has posted a solid set of
third quarter (Q3) results, in line with broader market trends as
the digital asset landscape enters a potentially transformative
fourth quarter, providing insights into the future of its native
token, HBAR. Hedera Achieves Record Revenue In Q3 Despite Price
Corrections Delving into the data, Hedera’s circulating market
capitalization fell 21% quarter-over-quarter (QoQ) to $2.2 billion
in Q3. This decline followed notable performances earlier in the
year, dropping HBAR’s market rank from 30th to 46th among all
cryptocurrencies. The circulating supply of HBAR also saw a
slight increase of 5%, totaling 37.6 billion HBAR. The HBAR price
dipped by 20%, decreasing from $0.08 to $0.06, reflecting market
volatility and challenges the broader crypto sector faced during
the period. Related Reading: Dogecoin Unleashes 157% Weekly Boom As
Musk-Trump Buzz Builds Despite the price corrections, Hedera
achieved substantial revenue milestones. Revenue generated from
network transaction fees reached an all-time high of 27.0 million
HBAR in Q3, marking an 85% increase from the previous quarter and
surpassing the prior record set in Q4 2023. The
dollar-denominated revenue also rose by 10% QoQ to $1.6 million,
making the third quarter of 2024 the second-highest quarter for
revenue in USD, just shy of its all-time high. Hedera’s Consensus
Service was a significant contributor, with revenue increasing by
94% QoQ, accounting for 89% of the network’s total revenue. Total
Value Locked In HBAR Rises 9% Staking activity also remained
robust, with 22.3 billion HBAR staked, representing 59% of the
circulating supply. This high staking percentage is attributed to
entities like Hashgraph that actively participate in network
consensus while forgoing staking rewards. However, both daily
average new accounts and active accounts saw declines of 22% and
23%, respectively, indicating a potential slowdown in user
acquisition. On the operational front, daily average contracts
increased by 24%, driven by spikes throughout September. In the
decentralized finance (DeFi) space, while total value locked (TVL)
in USD dropped 18% QoQ, the TVL in HBAR rose 9%, suggesting that
the decline in USD value was primarily due to HBAR’s price
depreciation rather than capital outflows. As the network prepares
for Q4, Messari forecasts an increase in circulating supply by
approximately 287 million HBAR, primarily aimed at fostering
ecosystem development and supporting open-source projects. HBAR
Price Outlook HBAR, currently trading at $0.069, has shown
relatively flat price action as it enters the fourth quarter,
especially when compared to major digital assets like Bitcoin (BTC)
and Ethereum (ETH). Over the past week, Bitcoin has gained
24%, while Ethereum has surged by 31%. In contrast, HBAR has seen a
more modest increase of 17%. Despite this recent uptick, HBAR
remains 90% below its all-time high of $0.5692 reached in September
2021. This stark contrast becomes more pronounced as Bitcoin
achieves new all-time highs for four consecutive days and Ethereum
approaches its peak. Related Reading: Ethereum Could Be Set To
Explore New Highs As On-Chain Metrics Light Up Looking forward,
HBAR faces three critical resistance levels that could hinder its
upward momentum as the broader market appears ready to push
higher. Having recently broken out of a consolidation phase
between $0.047 and $0.062, HBAR’s first major resistance is at
$0.078, a level that has acted as a barrier for the past four
months. Should the Hedera token overcome this initial hurdle, it
will then encounter additional resistance at $0.092 and $0.118,
corresponding to the six-month and eight-month resistance levels,
respectively. If HBAR can maintain its upward trajectory and
break through these key resistance points, it may inch closer to
its previous all-time highs, especially if the gains seen in key
metrics in Q3 continue and translate into further price action.
Featured image from DALL-E, chart from TradingView.com
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