Hedera Hashgraph (HBAR) is on a bullish trajectory currently with the coin has increased by 8% during the past twenty-four hours. One of the reasons why the HBAR token is surging is because of a recent tweet from Tesla CEO and billionaire investor Elon Musk. Musk tweeted an italicized “h” which is also Hedera’s official logo. In response to the tweet, the network replied with “same”. This has led to a Twitter frenzy with holders speculating that the billionaire investor may soon turn towards HBAR.
Moreover, a recent proposal HIP-338 has also been approved by the community. The new proposal is geared towards creating a decentralized and highly scalable ecosystem for Hedera Hashgraph’s wallets. Currently, InvestorsObserver has given Hedera Hashgraph a risk rating of medium which means that the token can be expected to be volatile but in a sustained range. The risk rating also indicates that the price is somewhat immune to manipulations right now.
Price movements
The cryptocurrency had been on a steady downturn in the weekly timeframe but the current price movements suggest a trend reversal. At the time of writing, the cryptocurrency stands at a price level of $0.23. The daily trading volume has also increased by 70%. HBAR is the thirty-second largest cryptocurrency in the market with a capitalization of $4.2 billion. The bullish break has been caused by the positive developments on the network and the community is strongly bullish on HBAR right now. The future outlook of the token is also bullish. According to the estimates of PricePrediction.net, Hedera Hashgraph is expected to start the next year with a price of $0.69 and possibly reach above $2 in five years.
Why Hedera Hashgraph?
Hedera Hashgraph is one of the most solid projects in the cryptocurrency market. Last year, the token surpassed the transaction number of Ethereum which further solidified its position. Moreover, the network possesses the capabilities to process more than 100,000 transactions in just a second, and with the scalability issues facing the broader cryptocurrency market, this is highly valuable. If HBAR is able to turn its theoretical potential into practice, the network will gain prominence over leading traditional payment systems like Visa.
Hedera Hashgraph has also been regarded to be one of the most environmental-friendly cryptocurrencies due to its Proof-of-Consensus model which guarantees higher scalability along with decreased energy consumption. The network also regards the HBAR token to be the world’s greenest cryptocurrency.
