Hedera (HBAR) price saw a 10% increase over the last 24 hours, rising above $0.14.This boom comes after Canary Capital HBAR ETF was started on Vanguard, which generated positive investor expectations.
The entire cryptocurrency market also saw a significant increase, increasing by 7.18% over the same period.
Why Is Crypto Market Surging?
The general crypto market rebound follows a massive breakout, and it is an indicator of renewed trust in digital assets. The price of Bitcoin broke the barrier of over $90,000 when the U.S. Federal Reserve ceased its quantitative tightening (QT) policy.
This policy change eliminated one of the main points of pressure in regard to liquidity. It also increased the expectations of lower interest rates, which increased the demand of alternative assets such as Bitcoin.
Ether was also doing well since it is still over $3,000 following its recovery. Other popular cryptocurrencies, such as Solana (SOL), Cardano (ADA), and XRP, however, registered a similar positive pattern.
This market-wide optimism favored Hedera especially. With the crypto market regaining ground, the stock of Hedera is still feeling the effect of this optimism.
Canary Capital Launches HBAR ETF on Vanguard’s Platform
Canary Capital has also introduced its spot HBAR exchange-traded funds (ETFs) on the platform of the Vanguard Group. This is a huge milestone since the first exchange-traded fund to gain exposure to Hedera native cryptocurrency, HBAR, is offered by a well-established investment management company.
HBAR ETF enables investors to obtain exposure to cryptocurrencies with the help of traditional brokerage accounts. It avoids the necessity to connect with crypto exchanges or digital wallets. Hedera is a decentralized public network based on the hashgraph consensus mechanism of transactions. HBAR is the native means of fee payment and staking in the network.
Canary Capital, the provider of cryptocurrency-related ETFs, is assisting investors in investing in digital assets through the usual investment account. This introduction is an indication of increased institutional desire in the regulated cryptocurrency products. It also illustrates a growing interest among conventional finance companies to provide their customers with digital asset solutions.
Will HBAR Price Rally To $0.17 Soon?
The HBAR price surged to $0.14384, marking an impressive 10% increase over the past 24 hours.
The MACD indicator of the chart shows a positive crossover that indicates that it will bring about additional gains. The orange signal line has been overtaken by the blue MACD line, which means that the momentum is shifting to the buyers. Moreover, the histograms below the zero line are becoming green, which represents the growing bullishness.
Source: HBAR/USDT 4-hour chart: TradingviewBullish momentum might further cause the price of Hedera to skyrocket to as high as $0.15, or even to the level of $0.17. Nonetheless, when bears assume control, there may be a pullback to $0.13, and a lower price level may be experienced in case the support level does not hold.
Source: https://coingape.com/markets/hedera-price-surges-10-after-canary-capital-hbar-etf-goes-live-on-vanguard/
