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- The Hedera blockchain network remains a significant network, poised to give traditional blockchains a run for their money.
- The HBAR token continues to benefit from Hedera’s unique value proposition, despite its recent underperformance.
The Hedera decentralized, open-source public ledger is primed to revolutionize the blockchain industry. Hedera is an EVM-compatible Layer 1 blockchain, most known for its speedy transactions and low fees across different crypto ecosystems.
While the traditional blockchain industry takes a different approach to innovation, Hedera is prioritizing security and performance in a different way. The blockchain utilizes the hashgraph consensus algorithm to solve key issues facing blockchain users.
As an official announcement reads;
“Unlike a traditional proof-of-work blockchain, which selects a single miner to choose the next block, the community of nodes running hashgraph come to an agreement on which transactions to add to the ledger as a collective. Through gossip-about-gossip and virtual voting, the hashgraph network comes to consensus on both the validity and the consensus timestamp of every transaction.”
While blockchain like Ethereum and Bitcoin remain major Hedera competitors, the newbie is outpacing them with a capacity to progress as much as 10,000 Transactions Per Second (TPS).
Additionally, the protocol has seen adoption rise, with more than 3.6 million mainnet accounts created since inception. Daily transactions have also repeatedly soared above the 100 million mark.
It is safe to say that Hedera has positioned itself as one of the most promising blockchains in the industry, and is poised to remain in the market for a long time.
HBAR sees a spike in social volume
Meanwhile, the HBAR has been gaining a lot of support from cryptocurrency community members, particularly altcoin proponents. Conversations surrounding the HBAR asset has skyrocketed over the week, especially as fundamental metrics appear to be even more positive.
There has been a decent upsurge in social volume for HBAR. This further strengthens the bullish sentiment for the asset, as it indicates that adoption for the asset is rising as its popularity grows.
It is worth noting that the Hedera blockchain has been a huge adoption driver for the HBAR asset. As crypto influencers and market players highlights the significance of the Hedera network in the blockchain industry, HBAR gains a handful of benefits, including a stronger PR.
Meanwhile , on the technical chart, HBAR seems to have remained stuck in the red zone, as bears remain in control. While the new week kicked off with a handful of altcoin clearing out losses, and returning to the green zone, HBAR is making a slower recovery.
The altcoin has lost more than 3% of its daily gains, resulting in a mild drop from its recent high of $0.05848. Market cap and trading volume has both dropped by 3.50% and 23.16% respectively. HBAR now trades at a press time price of $0.05595. Prices could either continue to decline if selling pressure heightens.
