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- The price of Hedera (HBAR) increased by 14%, reaching its highest point in four months.
- This significant price increase enabled HBAR to achieve the 13th-largest daily trading volume.
- HBAR has now been incorporated as a payment method in the US Federal Reserve’s FedNow through Dropp.
The native cryptocurrency of the Hedera blockchain, HBAR, has experienced the most substantial increase in both trading volume and price over the past 24 hours. As reported by TradingView, Hedera (HBAR) surged by 14% to reach a four-month peak of $0.0726 on the leading cryptocurrency exchange, Binance.
Importantly, a significant surge in volume allowed HBAR to rise to the position of the cryptocurrency with the thirteenth largest daily trading volume. The altcoin experienced an increase of over 1185% in the last 48 hours, achieving a peak daily trading volume of $308.6 million. According to CoinMarketCap data, the circulating supply of 32.96 billion HBAR, which is 65.92% of the total supply, had a market capitalization exceeding $2,368,937,102 at the time of reporting.
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Hedera (HBAR) 24H Price Chart (Source: CoinMarketCap)
FedNow — The Catalyst for the Price Increase?
The notable 24-hour price increase of HBAR is linked to a favorable integration within the US banking sector. FedNow, the Federal Reserve’s instant payment service, has selected Dropp, a micropayment service designed for small-value transactions, as its service provider to leverage Hedera blockchain technology.
The official blog indicated that this integration is applicable to retail-level payment services for everyday purchases and more. Importantly, Dropp includes Hedera (HBAR), the stablecoin USD Coin (USDC), and USD among its payment options. This integration has proven to be a driving force behind the bullish momentum of HBAR.
Furthermore, Dropp’s integration with high throughput and low latency distributed ledger technology enhances its capability for storing, transferring, and initiating various related NFT transactions. It also offers functional support for customer credit transfers, requests for payments (RFPs), and liquidity transfers.
