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Hedera’s native cryptocurrency, HBAR, surged by over 11% in the last 24 hours, overtaking Stellar in market capitalization. This unexpected increase positions Hedera as a significant contender in the altcoin market amid the current bull run.
“HBAR has been performing exceptionally well during this bull run and is a prominent leader in the altcoin sector. The technology is advancing and reaching its developmental goals, including the introduction of quantum resistance, while Hedera has also formed important partnerships recently with NVIDIA, Intel, and SpaceX,” stated Mati Greenspan, founder of Quantum Economics, in an interview with CryptoNews.
What Is Hedera?
Hedera (HBAR) is a project led by American interests, governed by a council of global corporations, many of which are headquartered in the United States, including Google and IBM.
Hedera is a public distributed ledger technology (DLT) platform that employs a consensus mechanism known as Hashgraph, which is designed for high speed, low costs, and scalability.
The Hedera network is recognized for its efficiency and minimal environmental impact, making it a compelling option for organizations seeking sustainable blockchain solutions. During the Covid-19 pandemic, hospitals in the UK utilized the platform to assist in maintaining vaccine temperatures.
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HBAR Overtakes XLM and DOT
HBAR’s recent rise has enabled it to surpass both Stellar (XLM) and Polkadot (DOT) in market capitalization, reinforcing its status as a leading altcoin.
Hedera boasts a market capitalization of £11.7 billion and holds the 16th position on CoinMarketCap, having overtaken Stellar and Polkadot.
Stellar, recognized for its emphasis on cross-border payments, and Polkadot, a frontrunner in blockchain interoperability, have long been regarded as significant players in the cryptocurrency arena.
This achievement underscores Hedera’s growing influence in the crypto market, as it continues to garner investor trust and strengthen its position among leading blockchain networks.
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