HBAR To Hit $100? Analyst Points To Utility And Market Cap Potential

Christian Encila

Last Updated: December 10, 2024 12:30 pm

3 mins read

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Hedera’s native cryptocurrency, HBAR, has garnered the interest of investors and cryptocurrency aficionados due to its remarkable recent performance and increasing prominence in the blockchain sector.

Hedera’s HBAR token, supported by major technology companies like Google, IBM, and Boeing, has the potential to revolutionize decentralized finance. In the preceding month, HBAR has ascended by 430%, attaining a new peak of $0.392 and elevating its market capitalization to nearly $13 billion.

Despite some skeptics, analysts believe a $100 price tag for HBAR is within the realm of possibility, although it would require substantial growth in both market capitalization and real-world adoption.

🌐 COULD $HBAR HIT $100? THE CASE FOR AN INSANE RUN-UP

The crypto space is finally waking up to what Hedera Hashgraph and $HBAR bring to the table. But can $HBAR realistically hit $100? We think so—and here’s how it’s entirely feasible based on math, market cap, and real-world… pic.twitter.com/zGtCN2EmU0

— Block Axis (@BlockAxis) December 8, 2024

HBAR Growth Potential

HBAR’s rising trend is predominantly linked to its standing within the wider cryptocurrency market. For the network to attain a price point of $100, it would require a market value of $5 trillion, analysts said.

Although it may appear improbable, the potential of HBAR to penetrate the $110 trillion global stock market and the even larger derivatives market appears increasingly credible when examined closely.

Tokenized assets, supply chain management, and decentralized finance represent pivotal domains where Hedera’s blockchain may generate value. The capacity to implement these applications at scale, along with backing from prominent corporations, positions HBAR as a formidable competitor in the blockchain arena.

HBAR market cap currently at $11.2 billion. Chart: TradingView

Essential On-Chain Metrics

Hedera’s latest on-chain statistics show a mix of opportunity and challenge. Growing user engagement has led to a peak in on-chain volume at $68 million on December 3rd.

Although that was an increase, still, the Total Value Locked on the network decreased from $211 million to $196 million. This decline indicates that while the network is active, investment in decentralized finance (DeFi) applications may be waning, or investors are reallocating funds elsewhere.

Institutional Support

Hedera is very distinct from many other cryptocurrencies based on the involvement of various leading, established companies, which are represented in its governing council.

This lends HBAR a strong credibility boost over other decentralized tokens. As long as Hedera gets at least a fraction of the industries that these firms are associated with, demand for HBAR could skyrocket.

To achieve the ambitious $100 aim, Hedera must concentrate on enhancing its ecosystem and persistently drawing developers and enterprises to construct on its platform. A crucial aspect of this will be guaranteeing scalability, as Hedera can process 10,000 transactions per second. The scale, along with minimal transaction fees, renders it a particularly appealing choice for global adoption.

Although the $100 price objective may appear ambitious, Hedera’s robust fundamentals and cutting-edge technology, supported by prominent industry figures, render it a project worthy of attention. Should the market persist in adopting decentralized finance and tokenized economies, HBAR may experience significant growth in the forthcoming years.

Featured image from Pixabay, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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