Hedera HBAR/USD soared to the top of the daily gainers list Monday as blue-chip cryptocurrencies traded flat.
What happened: HBAR, the native coin of the Hedera Hashgraph network, rallied 35% in the last 24 hours to hit a seven-month high.
The cryptocurrency’s trading volume more than tripled in the last 24 hours to $3.50 billion, suggesting heightened buying pressure.
The upsurge dwarfed gains made by Bitcoin BTC/USD and Ethereum ETH/USD, as both market heavyweights were up just 1.02% and 1.39%, respectively.
With gains of over 160%, HBAR was the third-best-performing token over the last week.
The rally came as odds of Brian Brooks, an HBAR Foundation board member, being named President-elect Donald Trump’s pick for SEC Chair increased dramatically on prediction platform Kalshi.
Brooks’ odds leapfrogged from 8.6% 24 hours ago to 43% as of this writing.
Another likely bullish catalyst was cryptocurrency asset trading and management firm Canary Capital filing for an HBAR exchange-traded fund (ETF), potentially driving mainstream adoption of the coin.
For the uninitiated, Hedera is a public blockchain network, allowing for the development of decentralized applications on top of it. HBAR lies at the center of the network, helping secure it through staking.
The coin has a market capitalization of $5.70 billion, with a circulating supply of 37.69 billion.
Price Action: At the time of writing, HBAR was trading at $0.1497, up 35% in the last 24 hours, according to data from Benzinga Pro.
Image via Pixabay
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