Hedera (HBAR) experienced a remarkable surge of over 11% in the past 24 hours. As a result, it has now surpassed Stellar (XLM) in market capitalization. This sudden rally positions Hedera as a key player in the thriving altcoin market.
Market Insights on HBAR’s Performance
Mati Greenspan, founder of Quantum Economics, expressed his views during an interview with CryptoNews. He remarked, “HBAR has been leading the bull run. The technology is not only progressing with key milestones, such as quantum resistance, but Hedera has also secured significant partnerships with NVIDIA, Intel, and SpaceX.”
What Is Hedera (HBAR)?
Hedera (HBAR) operates as a public distributed ledger technology (DLT) platform. A council of global companies, including Google and IBM, oversees its governance. Furthermore, Hedera employs the Hashgraph consensus mechanism, which delivers speed, low costs, and scalability. The network also stands out for its efficiency and minimal environmental impact. For example, UK hospitals utilized Hedera during the Covid-19 pandemic to regulate vaccine temperatures effectively.
HBAR Surpasses XLM and DOT
Recently, Hedera’s growth pushed it past Stellar (XLM) and Polkadot (DOT) in market capitalization. Now, Hedera boasts a market cap of £11.7 billion and ranks 16th on CoinMarketCap.
Both Stellar, which focuses on cross-border payments, and Polkadot, known for blockchain interoperability, have long been key players in the crypto space. However, Hedera’s latest rise underscores its growing dominance. It is now solidifying its position as a top-tier blockchain network.
Conclusion: Hedera’s Growing Influence
HBAR’s recent achievements highlight its increasing influence in the cryptocurrency market. As Hedera continues to advance its technology and form strategic partnerships, its market presence is expected to strengthen further. Therefore, this development positions Hedera as a leader among altcoins.
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