Hedera is a strong competitor in the DeFirange as it has some of the best metrics in the industry. After current analysisthe ecosystem reached 5,500 transactions per second. TPS is used to compare DeFi projects against each other. So far, Hedera beats Ethereum in terms of average transactions per second.
The area of NFTs is also expanding for the Hedera Hashgraph ecosystem. It was only last year that the network achieved one partnership with LG for their Art Lab, the company’s foray into the Metaverse.
With a complete and detailed roadmap for development, HBAR’s price increases could be a continuous wave for the ecosystem to ride.
5,500+ MAX TPS achieved
Wow the BEAST woke up 😤$HBAR will shock the world very soon this is ONE enterprise use case imagine 5, 10, 20 you get the picture. #HBAR #Hedera #HBARbarians pic.twitter.com/cWpWgiLa3m
— Nick | Crypto Crusader (37K) (@NCashOfficial) January 16, 2023
External developers push Hedera forward
At the Consumer Electronic Show, or better known as CES, LG announced plans to extend its reach to Web3 with Hedera. According to reports, the company would use the network-based crypto wallet Blade wallet.
the Wallet is said to be the only crypto wallet that has been third-party audited, making it one of the safest in the industry. Featuring LG’s Art Labs to win an award at CES this year, we can expect more external developments for the network that will drive long-term usage for the ecosystem.
LG Art Lab was honored with the Innovation Awards at the Consumer Electronics Show (CES) 2023! pic.twitter.com/3xaEQu4ghp
— LG Art Lab (@LGArtLab) January 10, 2023
HBAR: What can happen
Hedera’s native token has tracked the altcoin rally to regain lost ground. When FTX collapsed, HBAR lost more than 35% of its value. When the crypto rally started, the token surged 52% in just 17 days.
dr Leemon Baird, a computer scientist, and Mance Harmon, a technology executive, founded Hedera in 2018. In 2015, they founded Swirds, which later expanded into Hedera, which was eventually renamed Hedera Hashgraph.
HBAR total market cap at $1.3 billion on the daily chart | Chart: TradingView.com
Meanwhile, at its current price of $0.549, HBAR is testing its Resistance from $0.0555, which may or may not break. If the price uptrend resumes, the HBAR bulls should be able to target the $0.0641 resistance to regain lost territory.
Should HBAR, however, at this level one correction exposed, investors and traders could look for support at $0.0506 for the token to maintain healthy bullish momentum.
Image: The Daily Hodl
In the meantime, investors and traders should watch the NFT market and how it reacts to LG’s aggressiveness on its Metaverse project. As the company develops more technology to make NFTs mainstream, using Hedera would draw more attention to the ecosystem, ultimately benefiting HBAR.
Investors and traders should also consider the price movement of Bitcoin watch as the two assets have a high correlation. Overall, HBAR is a good long-term hold for investors and traders.
Featured image by Puracy
Source: Crypto News Deutsch