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Decoding HBAR’s latest hike – Market FOMO or is something else going on here?

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HBAR surged by nearly 9x over the past month, driven by high market interest and trading volumes. Will the uptrend continue?

The key driver behind HBAR’s 9x pump has been massive market interest, which quickly pushed trading volumes beyond its 2021 peak.The hike in market interest also spurred social volume, with the same reflected in the trading volume. HBAR’s trading volume hit an ATH of $7.42B, eclipsing March 2024 and 2021 peaks.

In 2021, the trading volume peaked at $1.31B, while March 2024 hit a record of $2.84B. That’s nearly 3x in trading volume.Here, it’s also worth noting that rumors of President-elect Donald Trump picking Brian Brooks, a Hedera board member, as SEC chair also fueled the rally.Paul Atkins for the job, Brooks’ name has tipped the scale for the altcoin. HBAR soared by 63% this week after his name was floated as a potential successor to Gary Gensler.

In 2021, HBAR stalled at the level and retraced to $0.2 before climbing higher to $0.57. Hence, the question – Will this trend repeat itself?Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.Subscribe to get it daily in your inbox.

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