Any serious fintech protocol that seeks to solve the most difficult problems in finance or data transmission must aim for real-world adoption and integration of blockchain technology.
Hedera Hashgraph is a public network that utilizes a distributed ledger technology called Hashgraph to increase its scalability as well as lower transaction costs.
Chart for HBAR/USDT 4 hours Source: TradingView
Two major reasons for the recent increase in HBAR are a growing number of ecosystem partners and the addition of NFT minting capabilities.
Hedera Partnerships expand HBAR’s accessibility
The Hedera partnership program, which is an offshoot from the Hedera community, aims to bring more Hedera technology partners, integrators and enterprise applications onto its blockchain.
Scrolling through the Twitter feed of the project reveals that new partners were attracted to the program, including the London School of Economics and Political Science and Indian Institute of Technology Madras.
Recent announcements of partnership include collaborations between Fobi, Dropp and Filecoin. A $200,000 grant project has been launched in conjunction with Hedera to support Web3 interoperability.
Related: Indian university joins Hedera’s decentralized governance council
Hedera Network welcomes NFTs
The introduction of NFT (nonfungible token) minting capabilities on Hedera has been the second reason for excitement.
The latest release of Hedera Service Code v0.17.4 on mainnet includes updates to the Hedera Token Service: NFTs Custom Fees (including NFT royalties) Metadata standards for tokens Release notes: https://t.co/UzUbXtwCcxhttps://t.co/9nDv5a6c7v
— Hedera Hashgraph (@hedera) September 2, 2021
NFT has been one the most popular trends in 2021. While prices and trading activity have fallen significantly since August’s highs, it is expected that the sector will continue to grow in the near future.
VORTECS(tm), data from Cointelegraph Markets Pro, began to detect a bullish outlook on HBAR on September 4, before the recent price increase.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is derived from a combination data points, including trading volume, market sentiment and recent price movements, as well as Twitter activity.
VORTECS(tm), Score (green), vs. the HBAR price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for HBAR climbed to the green zone on September 4th and hit a peak of 72 just 72 hours later. Its price then increased 147% in the following seven days.
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