Hedera Hashgraph (HBAR) is one of the top-performing cryptocurrencies on November 16, 2024, as its price surged to $0.08941, marking its highest level since July 17. The cryptocurrency has gained more than 65% from its lowest point earlier this month, signalling strong market momentum.
Traders and crypto analysts are growing increasingly bullish on HBAR’s prospects. Maverick, a popular trader with over 145,000 followers on X (Twitter), suggested that HBAR’s recent climb is just the beginning. The coin has seen a 27% rise in the past 24 hours, pushing its market cap to $3.35 billion.
Spot ETF Filing Sparks Optimism
One of the key factors driving Hedera’s rally is the growing trading volume and a recent filing by Canary Capital for a spot exchange-traded fund (ETF) based on HBAR.
The filing has created a wave of optimism, with some analysts predicting that the U.S. SEC under President Donald Trump might approve the ETF soon. If approved, this would be the first-ever ETF dedicated to Hedera Hashgraph’s native asset.
The ETF, according to Canary Capital’s S-1 filing, aims to “provide exposure to the value of the native asset of the Hedera Network.” The fund is expected to exclusively hold HBAR, although the filing does not specify a custodian or administrator for the fund.
Growing Institutional Interest
If the ETF is approved, the application is viewed as a significant step toward mainstream institutional adoption of HBAR, potentially enhancing its visibility and liquidity. The introduction of an HBAR ETF could also signal greater confidence in the cryptocurrency market, further fueling bullish sentiments.
Hedera is an enterprise-grade decentralised network that was introduced in 2019 with the goal of enabling strong DApp development while resolving the speed and instability issues with older blockchain platforms. A worldwide council comprising well-known companies like Google, IBM, LG Electronics, and Boeing is in charge of it.
As the price of HBAR continues to rise and new developments unfold, many are closely watching whether the cryptocurrency will maintain its upward trajectory, especially if more institutional products like the HBAR ETF gain approval.