Hedera popularly known as HBAR, has lately been drawing attention in the world of cryptocurrencies. An influencer from the crypto-sphere recently asserted that this digital currency is poised to cement its position among the top 10 in the industry.
HBAR’s Position In The Upcoming Bull Market
Classy Crypto, a crypto-focused YouTube channel, hosted a discussion where the anchoring influencer laid out his reasoning, foreseeing HBAR’s substantial ascent in the near future. According to the host of Classy Crypto, HBAR is not just positioned to rise but is also primed to become one of the biggest beneficiaries in the anticipated bull run.
Related Reading: HBAR Token Scores Impressive Gains As Major Cryptos Nosedive
The host noted that one factor driving this optimism is the forthcoming Bitcoin and Ethereum Exchange Trust Funds (ETFs). As these ETFs come into play, they are expected to usher a wave of institutional investors into the crypto sphere.
However, the influencer argues that the initial attraction toward giants like Bitcoin and Ethereum would eventually pivot. Investors, after their primary foray, would likely explore alternative digital assets.
These alternatives, which the host referred to as “pseudo-centralized currencies” offering distinct use cases, especially those with tracking capabilities, would then become the focal point. Hedera, with its tracking features, according to the host, could potentially emerge as a leading contender in this narrative.
Hedera Offerings And Market Dynamics
Diving deeper into Hedera’s offerings, the Classy Crypto host highlighted the consensus service of the platform. The host emphasized that this plays a significant role in tracking and catering to rising global demand.
Additionally, in the backdrop of an evolving global political scenario, solutions like Hedera’s are anticipated to gain traction, given their ability to address large-scale issues.
The host noted:
Hedera has a consensus that does a lot of tracking and it’s great for the environment which is an increasingly large issue in our world political scene.
Furthermore, beyond these specifics, the influencer also shared a broader market perspective. He envisions a major market breakout before the culmination of 2023. This momentum is likely to carry forward into 2024, heralding a significant bull run.
One pivotal point he made pertained to the Layer 2 blockchains prevalent in the market. A realization among investors that many of these platforms might not support sustainable transaction sizes could direct focus towards Hedera.
Particularly, its attributes, including fixed gas fees and the avant-garde Hashgraph technology, might just provide the edge it needs, according to the host.
Over the past 24 hours, HBAR has traded in the red, down by nearly 5%. The asset currently trades at a price of $0.058, at the time of writing.
Featured image from iStock, Chart from TradingView