The native token of Hedera Hashgraph, one of the strong contenders in the decentralized finance (DeFi) space, has come out as one of the largest gainers amidst the current crypto market recovery. Hedera price has risen by 21.2% in seven days and 41.8% in two weeks according to data from Coingecko.
While this may be easily associated with the current crypto market recovery, the sharp price surge is by far more than just a normal price recovery. Invezz has dived deep into the forces behind the Hedera (HBAR) price surge and here are the findings.
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Why Hedera price is rising
Being one of the main contenders within the DeFi industry, Hedera boasts of some of the best metrics in the industry. According to a recent analysis by NCOfficial, the Hedera ecosystem boasts more than 5,500 transactions per second (TPS), way more than what Ethereum can currently handle even after migrating from Proof-of-work (PoW) to Proof-of-stake (PoS) consensus mechanism.
The high Hedera TPS has attracted a lot of investors, especially within the DeFi space to Hedera thus increasing HBAR utility and thus contributing to the Hedera price rise.
Another driving factor is the expanding realm of NFT within the Hedera Hashgraph ecosystem. A major breakthrough in this field was a partnership between Hedera Hashgraph and LG last year for an Art Lab, as LG ventured into the metaverse.
On January 10 this year, the LG Art Lab was honoured as a recipient of the Innovation Awards at the 2023 Consumer Electronics Show (CES) marking a major breakthrough and driving the usage of the Hedera ecosystem in the long term.