Many altcoins registered a very bullish trend at the beginning of 2021, although the crypto market prices have retraced significantly from April. However, the current bearish trend cannot be attributed to the altcoins alone since Bitcoin (BTC), the largest cryptocurrency by market capitalization and the most valued digital coin, has also taken a bit of the downfall seems not to spare any cryptocurrency.
HBAR cryptocurrency is one of the altcoins that enjoyed the bullish trend from the beginning of 2021 through to the end of March. As a result, many crypto traders have taken an interest in the digital coin since its blockchain technology shows many prospects of becoming a force to reckon with within the blockchain industry.
We shall look at what HBAR token is, how the blockchain operates functions, its price action, and its price prediction for the remaining part of 2021 and 2022 to help traders evaluate whether the cryptocurrency project is a profitable investment or not.
The Hedera Hashgraph token, commonly denoted as HBAR, is the native cryptocurrency of the Hedera Hashgraph blockchain network. Its current price is $0.1696.
The Hedera Hashgraph cryptocurrency has two roles in the Hedera Hashgraph blockchain. The first role is fueling services like transactions, file storage, and execution of smart contracts, and the second role is securing the blockchain network through staking. HBAR holders stake their HBR tokens to help maintain the integrity of the blockchain platform.
There is a maximum total supply of 50 billion HBAR tokens, and out of these, only 18% (8.95 billion HBARS) are currently in circulation supply, which represent an increase of about 28% since the start of 2021 when the coins in circulation supply were about 14% of the total coin supply.
The Hedera Hashgraph network releases the HBAR tokens in cycles, ensuring that the total coins in supply during the first few years of the blockchain remain below the two-thirds required to hold consensus. Every month, Hedera releases a month detailing how it shall distribute the next wave of HBAR tokens through public reports published on its official website in the HBAR Economics sections (under the HBAR tab) in the ‘What is Hedera’s circulating supply of HBAR?’ question.
According to Hedera’s whitepaper, about 17.03 billion HBAR tokens, about 34% of the total maximum coin supply, will be in the circulation supply by 2025.
Hedera Hashgraph blockchain is a distributed ledger technology that provides individuals and businesses with a platform to create decentralized applications (DApps). It is portrayed as the ‘trust layer of the internet.
Hedera’s founders and the rest of the development team designed it to offer solutions to some of the challenges (e.g., instability and slow performance) faced by most older blockchains like Blockchain and Ethereum.
The blockchain started through an ICO in 2018 and introduced its mainnet a year later in 2019.
HBAR uses a consensus mechanism known as Hashgraph consensus. It involves a rotating governing council that consists of 39 diversified organizations chosen from different industries. This council is the one that is involved with managing and updating Hedera Hashgraph codebase, voting on decisions about the platform, and operating the blockchain’s initial nodes.
Besides the consensus mechanism, the blockchain also uses a proof-of-stake (PoS) consensus mechanism in ensuring that the integrity of the network is maintained and thus ensuring that it is secure. The PoS allows HBAR holders to stake their tokens for this purpose.
The overall security setup of Hedera Hashgraph enables it to achieve an asynchronous Byzantine fault tolerance (ABFT) that guarantees transactions are completed within the stipulated time regardless of whether some data is available or not.
The overall security setup of Hedera Hashgraph enables it to achieve an asynchronous Byzantine fault tolerance (ABFT) that guarantees transactions are completed within the stipulated time regardless of whether some data is available or not. Hedera is the first and only public DLT to use this consensus algorithm, which we believe will be both faster and more secure than other existing public networks.
In a distributed system such as cryptographic ledgers, Byzantine Fault Tolerance (BFT) is the ability of a system to tolerate that an arbitrary number of faulty components fail, inducing the distributed system to commit abnormal behaviors. The Byzantine failure model is a very strict assumption where any faulty or malicious component can make any decision or perform any operation including halting execution, controlling other users’ access to shared resources, delaying messages, replaying old messages, dropping data packets.
The hashgraph consensus mechanism used by Hedera Hashgraph is completely different from the consensus mechanisms used by most blockchains, and it enables Hedera Hashgraph to offer better services in terms of scalability, speed, and cost of transactions.
Hedera Hashgraph can handle over 10,000 transactions per second, which is way far more than what the likes of Bitcoin and Ethereum blockchains can process per second. And while it takes between 10 to 60 minutes for transactions to be confirmed in blockchains like Bitcoin and Ethereum, it only takes 3-5 seconds for a transaction to be confirmed in Hedera Hashgraph.
When it comes to the cost of transactions, Hedera Hashgraph is way cheaper compared to most blockchain networks. Its average transaction fee is $0.0001 per transaction in Hedera Hashgraph, while in Bitcoin blockchain, it costs an average of $22.57 per transaction.
Figure 1. Comparing HBAR blockchain to Bitcoin and Ethereum (Source)
Hedera Hashgraph also has several features that make it a great blockchain for its users, and these include:
When the HBAR coin was first sold to the public through an ICO, the coin price was $0.12 and although the token has gone through had its ups and downs in the market, it still has a positive ROI, which currently stands at 40.2% against the US dollar.
HBAR crypto started trading in September 2019, a year after its ICO was conducted, and it started trading a price that was about half of what it was sold for during the ICO. And as if things were not bad yet, the digital coin value dropped further to trade below $0.03 until the start of 2020, when it made a slight bullish attempt that saw it go above $0.06 though it didn’t hit $0.07.
HBAR maintained a price above $0.03 for the whole of 2020. Then, at the beginning of 2021, the cryptocurrency price started skyrocketing, and the bullish trend continued until mid-March when it hit its all-time high of $0.4495. The coin tried to get past the all-time high price in April to no avail before taking on a bearish trend that has continued till today, as seen in the HBAR chart below.
Figure 2. Hedera Hashgraph price history chart (source)
Although the HBAR price is currently bearish, the digital asset value is still well above the price at which it was sold during its ICO. Experts believe that the coin will turntables (as we shall see in the price analysis section and Hedera Hashgraph price prediction sections below) since the current bearish trend is being witnessed across all cryptocurrencies prices popular coins like Ethereum price, Ripple price, and Bitcoin price.
Both short and long-term technical indicators are suggesting bullishness for the HBAR coin. Check the following data by Tradingview captured in September of 2021.
Also, according to Investing.com, most technical indicators indicate a potential bullish trend in the long term.
Figure 5. HBAR price technical analysis using technical indicators (source)
Figure 6. HBAR price resistance and support levels to watch (source)
The support and resistance level helps to show the expected minimum price and the maximum price that a trader should watch in their Hedera Hashgraph forecast.
According to Wallet Investor HBAR forecast, the token price will continue to drop in the coming days and weeks before the bearish trend turns bullish.
Figure 7. HBAR Price Prediction for Next Days and Weeks according to Wallet Investor
Figure 8. HBAR price prediction for 2021 2022 according to the wallet investor website
The popularity of the HBAR cryptocurrency has risen in the recent past, and its market cap has pushed it to position forty-nine in terms of market capitalization, according to CoinMaketCap.
If a trader thinks that the Hedera Hashgraph crypto project is a good investment and wants to buy the Hedera Hashgraph HBAR digital coin, it would be important to first have a look at the Hedera Hashgraph price prediction to get a clear picture of what to expect to assist you to do your Hedera Hashgraph price forecast the next course of action once you purchase the cryptocurrency.
It is also advisable to seek as much financial advice as possible before investing in any cryptocurrency because of the volatile nature of the cryptocurrency market.
The above Hedera Hashgraph price prediction is for the remaining part of 2021 and 2022. It would also be of great help to traders who are currently holding the cryptocurrency and wondering what to expect with the future price of the cryptocurrency.
This post was last modified on September 16, 2021 9:53 pm
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