In a historic development for the tokenization of real-world assets, the price of Hedera (HBAR) rose by a staggering 100% in 24 hours.
This notable appreciation occurred when BlackRock, the world’s largest asset manager, announced the tokenization of its US Treasury money market fund on Hedera, in collaboration with Archax and OwneraIO.
Hedera Advances
This integration of traditional finance (TradFi) with Hedera’s blockchain technology marks an important milestone, highlighting the network’s ability to attract institutional-grade projects due to its high speed, robust security and low fees. The expansion of Archax’s tokenized money market fund offerings has played a key role in enhancing the range of financial instruments accessible to institutional clients.
“The addition of tokenized MMF shares to Hedera, made possible by Archax, is a huge vote of confidence. Hedera’s unparalleled speed, security, and low-cost infrastructure are ideal for the institutional-grade tokenization of real-world assets made possible by Archax.” Shayne Higdon, CEO of The HBAR Foundation, commented.
With this move, Hedera not only demonstrates its growing relevance in the financial sector, but also confirms investors’ confidence in the network’s ability to handle significant financial instruments.
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As Hedera continues to facilitate the integration of blockchain into mainstream finance, HBAR’s price movement underscores the market’s enthusiasm for innovation and institutional adoption in the crypto space.
HBAR rises to the Top 30 crypto
Following the announcement, HBAR recorded an impressive 100% price increase. The token reached a high of $0.18, its highest value in two years, before entering a correction. Currently, the price is at a 57% gain on the day.
Furthermore, the altcoin’s total market capitalization currently stands at $4.7 billion. The rapid increase in price saw the asset rise to the top 30 list, currently at position 26. It is also worth noting that the announcement caused HBAR’s trading volume to rise to a staggering $2 billion at a time when this article was written.
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This makes it the fourth highest volume traded altcoin (excluding stablecoins), behind Bitcoin, Ethereum and Solana.
On the daily chart, HBAR appears to be witnessing a price correction following the impressive price rise. The price is testing daily support around the $0.13 area in line with the 0.5 Fibonacci retracement. This could represent a notable area for buyers to return to the mean.
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The $0.18 to $0.20 area also represents a strong resistance level. If this level is reversed, the price could be driven towards its all-time high. Lastly, a correction below $0.125 would likely see the correction continue for the next few days.
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