The broader crypto market has recently experienced relatively low levels of volatility. It remains to be seen whether this reflects investors’ belief that most of the macro news that has already hit markets has been factored in. However, with most tokens trading flat today and the overall market dropping only 0.3% at the time of writing, many investors are focused on tokens that are making unexpected swings.
Hedera Hashgraph (HBAR -0.26%), one such token that meets this criteria today, is one example. Hedera, the world’s 36th-largest cryptocurrency by market value, has risen 6.2% in the previous 24 hours as of 1:30 p.m. ET. This is the biggest gain of any cryptocurrency today.
It’s possible that recent rumors that Hedera has witnessed a surge in developer interest in its enterprise-grade network are what prompted this shift. According to Sentiment statistics, Hedera is presently third in terms of development efforts, after Polkadot and Cardano.
So, the competition for developer expertise to build up decentralized apps on Layer 1 networks such as Hedera has begun. The fact that a large number of people are opting to use this blockchain that is lesser-known (but significant) is something that merits more investigation. I plan to take a thorough dive into this blockchain project in the future. This move has grabbed my curiosity.
Hedera’s concept is straightforward. Hedera, through an open-source network, allows developers to fight for the opportunity to build decentralized apps, with users competing for transactions on this network. Some sort of competitiveness might spark the curiosity of a specific personality type, making this network, to say the least, fascinating.
On days like today, when broadly pessimistic sentiment reigns supreme over any signs of positive triggers on the horizon, upward surges like the one saw in Hedera are noteworthy. This is a crypto project I have yet to really investigate, but I want to do so based on what looks to be rather substantial demand for these coins.
In difficult circumstances, the ventures that already stand out have a tendency to receive even more attention. Today, Hedera looks to be in this situation.
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