- Price of Hedera (HBAR) spiked 14% to reach its 4-month-high.
- The maximum price surge led HBAR to attain the 13th-largest daily trading volume.
- HBAR is now added as a payment option in the US Federal Reserves’s FedNow via Dropp.
The native token of the Hedera blockchain, HBAR, records the highest surge in trading volume and price in the last 24 hours. According to TradingView, Hedera (HBAR) rose 14% to hit its 4-month-high of $0.0726 on the largest crypto exchange Binance.
Notably, a massive volume surge propelled HBAR to advance as the cryptocurrency with the thirteenth largest daily trading volume. The altcoin surged over 1185% in the last 48 hours to attain a maximum daily trading volume of $308.6 million. As per CoinMarketCap data, the circulating 32.96 billion HBAR, 65.92% of the total supply, stood with a market capitalization of over $2,368,937,102 at press time.
FedNow — the Reason Behind The Price Surge?
The reason behind HBAR’s commendable 24-hour price gain is associated with a crypto-positive integration in the US banking sector. Fed Now, the Federal Reserve’s instant payment service, has enlisted Dropp, a micropayment service for small value transactions, as its service provider that helps it to harness the Hedera blockchain technology.
The official blog stated that this is enabled at retail-level payment services for daily purchases and others. Notably, in its payment options, Dropp supports Hedera (HBAR), the stablecoin USD Coin (USDC) and USD. This integration turned out to be the catalyst for the bullish surge in HBAR.
Moreover, Dropp’s integration with high throughput and low latent distributed ledger technology makes it compatible with storing, transferring, and initiating other related NFT transactions. Additionally, it provides functionality support including customer credit transfers, requests for payments (RFPs), and also liquidity transfers.
