According to data from CoinMarketCap, the price of Hedera (HBAR) has surged by over 24% after announcing itself as a service provider for the FedNow system.
Hedera (HBAR), currently the 30th largest cryptocurrency in the market by market cap, ranks as the second best-performing cryptocurrency over the past 7 days.
The price of HBAR has gained 14,8% daily and 24,7% weekly after announcing its relationship with the United States Federal Reserve Bank, the FED.
According to data from cryptocurrency price monitoring platform CoinMarketCap, HBAR is trading at around $0,074 per unit, its best price since last February.
Source: CoinMarketCap
Hedera Hashgraph’s market cap is currently $2.440 billion, ranking it as the 30th most capitalized cryptocurrency in the market.
Likewise, the rise in the price of HBAR has been driving the interest of cryptocurrency traders, who have A total volume of $290 million was traded on HBAR in the last 24 hours, which represents an increase of 198% compared to the previous day's trading volume.
What is causing the price of HBAR to rise?
This week, the Fed added Hedera Hashgraph to its list of service providers. Specifically, The Federal Reserve integrated support for Dropp, a micropayment service platform that is based on the Hedera public ledger, as a service provider.
The FED's move is part of the development of its new system of instant payments and transactions fednow, which was launched in late July to streamline the current US payments system while driving innovation in the country.
Source: CoinMarketCap
In addition to HBAR, memecoins are also among the top gainers in the crypto market this week. The tokens PEPE and SHIB have gained 23% and 13%, respectively; while TON reflects a weekly gain of 21%.
However, the cryptocurrency with the biggest gains this week is RUNE, up more than 60% in the last 7 days.
What is Hedera Hashgraph?
Hedera Hashgraph is an open-source distributed public ledger that uses the Hashgraph consensus algorithm to ensure scalability and speed in transactions, allowing it to offer users affordable costs.
La nature The Hedera network enables fast and highly secure applications and services, as well as smart contracts that are compatible with the Solidity programming language used by the Ethereum network. Hedera also enables the native tokenization of assets and the creation of decentralized applications or DApps tailored for payments, institutional and enterprise use cases, DeFi, NFTs, digital identity, Web3, and much more.
Continue reading: Dell Technologies has joined Hedera's governing council
