Hedera Hashgraph blockchain’s cryptocurrency HBAR witnessed a 35% spike in its value in the last 24 hours leading up to November 18, which made it the top 30 cryptocurrencies as the week began.
HBAR's rise to fame can be attributed to its decentralized applications (dApps). But this recent Hedera price rise is due to SEC reshuffling. The coin's market capitalization has touched $4.25 billion courtesy of this 35% price gain.
This resulted in HBAR making a whopping 100% surge in the last 7 days which added more than $2 billion to the token’s value. This altcoin emerged as a top performer as Canary Capital filed for a spot in HBAR ETF earlier last week.
This Hedera price rally comes at a time when the Donald Trump administration is trying to improve the US regulatory landscape. The spot HBAR ETFs are likely to drive the investors' interest in the altcoin as traders expect increased liquidity.
The most hopeful part of the Hedera surge is it caused a 115% jump in the trading volume of the token which crossed $1.51 billion. In just 24 hours, traders purchased over $1 billion worth of HBAR tokens.
At present, Hedera is following an upward trend which is testing resistance levels at $0.1331, $0.1372, and $0.1562. Once the altcoin breaches these resistance levels it will rally further.
Crypto analysts like Captain Faibik have pointed out that a breakout is near for the token which has formed a symmetrical triangle pattern on the weekly price charts. This indicates a strong bullish trend with a long-term target of $1.
Reports of Hedera Hashgraph board member Brian Brooks in the face of the next US Securities and Exchange Commission (SEC) chairman have further spiked the price. If this happens then it will provide the crypto world, especially the HBAR community a massive edge as Brooks is well-recognized in the field as someone who understands the industry.
The Hedera board member also served as the CEO of Binance US in the past. He was earlier chosen by Donald Trump to be the Comptroller of the Currency in the 116th and 117th Congress.
Now, the Trump administration is considering him for the SEC chairmanship as many crypto industry experts view him as a key figure in the US crypto regulatory landscape.
At the time of writing, Hedera was trading at $0.1416, up 26.47% in the last 24 hours while its market capitalization rose to $5.35 billion and trading volume gained 114.54% to be at $3.36 billion.