Why Is Hedera (HBAR) Price Skyrocketing Today?

Many bullish news from Coinbase and President-elect Donald Trump have fuelled Hedera (HBAR) price to a high of $0.3988 today. Marking a notable 12% increase in a day, HBAR is just around 10% shy away from its all-time high of $0.4323, marked in 2021.

What Drives Hedera (HBAR) Price To the Rally?

As of press time, Hedera price is at $0.3796, with a weekly surge of 38.37% and a yearly surge of 30.19%. Ranked at 14 with market cap of $14.53 billion, the token has seen a staggering 111% hike in its 24-hour trading volume to $2.72 billion.

Notably, the surge in Hedera price is driven by crypto exchange Coinbase’s announcement related to HBAR. Earlier today, Coinbase announced the availability of the token for custody on Coinbase Prime. The platform wrote, “Hedera (HBAR) is now available for custody on Coinbase Prime!”

Donald Trump’s New Crypto Presidential Term

The United States’ strategic Bitcoin reserve plan has been a topic of discussion for months, especially following Trump’s speech at the Bitcoin 2024 Conference in Nashville. While Trump’s inauguration is just around the corner, the community’s eye is set on his potential crypto-focused policies. Trump’s Bitcoin reserve strategy and crypto-friendly administration are expected to revolutionize the US financial landscape.

Recent reports reveal Trump’s open to having strategic reserve for crypto including USDC, Solana (SOL), and XRP (XRP). Triggered by the news, the crypto market is signaling a bull run. Along with the surge of these larger tokens, Hedera price is trending on an ascending track.

HBAR Targets a New ATH of $0.57

Following multiple failed attempts, Hedera has successfully broken out of its month-long consolidation below the $0.33 level. An analyst unveils Hedera’s ambitious target of a new ATH of $0.57 as the token has broken past the crucial 0.61 Fibonacci level.

According to the analyst, a rally to the 0.78 Fibonacci level at $0.46 is highly likely if the daily candlestick closes above $0.37. A surge above the $0.46 mark could propel the price directly to the new ATH.

Trump’s Presidency To Reshape Crypto Trends

Experts keenly await Trump’s presidential inauguration and his second term. Many believe that the first 50 days could determine Bitcoin’s growth in 2025. Bitget CEO Gracy Chen stated,

The crypto market’s expectations for his inauguration and first steps as president are extremely high, which is confirmed by the sensitivity of crypto market prices to statements and appointments made by him in the fourth quarter of 2024.

Meanwhile, HBAR is also setting its way to new high levels. As analysts predict a continued rally for the token, Hedera’s future looks bright. With a potential new ATH on the horizon, investors are eagerly awaiting HBAR’s next move.