- Cryptocurrency traders embrace HBAR with over $3 billion in daily trading volume on spot.
- Elon Musk’s next space mission in January 2025 will be one that runs on Hedera’s chain.
- HBAR price has broken its historical bearish trend, Aroon indicator suggests.
News of a major partnership between SpaceX and Hedera Hashgraph surprised the market, with the chain’s native altcoin hitting a new yearly high. After a half-year bear market for HBAR, the altcoin broke above $0.1552 for the first time since April 24, 2024, when BlackRock’s money market fund (MMF) was deployed to Hedera’s distributed ledger.
HBAR is headed for a space adventure, according to sources familiar with the matter. SpaceX plans to launch a satellite in January 2025, which will include a variety of blockchain-based features, including cryptocurrency transfers. Meanwhile, HBAR surged 160%, with several other factors contributing to the altcoin’s rebound.
Is HBAR really ready for space travel?
The news first broke on Swiss TV when Cardano (ADA) founder Charles Hoskinson visited Musk’s SpaceX headquarters. Hoskinson, a member of the Decentralized Recovery Alliance (DeRec), said the Hedera-based satellite aims to redefine payments on Earth and across space, making it pivotal for the eventual colonization of Mars.
The idea for such a satellite, which would process cryptocurrency transactions from orbit via HBAR, comes three years after Musk expressed support for widespread hash ledger technology, an operating method pioneered by Hedera.
Musk’s Department of Government Effectiveness (DOGE) team is considering Hedera Hashgraph to host the 47th US presidential election and has been discussing the matter with Donald Trump in recent meetings.
Will Hedera’s HBAR price drop to $0.50?
Hedera’s native altcoin HBAR’s all-time high of $0.569 was secured three years ago. Hedera’s unique technology was prized by tech giants such as Google and Microsoft prior to its deal with SpaceX, but altcoins on the chain had retraced more than 90% from HBAR price peaks until recently.
HBAR achieved a significant breakthrough on November 15, 2024, when the altcoin price broke a long-term downtrend and remained above $0.065. This is illustrated by the bottom picture of the chart above, where the golden line of the Aroon indicator crosses the blue line, occupying rising territory. HBAR is currently trading at $0.13697.
According to cryptocurrency trading theory, a gold upward crossover is bullish. This breakout was cemented by a 24-hour volume of $3,044,905,050. In fact, the massive daily trading volume further increases HBAR’s relevance beyond major brand partnerships. HBAR is known for its ultra-fast transactions, capable of processing 10,000 transactions per second, far outpacing Bitcoin (BTC) and Ethereum (ETH).
On the flipside
- As of publication time, Hedera’s HBAR cryptocurrency is down 4% after hitting a half-year high of $0.1552 yesterday, but market watchers remain bullish on the long term.
- cryptocurrency expert see HBAR is above $1 because Brian Brooks, a prominent executive of the Hedera Foundation, is the leading candidate to replace current SEC Chairman Gary Gensler.
Why This Matters
In anticipation of a better regulatory environment for blockchain technology, this collaboration on blockchain-based satellites could have pivotal results in research into future human life on Mars.
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