According to Messari, the performance of Hedera in the third quarter this year defied the prevailing market mood and is currently witnessing growth not seen on other protocols.
DefiLlama claims that the protocol’s TVL increased by an impressive 137%. For comparison, Hedera’s quarterly network expansion occurred during a period when other networks were contracting.
In addition to boosting the value of its native coin HBAR, this quarterly report also helped it do so in the past few days.
As of this writing, HBAR is trading at $0.060236, down 3.7 percent in the last seven days, data from Coingecko show, Wednesday.
Based on data, we can see that while HBAR’s value decreased on weekly and biweekly timescales, these losses are totally wiped out when looking at the cryptocurrency’s price over a 24-hour period or an entire month. This bodes well for the network’s investor confidence.
Hedera On Solid Footing
Investors and dealers were impressed by the network’s rapid expansion because it ran counter to the existing bear market trend. While comparable networks experienced user declines during the quarter, Hedera saw no such trend.
The report states that the network’s weekly active user base increased from 7,598 in Q2 to 14,601 in Q3. This represented a rise in the metric of 92.2%. More good news in terms of expansion follows.
HBAR’s transfer volumes and overall network fees have also increased. HBAR’s overall transfer volume was up from 42,623,168,658 in Q2 to 53,523,008,558 in Q3, which is a total increase of 25.6%.
From Q2 to Q3, total network fees climbed by approximately 543%. NFTs led the network’s expansion shift. As stated in the report:
“The Hedera NFT sector (a component of the Hedera Token Service) has been an engine of growth for the network. During Q3, NFT active users (+90% QoQ) and transactions (+107% QoQ) each set all-time-highs.”
What To Anticipate In HBAR
Even though the network lags behind Ethereum and Solana in the NFT industry, Hedera could become a big player if its expansion continues.
The price movement of HBAR conforms to a descending triangle pattern. As the price fluctuated between $0.0556 and $0.0671, this might be interpreted as a bullish indicator for investors and traders.
This narrow range affords the coin the possibility of a bullish breakout.
These favorable outcomes will certainly attract more people to invest in the network and token, resulting in a price increase.
HBAR total market cap at $1.3 billion on the daily chart | Featured image from The Daily Hodl, Chart: TradingView.com
Disclaimer: The analysis is based on the author’s personal knowledge and should not be construed as investment advice.