- Hedera’s value surged after Canary Capital’s spot ETF filing boosted investor confidence.
- HBAR’s trading activity spiked, signaling growing market interest and enthusiasm.
- Analysts foresee further gains for HBAR amid optimism surrounding the ETF proposal.
Hedera Hashgraph (HBAR) surged 37.67% to $0.1187 after Canary Capital filed for an HBAR ETF with the SEC. This move signals growing investor interest and confidence in HBAR’s future growth.
With its market capitalization now at $4.47 billion and trading volume up 32.93% to $1.23 billion, HBAR’s performance reflects growing investor interest and confidence.
Canary Capital’s HBAR Spot ETF
The price surge coincides with Canary Capital’s filing of an S-1 registration statement with the SEC for a Hedera spot ETF. This proposed fund intends to directly hold HBAR without utilizing derivatives, futures, or other financial instruments, providing pure exposure to the cryptocurrency.
According to the filing, the ETF intends to increase the value of HBAR as the native token of the Hedera network.
The application has sparked optimism, with speculation that the current U.S. administration may be more likely to approve such funds.
Strong Market Momentum
HBAR’s market activity has been dynamic. The cryptocurrency’s trading volume-to-market capitalization ratio reached 26.09%, reflecting heightened trading interest.
The price chart shows a steady upward trajectory, starting at approximately $0.086 and peaking at $0.1187. The sharp increase occurred this morning, driven by growing speculation and momentum.
Source: CoinMarketCap
Additionally, technical indicators support this bullish trend. The MACD shows a bullish crossover, while the RSI stands at 87.81, placing the asset in the overbought zone.
Source: TradingView
Analysts Anticipate Continued Gains
Crypto analyst Maverick highlighted HBAR’s upward potential. He predicted the asset could reach its year-to-date high of $0.1813, an 182% increase from its current level. Maverick attributed this potential growth to increasing trading volumes and optimism surrounding the ETF application.
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