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In a landmark development for real-world asset tokenization, Hedera’s (HBAR) price surged an impressive 100% within 24 hours.
This remarkable rally came as BlackRock, the world’s largest asset manager, announced the tokenization of its US Treasury money market fund on Hedera in collaboration with Archax and OwneraIO.
Hedera’s Blockchain Advances: TradFi Integration Spurs Market Growth
This integration of traditional finance (TradFi) with Hedera’s blockchain technology signifies a major milestone, highlighting the network’s ability to attract institutional-grade projects due to its high speed, robust security, and low fees. Archax’s expansion of tokenized money market fund offerings has played a pivotal role in enhancing the range of financial instruments accessible to institutional clients.
“The addition of MMF shares tokenised on Hedera, enabled by Archax, is a huge vote of confidence. Hedera’s unmatched speed, security, and low-cost infrastructure is ideally suited for the institutional-grade tokenisation of real-world assets made possible by Archax.” Shayne Higdon, CEO of The HBAR Foundation, commented.
With this move, Hedera not only demonstrates its growing relevance in the financial sector but also confirms investor confidence in the network’s capability to handle significant financial instruments.
Read More: What Are Tokenized Real-World Assets (RWA)?
As Hedera continues facilitating blockchain integration into mainstream finance, HBAR’s price response underscores the market’s enthusiasm for innovation and institutional adoption in the crypto space.
HBAR Climbs Into Top 30 as Trading Volume Surges
Following the announcement, HBAR saw an impressive 100% gain in price. HBAR hit a two-year high of $0.18 before the price began to correct. Currently, it sits at a 57% price gain on the day.
Additionally, the total market cap of HBAR currently sits at $4.7 billion. The rapid surge in price has seen HBAr climb into the top 30, currently sitting at 26. It is also worth noting the announcement has seen trading volume for HBAR climb to an impressive $2 billion at the time of writing.
This makes it the fourth-highest volume-traded altcoin (excluding stablecoins) behind Bitcoin, Ethereum, and Solana.
On the daily chart, HBAR appears to be witnessing a price correction following the impressive price increase. Which is to be expected. The price is testing daily support around the $0.13 area according to the 0.5 Fibonacci retracement. This could represent a notable area to average back in for buyers.
Read More: Hedera (HBAR) Price Prediction 2024/2025/2030
The $0.18 – $0.20 area also represents a strong resistance level. Flipping this could see the price push toward its all-time high. Finally, a correction below $0.125 would likely see the correction continue lower.