The crypto market appears to be going through a broad price correction after a relatively explosive start to 2023, with some assets posting losses over the past week. The overall market cap of all cryptocurrencies has dropped below $1 trillion during this time by 7.17%. Will HBAR Continue?
Despite the broad price declines, Hedera (HBAR) has been one of the few cryptocurrencies to keep its positive shape. Hedera has a long history of being a cryptocurrency asset that can produce substantial returns during a bear market.
According to data from CoinMarketCap, during the past week, when several assets, including BTC, had price declines, HBAR experienced a spectacular rise of 25.30%, bringing its projected price increase for 2023 to 147.22%.
As of this writing, the price of HBAR is $0.08871. Its trading volume increased by 84.94% over the previous day to $225.7 million, and its market capitalization stood at $2.3 billion.
Interesting News During HBAR's Price Rally
The exciting improvements that occurred on HBAR's underlying network over the same time period were one of several variables that contributed to the cryptocurrency's strong price movement during the last week.
Hedera announced its merger with the well-known multichain DEX Pangolin on Wednesday, January 8. Users of Pangolin from its 16 chains will be able to swap, farm, stake, and vote on Hedera without any difficulty thanks to the deployment of Pangolin on the Hedera Mainnet.
A $1 million Africa Metaverse Fund will be established through a cooperation between Hedera and AfrofutureDAO with the goal of assisting the African creative sector's entry into the Web3 market.
Derived, the first endeavor of this partnership, is presently active on the Hedera network. Derived serves as a platform that enables NFT artists to work with African museums and incorporate extensive archives into their work.
The addition of Dell Technologies as a member of its Governing Council, however, was the most significant statement made by Hedera this week and the one that generated the most enthusiasm among its user base.
Dell Collaborates with Hedera
One of the largest computer companies in the world, Dell, joined the Hedera Governing Council as the 39th member, joining other well-known companies including LG Electronics, Standard Bank Group, Ubisoft, IBM, Google, etc.
In a number of industries, such as data analytics, cloud computing, IT consulting, etc., Dell is regarded as a powerhouse. Dell will investigate how to incorporate distributed ledger technology (DLT) with conventional technological goods and services through its cooperation with Hedera.
If Dell's blockchain project is a success, it may encourage other technology businesses to investigate the use of blockchain and DLT in their own operations, giving customers improved levels of security and transparency. Â
