Hedera’s resilience bears fruit as HBAR dwindles. What happens next?
- Hedera’s revenue in Q2 surged by almost 67% and the daily average of new accounts also surged.
- Although HBAR’s price operated in the green, indicators painted a different picture.
Most cryptocurrencies in the market functioned in the red looking at their price performance of the last seven days. And Hedera [HBAR] was no different. The altcoin traded 6.46% lower over the last seven days as per data from CoinMarketCap.
However, Hedera’s Q2 performance showcased the chain’s resilience in the face of adversity. The same was pointed out by Nick Garcia, an analyst at Messari in Hedera’s Q2 report.
State of @hedera Q2 2023
Despite a bear market and hostile US regulatory regime, Hedera continues to show resilience.
In Q2, Hedera revenue increased 67% QoQ, added its 29th council member, announced an EVM strategy, and saw increases in all Network Services.
— Nick Garcia (@NickDGarcia) July 28, 2023
How many are 1,10,100 HBARs worth today?
Assessing HBAR’s Q2
On the financial front, the network witnessed a 22% drop in market cap. However, Hedera’s revenue made up for the market cap drop as it surged by almost 67% QoQ, rising from $476,000 to $794,000. The increase in revenue could be taken as an extremely positive sign for HBAR holders.
Another positive update for the ecosystem was its growing network. As per data from Messari, the network witnessed a growth of 288% in average daily active accounts year-to-date. The number of active accounts went from 3,500 to 13.500 by Q2 of 2023.
Additionally, the network also witnessed a massive surge in the number of new accounts created on the chain. A 340% jump was observed in the average creation of new accounts with the number going from 2,300 to 10,200.
Another good news for Hedera advocates was its development activity. In Q2, Hedera announced its plans to achieve EVM equivalence. The integration is expected to bring the functionality of Solidity and Vyper smart contracts to the network.
How did HBAR fare?
Despite the commendable performance of the network in Q2, Q3 came with its own challenges. One of them was the ongoing bearish sentiment in the market. However, HBAR seemed to be in a decent position on its price front.
At the time of writing, although HBAR’s price flashed green and exchanged hands at $0.05258, its indicators revealed a different story. At press time, the Moving Average Convergence Divergence (MACD) witnessed a bearish crossover.
However, the Relative Strength Index (RSI) still stood above the neutral line at 53.16 and showed some sideways action. This indicated that the buying and selling pressure stood in a balance. However, the Awesome Oscillator (AO) flashed red at the time of writing.
A look at HBAR’s weighted sentiment and social dominance indicated that HBAR stood in a position of recovery at press time. As can be seen from the chart below, HBAR’s weighted sentiment reached a quarterly peak on 19 July. However, its weighted sentiment dropped and recovered to stand at -0.301 at press time.
Is your portfolio green? Check out the Hedera Profit Calculator
This indicated the market was positive about the altcoin. Additionally, its social dominance, although took a hit, recovered to stand at 0.739%. This was a clear indication that HBAR was gaining prominence on the social front as well.