We will remember 2021 as the year many cryptocurrencies gained significant value. Some little-known coins made it to the top of valuable cryptocurrencies by market capitalization. One of the cryptocurrencies that showed tremendous appreciation during 2021 was HBAR. The HBAR price grew over 600% during the past year. HBAR is issued by the Hedera Hashgraph platform and currently ranks as the #28 most valuable crypto per market capitalization (as per CoinMarketCap).
But what can we expect for the future? Will the price hike continue into 2022? What about the next few years? As a crypto trader, you need a reliable HBAR price prediction to make good decisions about your future investments. Hence, in this article, we will discuss the prospects for HBAR.
A Brief Introduction to Hedera Hashgraph
Hedera Hashgraph is a platform that aims at improving other blockchain platforms. Hedera is a proponent of the hashgraph distributed ledger technology for this sake. Its developers claim that hashgraph technology is more secure and faster than regular blockchain technology.
The main goal of the Hedera Hashgraph platform is to allow the development of decentralized applications (DApps) in a more efficient way. The said platform utilizes proof-of-stake (PoS) combined with hashgraph consensus to better use energy resources.
HBAR is the native token of the Hedera platform. Hedera Hashgraph uses this token for multiple purposes:
- First, HBAR powers several services on the platform. For instance, it powers smart contracts and serves as currency for transactions within the network.
- Also, users can stake these tokens, thereby contributing to securing the network.
There will be a total of 50 billion HBAR tokens. Currently, over 18 billion are in circulation.
Price Analysis of this Token
This crypto project released the HBAR token through an initial coin offering (ICO) in August 2018. During the ICO, this token had a price of $0.12. Investors felt discouraged by the poor performance of this digital asset during its first months of existence. On January 2, 2020, this token traded at $0.01001, the all-time low price for this asset. The remainder of 2020 was not better.
It all changed in 2021. The price of this digital asset crossed the $0.10 mark on January 19, 2021, when it traded at $0.1018. Everything got even better when an all-time high price was set on April 12, 2021, at $0.4089. Although HBAR lost value, it recovered and set a new all-time high on September 16, 2021. It traded at a whopping $0.5701. Although the price has dropped again, it keeps a reasonable value ($0.32 at the time of writing). As a result, this digital asset is listed by almost every cryptocurrency exchange online.
Price Prediction for 2022-2025
The price of this digital asset will probably be $0.30 at the beginning of 2022. Analysts believe that the value of this token could be as high as $2.5 in 2022. However, by the end of 2022, it would trade at $2 approximately. By the end of 2023, the price could be as high as $4. The bullish trend will continue, setting a price of roughly $6 by the end of 2024 and $7.5 by the end of 2025.