Hedera (HBAR) Skyrockets 11% in 24 Hours Overtaking Stellar (XLM) Market Cap

Altcoins HEDERA Stellar

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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December 24, 2024 08:37 EST

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Hedera’s native cryptocurrency, HBAR, soared by more than 11% in the past 24 hours, surpassing Stellar in market capitalization. The sudden rally positions Hedera as a key player in the altcoin market during this bull run.

“HBAR has been flying this bull run and is a clear leader in the altcoin market. Not only is the technology progressing and achieving its developmental milestones, including introducing quantum resistance, but Hedera has also released key partnerships lately with NVIDIA, Intel, and SpaceX,” said Mati Greenspan, founder of Quantum Economics, in an interview with CryptoNews.

What Is Hedera?

Hedera (HBAR) is an American-led project that is governed by a council of global companies, many of which are based in the United States, including Google and IBM.

Hedera is a public distributed ledger technology (DLT) platform that uses a consensus mechanism called Hashgraph, designed for high speed, low costs, and scalability.

The Hedera network is known for its efficiency and low environmental impact, making it an attractive choice for institutions looking for sustainable blockchain solutions. During the Covid-19 pandemic, UK hospitals used the platform to help maintain the temperature of vaccines.

HBAR Overtakes XLM and DOT

HBAR’s recent surge has propelled it past both Stellar (XLM) and Polkadot (DOT) in market capitalization, solidifying its position as a top-performing altcoin.

Hedera has a market capitalization of £11.7 billion and ranks number 16 on CoinMarketCap overtaking Stellar and Polkadot.

Stellar, known for its focus on cross-border payments, and Polkadot, a leader in blockchain interoperability, have long been considered major players in the crypto space.

This milestone highlights Hedera’s increasing dominance in the crypto market, as it continues to attract investor confidence and solidify its standing among top-tier blockchain networks.