HBAR price pumps after FedNow adds Hedera platform

• Hedera (HBAR) price rose to above $0.065 on Monday morning.
• FedNow has added support for Dropp Inc, a Hedera-powered platform that now joins the Fed’s list of service providers.

The Hedera (HBAR) price soared to above $0.065 on Monday morning (ET hours) as the cryptocurrency led the top 100 coins by market cap. 

According to data from CoinGecko, Hedera’s price spike was accompanied by a staggering 1,290% increase in its 24-hour trading volume as of 11 am ET, with buying pressure seeing over $224 million HBAR tokens traded.

The cryptocurrency, whose price had dipped below $0.060 last week, was up 17% and rising at the time of writing and 25% higher over the past 30 days.

Whys is HBAR price up today?

Hedera’s native token was pumped on multiple occasions last month and early August following key partnerships and adoption efforts with major mainstream players. These included partnerships with South Korea multinational automakers Hyundai and Kia, which introduced an AI-enabled solution for tracking supply chain carbon emissions. 

Also revealed recently is a partnership with global payments giant Mastercard.

The adoption of HBAR across these companies saw its price rise to its highest price since May. Profit taking took bulls back to lows of $0.56, but bulls are looking to reclaim the upper hand. The gains come amid new buy pressure for HBAR following the Federal Reserve’s FedNow support for  Dropp Inc, a Hedera-powered platform. Dropp is now on the list of service providers for the Fed program.

As CoinJournal recently reported, FedNow was launched to offer banks and credit unions access to instant payments. Hedera, on the other hand, is a decentralised public network based on the Hashgraph algorithm.