{"id":6850,"date":"2023-05-02T13:02:45","date_gmt":"2023-05-02T13:02:45","guid":{"rendered":"https:\/\/www.bitcoincasinos.com\/?p=6850"},"modified":"2024-02-06T08:25:33","modified_gmt":"2024-02-06T08:25:33","slug":"hederas-q123-circulating-market-cap-ballooned-208-to-stand-at-2-billion","status":"publish","type":"post","link":"https:\/\/www.bitcoincasinos.com\/blog\/2023\/05\/02\/hederas-q123-circulating-market-cap-ballooned-208-to-stand-at-2-billion\/","title":{"rendered":"Hedera’s Q1’23 Circulating Market Cap Ballooned 208% To Stand At $2 billion"},"content":{"rendered":"
<\/a><\/p>\n Hedera is a fully open-source, public network and governing body for building and deploying decentralized applications. The platform provides three main services to its users: smart contracts, consensus, and token services.<\/span><\/p>\n Hedera’s technology is based on a unique algorithm, hashgraph, which has proven more reliable than traditional blockchain technologies. Hashgraph has near-perfect efficiency in bandwidth usage and, consequently, can process hundreds of thousands of transactions per second across multiple networks.<\/span><\/p>\n According to <\/span>BitcoinCasinos.com<\/span><\/a>, Hedera’s circulating market cap spiked 108% QoQ from $940 million to $2 billion between Q1’22 and Q1’23, with a further steady increase in the number of HBAR coins trading on crypto exchanges.<\/span><\/p>\n BitcoinCasino’s financial analyst Edith Reads commented on the data, “The market capitalization increase was primarily driven by increased investment and enthusiasm from institutional investors and developers. Since its launch in 2018, Hedera has gained significant traction as a go-to blockchain platform for businesses and governments. This was further buoyed by the introduction of new partnerships in 2022, which has enabled Hedera to become a viable option for business use cases.”<\/span><\/p>\n One of the key drivers of Hedera’s growth in Q1’23 was the increasing demand for the company’s native cryptocurrency, HBAR. The price of HBAR has been increasing steadily over the past few months, reflecting the growing interest in the platform. As more people buy and hold HBAR, the circulating volume of the cryptocurrency increases, which drives up the price.\u00a0<\/span><\/p>\nWhat Contributed To Hedera’s Success In Q1’23?<\/b><\/h2>\n