Here's why Hedera (HBAR) price surged 100% in 24 hours:

A groundbreaking development for tokenizing real assets caused the price of Hedera (HBAR) to surge 100% in 24 hours.

This incredible rally came as BlackRock, the world's largest asset manager, announced that it was collaborating with Addax and OneraIO to tokenize its U.S. Treasury money market fund on Hedera.

Hedera’s Blockchain Advancement: Integrating Trading Finance to Drive Market Growth

The integration of traditional finance (TradFi) into Hedera's blockchain technology is a significant milestone, demonstrating the network's ability to attract institutional-grade projects with high speeds, strong security, and low fees. Addax's expansion of its tokenized money market fund offering has been pivotal in broadening the range of financial products available to institutional clients.

“Adax’s addition of tokenized MMF shares in Hedera is a sign of confidence in Addax. Hedera’s exceptional speed, security, and low-cost infrastructure make it ideally suited for the institutional-grade tokenization of real assets provided by Addax.” Shane Higdon, CEO of the HBAR Foundation, said :

This move not only demonstrates Hedera's growing relevance in the financial sector, but also confirms investors' confidence in the network's ability to handle important financial products.

Read more: What are Tokenized Real Assets (RWA) ?

As Hedera continues to drive the integration of blockchain into mainstream finance, HBAR's price reaction is a testament to the market's enthusiasm for innovation and institutional adoption in the cryptocurrency space.

HBAR enters top 30 due to surge in trading volume

Since the announcement, HBAR has seen an impressive 100% price increase. HBAR hit a two-year high of $0.18 before the price corrected. It is currently recording a price increase of 57% on the day.

Additionally, HBAR's total market capitalization currently stands at $4.7 billion. The surge in price has catapulted HBAr into the top 30, where it now ranks 26th. It's also worth noting that since this announcement, HBAR's trading volume has increased impressively to $2 billion at the time of this writing.

This makes it the fourth most traded altcoin (excluding stablecoins), following Bitcoin, Ethereum, and Solana.

On the daily chart, Hedera appears to be witnessing a price correction following its impressive price rise. This is to be expected. The price is testing the daily support in the $0.13 area along with the 0.5 Fibonacci retracement. This could be a notable area for buyers to re-enter on average.

Read More: Hedera (HBAR) Price Prediction 2024/2025/2030

The 0.18 – $0.20 area also represents a strong resistance level. A reversal of this could push prices towards all-time highs. Finally, a correction below $0.125 is likely to continue the downtrend.