When the chips are down in the crypto market, it is often the inconspicuous cryptocurrencies that deliver some of the best gains. In this case, Hedera Hashgraph is one of the cryptocurrencies that seem to be defying the bearishness that has prevailed in the market for the last week or so.

Hedera Hashgraph’s native cryptocurrency HBAR is currently trading at $0.4719 after rallying by 12.98% in the last 24 hours and 51.24% in the last 7 days. It is currently one of the best performing cryptocurrencies in the top 50 list based on market cap. Its performance is noteworthy today because it set a new all-time high after surpassing the previous ATH of $0.45 which it achieved in March this year.

Source: Binance

The cryptocurrency dropped as low as $0.13 during the last bear market that started in May before its parabolic performance that has prevailed since July. It managed to bounce back quickly during last week’s price dip and embarked on reaching new highs. Its price is currently deep in the overbought zone according to the RSI, suggesting the likelihood that the price will cool down soon.

What is Hedera Hashgraph?

Hedera Hashgraph is an enterprise blockchain solution and it also happens to be one of the most energy-efficient blockchains in the world. HBAR is its native cryptocurrency and it is currently gaining popularity because of its predictable fee structure. Many blockchains use their native cryptocurrencies to collect fees from transactions on their network but this approach leads to inflated fees when the native tokens gain value over time. Ethereum is an ideal example of a blockchain that has become extremely expensive due to high fees as a result of its native token becoming too valuable.

Hedera Hashgraph charges consistent fees regardless of HDR’s price and this is one of the reasons why it is quickly becoming the preferred network by many decentralized projects. However, there are multiple other factors responsible for its ability to reach new ATHs. For example, its listing on Kucoin, one of the biggest crypto exchanges was announced on September 13 and it has also been listed on Crypto.com.

HBAR has numerous other catalysts that might continue driving up its price, such as the celebration of the blockchain’s 2nd anniversary.  The celebration and announcement of a new member in its governing council will feature some high-profile announcements that might yield more upside potential.

What to expect moving forward

Hedera Hashgraph has a lot going for it, such as the lower fees and the focus on enterprise blockchain. It has a high transaction throughput and was built to serve the needs of organizations, businesses, and even governments. The announcements made in the upcoming anniversary celebrations might provide more upside but its fast-paced popularity has allowed it to become more visible to investors and potential enterprise clients.

Although HBAR has just achieved an impressive ATH, the blockchain is now in the fast lane as far as enterprise onboarding is concerned and this might deliver some more bullish potential especially in the next few months. Note that it has a high circulating supply of 9.6 billion HBAR tokens but its market cap is still fairly low at $4.26 billion. This means it has a lot of untapped potential for a blockchain of its caliber.