The Hedera blockchain hit the headlines in August. It announced working with car manufacturers Hyundai and Kia on a carbon dioxide emissions monitoring system.
The system is designed to record emissions in both the Hyundai company and its business partners.
In a statement sent to CCN, the head of Hyundai and Kia’s materials research and engineering center Seung Hyun Hong said he was pleased with the development.
He said: “Supplier CO 2 Emission Monitoring System unlocks a revolutionary approach to managing carbon emissions and combating climate change, ushering in a new era of sustainable supply chain within our cooperative network.”
The company told CCN: “The implementation of blockchain technology to manage carbon emissions is a significant step toward promoting sustainable practices in the industry. Integrating AI technology and high-performance blockchain will enable it and its partners to set carbon reduction targets and accurately predict future carbon emissions, fostering practical climate change mitigation efforts.”
The news saw Hedera’s HBAR crypto rise as more people took notice of the coin.
But what is Hedera (HBAR)? How does Hedera work? Let’s see what we can find out, and also take a look at some of the Hedera Price Predictions that were being made as of August 3 2023.
Although blockchain technology is useful, it is not without its drawbacks. For instance, blockchains can get much slower when they are busy, meaning people spend more time and more money than they would like to.
Hedera is a blockchain that aims to be faster, cheaper and more efficient than its rivals. It was founded in 2018 by computer scientists Leemon Baird and Mance Harmon.
Every blockchain needs a coin, and Hedera has the HBAR crypto. HBAR supports the Hedera blockchain.
Hedera uses a type of technology called Hashgraph. Hashgraph uses something called a gossip protocol. This means that the computers, or nodes, on the network are able to communicate with each other easily. In turn, this means that the system is, at least in theory, quicker. Hedera says it can process 10,000 transactions per second.
Hedera uses a Proof-of-Stake (PoS) consensus mechanism. This means that Hedera selects people to verify transactions and add blocks to the blockchain based on how much HBAR they hold.
HBAR pays for fees on the network. Holders can stake it in return for rewards and can also vote on changes to the system. People can also buy, sell, and trade HBAR on exchanges.
Now, let’s examine some of the Hedera price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Hedera price prediction.
Hedera first came onto the open market in September 2019. It spent most of the first year or so of its existence operating between $0.01 and $0.05. The market shot up in early 2021, and so did HBAR. The coin reached a periodic high of $0.4495 on March 15. It dropped over the summer, reaching a low of $0.1599 on July 21.
The market recovered over the following months. HBAR thrived in the upturn and reached an all-time high of $0.5701 on September 16. The crypto’s price fell over the rest of the year, and it closed 2021 at $0.2905.
Things did not go so well in 2022. A series of market crashes devastated HBAR. The coin traded at $0.03643 on 31 December. This meant it lost more than 85% of its value over the course of the year.
Early 2023 was better for HBAR. The coin hit a high of $0.09839 on February 12. It then fell down. In June, the United States Securities and Exchange Commission (SEC) sued the Binance and Coinbase exchanges. This had an impact on the market, with Crypto.com suspending its US institutional arm on June 10. This news saw HBAR sink to a low of $0.04109.
There has been recovery since then. On July 13, a court ruled that Ripple (XRP) was not a security if it was sold on exchanges. The market shot up as a result, and HBAR reached $0.05424 the following day.
It then dropped slightly, but stayed above $0.05. On August 3 2023, it was worth about $0.5345.
At that time, there were 32.5 billion HBAR in circulation out of a total supply of 50 billion. This gave the coin a market cap of around $1.7 million, making it the 32nd-largest crypto by that metric.
Hedera has been on something of an upturn since it reached its low on June 10. Its peak on July 14 saw it rise by more than 30%. Although its current price is down since then, it is only 1.45% less than last month’s high.
Perhaps more importantly, it is up 5.25% in two days and it has risen by more than 45% since the start of the year.
With that all said and done, let’s examine some of the Hedera price predictions being made on August 3 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex had a short-term Hedera price prediction that saw the coin drop to $0.04854 by August 7 before climbing to $0.05773 by September 1. The site’s technical analysis was, perhaps fittingly, neutral, with 18 indicators sending bullish signals and 14 making bearish ones.
In terms of other Hedera price predictions for 2023, DigitalCoinPrice said it would reach $0.11. Bitnation said HBAR would be worth $0.08011. PricePrediction.net said the coin would get to $0.062 this year.
Both Bitnation and DigitalCoinPrice’s Hedera price predictions for 2025 saw it trade at about $0.18 that year. PricePrediction.net was more cautious, saying HBAR would trade at $0.13 in 2025.
Moving onto a more long-term Hedera price prediction for 2030, PricePrediction.net thought the coin would hit $0.86. DigitalCoinPrice thought it would get to $0.54. Bitnation had a HBAR price prediction that said it would reach $0.4539 at the start of the next decade.
It is difficult to tell. On one hand, HBAR has risen by 45% since the start of the year. Hedera’s link with Hyundai is encouraging, showing that it has what it takes to attract a major car manufacturer’s attention. In turn, this sees it gain some real-world credit. This is crucial if blockchain technology in general is ever to become mainstream.
On the other hand, its 2023 performance is pretty much in line with the overall crypto market. It remains to be seen if Hedera can do something that will help it outperform the market.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in HBAR.
No one can really tell right now. While the Hedera crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Hedera, you will have to do your own research, not only on HBAR, but on other, related, coins and tokens such as Ethereum (ETH) or Cardano (ADA). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
On August 3 2023, there were 32.5 billion HBAR in circulation out of a total supply of 50 billion.
It could do, but not for some time yet. PricePrediction.net said it would get to $1 in 2031. DigitalCoinPrice thought it would reach that level the following year. Keep in mind that HBAR has never traded above the dollar. Its all-time high, which it reached in September 2023, is $0.5701.
The HBAR coin supports the Hedera blockchain. People can also buy, sell, and trade it on exchanges.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.