The circulating supply of HBAR also saw a slight increase of 5%, totaling 37.6 billion HBAR. The HBAR price dipped by 20%, decreasing from $0.08 to $0.06, reflecting market volatility and challenges the broader crypto sector faced during the period.<\/p>\n
Despite the price corrections, Hedera achieved substantial revenue milestones. Revenue generated from network transaction fees reached an all-time high of 27.0 million HBAR in Q3, marking an 85% increase from the previous quarter and surpassing the prior record set in Q4 2023.\u00a0<\/p>\n
![\"Hedera\"](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/11\/Screenshot_592.jpg?w=860&resize=860%2C366\")
<\/p>\n
The dollar-denominated revenue also rose by 10% QoQ to $1.6 million, making the third quarter of 2024 the second-highest quarter for revenue in USD, just shy of its all-time high. Hedera’s Consensus Service was a significant contributor, with revenue increasing by 94% QoQ, accounting for 89% of the network\u2019s total revenue.<\/p>\n
Total Value Locked In HBAR Rises 9%<\/h2>\n
Staking activity also remained robust, with 22.3 billion HBAR staked, representing 59% of the circulating supply. This high staking percentage is attributed to entities like Hashgraph that actively participate in network consensus while forgoing staking rewards.\u00a0<\/p>\n
However, both daily average new accounts and active accounts saw declines of 22% and 23%, respectively, indicating a potential slowdown in user acquisition.<\/p>\n
On the operational front, daily average contracts increased by 24%, driven by spikes throughout September. In the decentralized finance (DeFi) space, while total value locked (TVL) in USD dropped 18% QoQ, the TVL in HBAR rose 9%, suggesting that the decline in USD value was primarily due to HBAR’s price depreciation rather than capital outflows.<\/p>\n
![\"Hedera\"](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/11\/Screenshot_594.jpg?w=860&resize=860%2C359\")
<\/p>\n
As the network prepares for Q4, Messari forecasts an increase in circulating supply by approximately 287 million HBAR, primarily aimed at fostering ecosystem development and supporting open-source projects.<\/p>\n
HBAR Price Outlook<\/p>\n
HBAR, currently trading at $0.069, has shown relatively flat price action as it enters the fourth quarter, especially when compared to major digital assets like Bitcoin (BTC) and Ethereum (ETH).\u00a0<\/p>\n
Over the past week, Bitcoin has gained 24%, while Ethereum has surged by 31%. In contrast, HBAR has seen a more modest increase of 17%.<\/p>\n
Despite this recent uptick, HBAR remains 90% below its all-time high of $0.5692 reached in September 2021. This stark contrast becomes more pronounced as Bitcoin achieves new all-time highs for four consecutive days and Ethereum approaches its peak.<\/p>\n
Looking forward, HBAR faces three critical resistance levels that could hinder its upward momentum as the broader market appears ready to push higher.\u00a0<\/p>\n
Having recently broken out of a consolidation phase between $0.047 and $0.062, HBAR’s first major resistance is at $0.078, a level that has acted as a barrier for the past four months.<\/p>\n
Should the Hedera token overcome this initial hurdle, it will then encounter additional resistance at $0.092 and $0.118, corresponding to the six-month and eight-month resistance levels, respectively.\u00a0<\/p>\n
If HBAR can maintain its upward trajectory and break through these key resistance points, it may inch closer to its previous all-time highs, especially if the gains seen in key metrics in Q3 continue and translate into further price action.<\/p>\n
<\/p>\n
Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"
Decentralized ledger platform Hedera has posted a solid set of third quarter (Q3) results, in line with broader market trends as the digital asset landscape enters a potentially transformative fourth quarter, providing insights into the future of its native token, HBAR. Hedera Achieves Record Revenue In Q3 Despite Price Corrections Delving into the data, Hedera’s…<\/p>\n","protected":false},"author":1,"featured_media":1266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102],"tags":[103,26,91,92,93,94,995,996,997,998,999],"class_list":["post-1265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news-ticker","tag-breaking-news-ticker","tag-crypto-news","tag-hbar","tag-hbar-price","tag-hbarusdt","tag-hedera","tag-hedera-ecosystem","tag-hedera-network","tag-hedera-news","tag-hedera-price","tag-hedera-price-analysis"],"_links":{"self":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/posts\/1265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/comments?post=1265"}],"version-history":[{"count":0,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/posts\/1265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/media\/1266"}],"wp:attachment":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/media?parent=1265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/categories?post=1265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/tags?post=1265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}