Hedera rose to a three-year high of $0.369 on Dec. 7 gaining over 120% in the last seven days while bringing its market cap to over $12.78 billion.

The recent rally extended the altcoin’s monthly gains to almost 600% making it a top performer among the 100 largest cryptocurrencies by market cap per data from CoinGecko.

Hedera’s (HBAR) daily trading volume had also risen by 140% hovering over $4.66 billion when writing. The rally coincided with a jump in its futures open interest. CoinGlass data shows that open interest in HBAR’s futures market hit a record high of $459.87 million, marking a notable hike from a November low of $32.8 million.

Why is Hedera going up?

The recent price surge has been largely driven by Hedera’s collaboration with Elon Musk’s SpaceX. This partnership involves integrating Hedera’s blockchain technology into SpaceX’s space missions, focusing on advanced data-tracking solutions. 

The development has generated buzz among investors and the blockchain community. See below.

Another catalyst for the rally is Hedera’s role in the bloc

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Author: Rony Roy