Hedera ( CRYPTO: HBAR) is trading greater late Monday ahead of the launch of its area exchange-traded fund on Wall Street.
HBAR Bucks Market Decrease
The $8 billion-valued cryptocurrency rallied over 8% in the last 24 hr, with trading volume more than doubling to $421 million.
HBAR withstood the market-wide correction, which saw heavyweights like Bitcoin ( CRYPTO: BTC) and Ethereum ( CRYPTO: ETH) backtrack 0.80% and 2.56%, respectively.
The rally stimulated the interest of derivatives traders, with open interest in HBAR futures rising 29% over the last 24 hr, according to Coinglass.
Furthermore, more than 55% of Binance traders with open HBAR positions were banking on its rate increase, according to the Long/Short ratio.
See Likewise: Hedera Hashgraph (HBAR) Rate Forecast: 2025, 2026, 2030
ETF Enjoyment Powers Rally
The sharp spike follows the Nasdaq Stock exchange published the Canary HBAR ETF listing circular. The fund, which supplies direct exposure to the HBAR token, will start trading on Tuesday under the ticker HBR.
Canary Capital Group LLC is the ETF’s sponsor, with BitGo and Coinbase working as the custodians.
Responding to the advancement, well known cryptocurrency supporter and SkyBridge Capital CEO Anthony Scaramucci stated, “It’s the noise of inevitability.”
HBAR is the native cryptocurrency of Hedera Hashgraph, a public dispersed journal, which, unlike blockchains, utilizes a various innovation to attain agreement. Find out more about it here.
Rate Action: At the time of composing, HBAR was trading at $0.1974, up 8.63% over the last 24 hr, according to Benzinga Pro.
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