The digital ivy is growing: Hedera and its HBAR token are among those crypto projects that can show very, very strong growth in 2024

HBAR has grown by a whopping 700 percent in the last month, and in the last seven days alone it was up by around 170%. This makes Hedera the fastest-growing token of the last three months

The price of Hedera’s (CRYPTO: HBAR) native token, HBAR, has skyrocketed in recent months, fueled by the altcoin season and the possibility of the HBAR Foundation board member becoming the next head of the U.S. Securities and Exchange Commission (SEC).

Here's a closer look at the factors driving HBAR's growth and what it might mean for the crypto project.

What Happened: Hedera's HBAR token has shown impressive growth in 2024, ranking among the top-performing crypto projects.

According to data from CoinGecko, HBAR has grown by a massive 700% in the last month. In the last seven days alone, HBAR was up by around 170%. This makes Hedera the fastest-growing token of the last three months, apart from the memecoin “Peanut the Squirrel” (PNUT).

The token reached its highest value in 2021 with a price of around $0.57. At the time of writing, HBAR was trading at around $0.35, up around 50,000% from its all-time low of $0.0007 in March 2020.

Despite the impressive growth, HBAR is still down around 85% from its all-time high.

Several factors may be contributing to HBAR's strong performance.

The altcoin season is back in full swing, with most major cryptocurrencies outperforming Bitcoin (CRYPTO: BTC) in 2024. According to data from IntoTheBlock, 75% of the top 100 coins have performed better than BTC in the last 90 days.

Hedera is also seeing increased adoption, with new use cases emerging for the technology.

For example, Hedera will be used as part of “FedNow,” a new infrastructure for instant payments from the U.S. Federal Reserve.

Moreover, Hedera is positioned as a corporate alternative to بلاك تشين مثل Ethereum (CRYPTO: ETH) or Solana (CRYPTO: SOL). Unlike many بلاك تشين, where anyone with enough tokens (Proof of Stake) or mining power (Proof of Work) can participate in the network, Hedera has a wheel called the Hedera Council.

Currently, the council has 39 companies or organizations as members, guiding the network's fortunes. These include Google (NASDAQ:GOOGL), Deutsche Telekom (ETR:DTEGn), Ubisoft (EPA:UBIP), Mondelez (NASDAQ:MDLZ), Hitachi (TYO:6501), Boeing (NYSE:BA), ServiceNow (NYSE:NOW), Dell (NYSE:DELL), Standard Bank (JSE:SBK), IBM (NYSE:IBM) and Chainlink Labs.

Interestingly, the HBAR token is also rallying on rumors of a key إف إف سي role for a certain Brian Brooks.

As reported by إف إف سي Now earlier this month, a few names are doing the rounds for the important position.

According to multiple إف إف سي sources, إف إف سي Commissioner Caroline Crenshaw and Citadel Securities President Paul Atkins are among those being considered for the role.

However, إف إف سي Now إف إف سي sources said that Atkins and Crenshaw are not the only candidates being considered. إف إف سي إف إف سي sources said that HBAR Foundation board member Brian Brooks is also a candidate for the role.

Brooks was CEO of Binance.US for a few months in 2021, before that he was head of the legal department at Coinbase (NASDAQ:COIN) from 2018 to 2020.

Importantly, Brooks was nominated twice by President Trump for a five-year term as Comptroller of the Currency.

In any case, Brooks is also a board member of the HBAR Foundation and thus has influence on the further development of Hedera. The rumors about a possible future إف إف سي role for Brooks alone are enough to cause the HBAR price to rise.