Hedera is a public proof-of-stake network using a hashgraph algorithm. The new Messari report shows the Hedera network made substantial movements last quarter despite some declines. The blockchain performed better than Q1 2022.
A Dip in Market Cap
Indeed, the previous quarter wasn’t attractive for the crypto market. Bearish tendencies saw the market cap of all digital coins declining by 58%. The Hedera blockchain wasn’t immune to the losses, with its market capitalization losing 71% of its value. Messari discovered that the network closed the quarter with its market cap at 41.4 billion, a significant slump from $3.3 billion.
Drop in Overall Transactions
Messari noted that Hedera also endured a substantial drop in transactions completed within the platform last quarter. The 76% monthly drop meant Hedera processed 19 million average monthly transactions between April and June. The chain’s monthly transactions stood at 76 million during Q1.
Surprisingly, the report discovered active users increased regardless of the dip in processed transactions on the platform. Messari stated that active users surged for the 2nd consecutive quarter despite dipping transfers. The blockchain enjoyed 33,000 average monthly users, reflecting a 51% surge quarter-over-quarter and a staggering 110% uptick from 2021 Q4.
Also, Messari noted a surge in Hedera’s NFT ecosystem, with about 258K transactions completed on the platform in the previous quarter. Meanwhile, 8,260 users processed the 258,000 non-fungible token transactions.
The HBAR Token
Coinmarketcap data shows HBAR price endured a substantial fall last quarter. The altcoin opened the quarter at $0.24 before a massive 75% downward move within three months. Meanwhile, that came as the broad market battled persistent bearishness.
That saw HBAR closing the quarter hovering at $0.060 per token. Meanwhile, in the timeframe under review, the asset’s market cap declined to $1.29B from $4.61B. Also, Sentiment data shows HBAR recorded a 15% dip in whale supply over the previous quarter. Messari added that Hedera’s developer activity events averaged 6,000 per month over the last quarter.
Meanwhile, the cryptocurrency market cap extends the current upside run. The global cryptocurrency market cap has gained over 10% within 24 hours to $1.07 trillion. Is the worst over yet? Stay around for upcoming market developments.
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