Hedera (HBAR) stands out in the crypto market with its impressive performance in the fourth quarter of 2023. The open-source Proof-of-Stake (PoS) blockchain network has seen significant growth in key metrics, surpassing the overall market.
During Q4 2023, Hedera’s market cap experienced a 78% quarter-over-quarter (QoQ) increase, reaching $2.9 billion, outpacing the market’s growth rate of 54%. This reflects Hedera’s growing influence and the network’s progress and adoption.
Furthermore, Hedera’s revenue witnessed a substantial 59% QoQ increase in Q4 2023, primarily driven by a surge in transactions. The revenue generated from Token and Smart Contract Services also contributed to a healthy distribution in revenue streams.
Despite a decline in the number of addresses, Hedera Network achieved a new record in transaction volume for the sixth consecutive quarter, with a daily average of 164 million transactions in Q4 2023. The Hedera Consensus Service remained the primary driver of this activity.
In terms of staking, the Hedera network reported 28 billion HBAR staked in Q4 2023, with entities such as Swirlds and Swirlds Labs playing a significant role in staking their allocations. The network’s Total Value Locked (TVL) also demonstrated positive growth, reaching $64 million by the end of 2023.
Hedera Network experienced a 164% QoQ increase in average daily decentralized exchange (DEX) trading volume, with SaucerSwap dominating the trading activity. Additionally, the stablecoin market cap on the network grew by 73% QoQ, with Circle’s USDC being the sole stablecoin available.
With all these positive developments, HBAR’s price stands at $0.0736, showing substantial growth in the past 24 hours with a 5% increase.