Hedera is a hashgraph-based community proof-of-stake network. According to the current Messari study, despite some losses, the Hedera network made significant advancements last quarter. The blockchain did better than the first quarter of 2022.
A Drop in Market Capitalization
Indeed, the preceding quarter was unappealing for the cryptocurrency market. The market cap of all digital coins fell by 58% due to bearish characteristics. The Hedera blockchain was not immune to the losses, with its market capitalization declining by 71%. Messari determined that the channel’s market valuation ended the quarter at 41.4 billion, a huge drop from $3.3 billion.
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Overall Transactions Have Dropped
Messari also mentioned that Hedera saw a significant reduction in platform transactions last quarter. Hedera completed 19 million average monthly transactions between April and June, a 76% monthly decline. During the first quarter, the chain’s monthly engagements totaled 76 million.
Remarkably, the survey discovered that active users climbed despite a drop in platform handled activities. Messari claimed that despite declining transfers, active users increased for the second straight quarter. The blockchain had 33,000 average monthly users, a 51% increase quarter over quarter and a startling 110% increase from 2021 Q4.
Messari also reported an increase in Hedera’s NFT ecosystem, with around 258K transactions conducted on the platform in the preceding quarter. Meanwhile, the 258,000 non-fungible token payments were completed by 8,260 individuals.
The Token HBAR
According to Coinmarketcap data, the HBAR price dropped significantly last quarter. The altcoin began the quarter at $0.24 before plummeting 75% in three months. Nevertheless, the wider market was battling prolonged bullishness.
As a result, HBAR finished the quarter hovering at $0.060 per token. Nevertheless, the asset’s market valuation fell from $4.61 billion to $1.29 billion throughout the time period under consideration. Furthermore, Sentiment statistics reveal that HBAR saw a 15% decrease in whale supply over the previous quarter. Messari also stated that over the last quarter, Hedera’s developer activity events totaled 6,000 every month.
Nevertheless, the bitcoin market cap continues its upward trend. Within 24 hours, the global cryptocurrency market cap increased by more than 10% to $1.07 trillion. Is the worst of it over? Keep an eye out for upcoming market developments.