Stale inflows on debut day put a bitter flavour on this surprise listing, but a $1 price tag is still in play for Hedera.
Hedera Hashgraph (HBAR) has become the third digital asset to embark on a traditional stock market journey via standalone ETF launch. Hedera Foundation took to X to celebrate this achievement, adding that the Foundation didn’t take the easy path, employing a mission-driven approach to onboard institutions on Web3.
With the first batch of altcoin ETFs going live today, the major-cap altcoins included were treated very differently. While Solana’s (SOL) exchange-traded fund (ETF) saw a $69 million inflow during the day of debut, Wall Street investors haven’t been as keen on Canary Capital’s HBAR & LTC ETFs, seeing just $10 million in combined trades.
According to SoSoValue, neither of the two ETFs saw any inflows or outflows,as traders kept reserved, staying on the sidelines as the geopolitical situation was still unstable. This “wait & see” approach is not uncanny for smaller assets, as Litecoin (LTC) & Hedera (HBAR) could fall into the niche category compared to BTC & ETH.
HBAR’s $1 Price Tag Still In Play?
Seasoned market connoisseurs remained optimistic despite the quiet first day on the stock markets. With Hedera’s (HBAR) price reclaiming $0.20 after the ETF debut, the weekly perspective shows a pleasant 18.6% growth even amidst uncertain geopolitical conditions.
However, as a front-running rail in the ISO 20022 standard, Hedera’s unique Distributed Ledger Technology (DLT) features are expected to see a bigger appreciation. The Crypto Pulse analyst team said $1 is an easy target for the next bull run, with stop losses set for $0.10 in a bearish scenario.
With a $10.10 billion market cap, Hedera’s Hashgraph (HBAR) is still a fair distance away from its all-time peak of $0.56. Being 64.6% away from this 2021 milestone, the popular DLT altcoin would have to increase its market capitalization by 5 times, roughly to $50 billion on current terms.
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