EOS, IOTA, and Hedera Prices Surge as Bitcoin Holds at $97k
Popular layer-2 cryptocurrencies such as EOS, IOTA, and Hedera Hashgraph experienced significant gains on Friday while Bitcoin faced resistance at $97,000.
EOS (EOS) surged to $0.9570, marking a more than 36% increase from its low in December and pushing its market valuation over $1.2 billion. The surge in the token’s value was primarily attributed to Binance’s announcement of an APR boost airdrop through the BNSOL Super Stake program. This boost is scheduled to commence on January 6 and extend until January 20, during which users are expected to receive 320,656 EOS tokens valued at nearly $300,000.
Launched by Block.one, EOS demonstrated a robust performance in 2024 as its turnaround strategy unfolded. Its total value locked in the DeFi industry surged to over $254 million, driven by projects like EOS Rex, Defibox, and Paycash.
Hedera Hashgraph (HBAR) also saw an increase of over 10%, reaching a peak of $0.3200. The token has surged by more than 630% from its lows in 2024. The recent rally is linked to speculations surrounding a potential HBAR ETF, with anticipation building up prior to Donald Trump’s inauguration later this month.
Eric Balchunas, the head of ETF strategy at Bloomberg, forecasted that the SEC would approve a spot HBAR ETF. He highlighted that the agency has not previously classified Hedera as a security, thus enhancing the likelihood of approval.
Hedera’s ecosystem has exhibited growth, with its Total Value Locked (TVL) climbing to $186 million, supported by platforms like Stader, Bonzo Finance, and HLiquity.
The price of IOTA (IOTA) rose for three consecutive days, forming a bullish chart pattern referred to as the “three white crows,” characterized by three successive bullish candlesticks.
IOTA’s rebound, which was anticipated, was attributed to the formation of a falling wedge and a double-bottom pattern at $0.2785. Additionally, it has rebounded in anticipation of the Rebased upgrade, which will introduce new features like staking, full decentralization, and parallelized MoveVM.
Bitcoin encountered resistance at $97,000
These tokens rallied as the price of Bitcoin (BTC) paused at a crucial resistance level of $97,000 following a four-day upward trend.
Looking forward, Bitcoin and these alternative coins are likely to react to the impending resignation of Gary Gensler from the Securities and Exchange Commission. Gensler, widely perceived as a regulator opposed to cryptocurrencies, will be succeeded by Paul Atkins, who has shown support for the industry.
Cryptocurrencies could also witness renewed momentum leading up to Donald Trump’s inauguration on January 20. Trump has shifted his stance and voiced support for the cryptocurrency industry. Reports from Arkham indicate that he holds over $9.4 million in crypto assets, with his company, World Liberty Financial, possessing assets exceeding $78.7 million. While the market has factored in Trump’s victory, there are expectations of further price increases in cryptocurrencies as the inauguration date approaches.
