Hedera (HBAR) price soared on November 12th, hitting a high of around $0.07, its highest since July.
Hedera token has risen more than 20% in the past 24 hours, hitting a high of around $0.07. This took the cryptocurrency to its highest price level since July, making it stand out among the top gainers.
HBAR gains came as crypto holders reacted positively to Hedera’s latest news.
Specifically, altcoins soared after Canary Capital Group filed an application to list HBAR as an exchange-traded fund.
HBAR ETF Canary File
The proposal to list and trade shares of the Canary HBAR ETF comes amid increased activity in the overall crypto market. The approval of Bitcoin and Ethereum spot ETFs by the SEC has sparked significant interest and demand from institutional investors, leading to expectations that more crypto assets could follow a similar trajectory.
Canary Capital is one of the issuers targeting this potential influx of investment capital. In recent months, the market has seen applications for spot ETFs for Solana, Litecoin, and XRP, and the addition of Hedera to the list has the HBAR community excited.
The HBAR ETF filing comes weeks after Canary launched the HBAR Trust.
The cryptocurrency market is in a positive mood due to Donald Trump's historic victory in the U.S. presidential election and his support for cryptocurrencies during the campaign.
It is expected that more crypto investment vehicles will very likely be approved as the industry contemplates the positive regulatory environment provided by the Trump administration. Furthermore, if current SEC Chairman Gary Gensler leaves the SEC, the chances of approval for the SOL, LTC, XRP, and HBAR ETFs will increase significantly.
President Trump has promised to fire him when he takes over as SEC chairman in January 2025.
