Hedera experienced its first technical failure in 2023. HBAR bulls finally appeared as the market made a healthy recovery.
This week has been quite interesting for the markets, but a mixed bag for Hedera [HBAR]. This is mainly because the network reported its first technical challenge of 2023, disrupting some aspects of its network.
Realistic or not, here is Hedera’s market cap in terms of BTC
On January 11, the Hedera blockchain announced that some dApps were experiencing disruptions. The glitch affected dApps running on the old version of the Hedera JavaScript SDK. According to the update, the glitch only affected one node, which eventually experienced downtime.
Update: Certain dapps on Hedera built with outdated versions of the Hedera Javascript SDK (software development kit) are experiencing a temporary outage. A gRPC web proxy for earlier versions of the SDK points to a node that is currently experiencing downtime.
— Hedera (@hedera) January 11, 2023
A more recent update revealed that the issue has been resolved and that the affected node was up and running at the time of writing. While this issue has affected Hedera 2023, it has not had a negative impact on HBAR’s price action as of this writing.
Hedera bulls past 50-day MA
HBAR has been on a relentlessly bullish trajectory so far in January 2023. It managed to break above the 50-day moving average for the first time in the past four weeks after rising 30%. This was due to the ongoing rally in the overall crypto market.
Source: TradingView
In terms of short-term prospects, the outcome largely depended on the state of the market. The market experienced an improvement in sentiment, as indicated by the slight increase in the weighted sentiment metric. The demand for HBAR in the derivatives market has seen a strong increase over the past 10 days.
Source: Sentiment
While the short-term has been bullish so far, some selling pressure could emerge soon, especially from investors who don’t expect a sustained rally in the medium to long term.
While the various unpredictable dynamics make it difficult to accurately forecast, other areas, such as development, point to continued growth.
Is your wallet green? Check out the Hedera Profit Calculator
A good example of support for long-term growth is the recent announcement about asset tokenization pressures on Hedera. The Hashgraph Association will reportedly provide a grant worth more than $750,000 to facilitate the creation of asset tokenization products on Hedera.
Research and data analytics company @DecimalP announces $750,000 grant from @The_Hashgraph ability to develop #tokenization products on #Hedera in association with @sda_instituutciting Hedera’s enterprise-grade aBFT security and unparalleled network performance.
➡️https://t.co/iNWuskSTjW pic.twitter.com/4xRzG8qsLL
— Hedera (@hedera) January 11, 2023
This move could potentially bring more usability to the Hedera ecosystem. This also means more developments in 2023. Interestingly, Hedera’s development activity already got off to a healthy start in January.
Source: Sentiment
Perhaps the developments planned for this year will stimulate more organic demand. If it eventually does, it may support organic recovery for HBAR.
This post The details about Hedera’s node outage that disrupted dApp’s operation
was published first on https://ambcrypto.com/the-low-down-on-hedera-node-outage-which-disrupted-dapp-operations/
