On Monday morning (ET), the price of Hedera (HBAR) rose above $0.065, making it one of the top 100 coins by market cap. According to CoinGecko, HBAR’s 24-hour trading volume saw an incredible 1,290% increase, with over $224 million worth of tokens being traded. The price was up 17% at the time of writing and 25% higher over the past 30 days.

So, what has caused this price spike?

There have been a number of partnerships and adoption efforts with major players that have caused the price of HBAR to rise and reach its highest price since May. These include partnerships with South Korean automakers Hyundai and Kia, which have introduced an AI-enabled solution for tracking carbon emissions in the supply chain. There has also been a partnership with global payments giant Mastercard.

Recently, the Federal Reserve’s FedNow program added support for Dropp Inc, a Hedera-powered platform. Dropp is now on the list of service providers for FedNow, which offers banks and credit unions access to instant payments. Hedera is a decentralised public network based on the Hashgraph algorithm.

These developments have led to renewed buying pressure for HBAR and allowed bulls to attempt to reclaim the upper hand.