Hedera HBAR/USD soared to the top of the daily gainers list Monday as blue-chip cryptocurrencies traded flat.

What happened: HBAR, the native coin of the Hedera Hashgraph network, rallied 35% in the last 24 hours to hit a seven-month high.

The cryptocurrency’s trading volume more than tripled in the last 24 hours to $3.50 billion, suggesting heightened buying pressure.

The upsurge dwarfed gains made by Bitcoin BTC/USD and Ethereum ETH/USD, as both market heavyweights were up just 1.02% and 1.39%, respectively.

With gains of over 160%, HBAR was the third-best-performing token over the last week.

See Also: Shiba Inu Lead Developer Shytoshi Kusama Pitches S.H.I.B In Response To Elon Musk’s Call For New Roles Recommendations In Trump Administration

The rally came as odds of Brian Brooks, an HBAR Foundation board member, being named President-elect Donald Trump’s pick for SEC Chair increased dramatically on prediction platform Kalshi. 

Brooks’ odds leapfrogged from 8.6% 24 hours ago to 43% as of this writing. 

Another likely bullish catalyst was cryptocurrency asset trading and management firm Canary Capital filing for an HBAR exchange-traded fund (ETF), potentially driving mainstream adoption of the coin.

For the uninitiated, Hedera is a public blockchain network, allowing for the development of decentralized applications on top of it. HBAR lies at the center of the network, helping secure it through staking.

The coin has a market capitalization of $5.70 billion, with a circulating supply of 37.69 billion.

Price Action: At the time of writing, HBAR was trading at $0.1497, up 35% in the last 24 hours, according to data from Benzinga Pro.

Image via Pixabay

Read Next: