HBAR/USD Soared to the Top of the Daily Gainers List Monday as Blue-Chip Cryptocurrencies Traded Flat

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

Hedera (CRYPTO: HBAR) 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 was trading at an average price of $0.1497, up from Sunday's closing price of $0.1113.

HBAR's trading volume also surged more than three-fold in the last 24 hours to hit an average of $3.50 billion.

Both Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) were up marginally in the last 24 hours, with gains of 1.02% and 1.39%, respectively.

However, both cryptocurrencies were trading flat over the last seven days.

In comparison, HBAR was up over 160% in the last week, making it the third-best performing token among the top 100 cryptocurrencies by market capitalization.

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The rally in HBAR comes as the probability of HBAR Foundation board member Brian Brooks being named President-elect Donald Trump's pick for SEC Chair increased dramatically on prediction platform Kalshi.

Brooks' odds surged from 8.6% 24 hours ago to 43% as of this writing.

If appointed, Brooks could be a key advocate for the cryptocurrency industry at the helm of the apex regulator.

Brooks is also a former Comptroller of the Currency and served in the Trump administration.

The HBAR token is used to pay for transactions on the Hedera network and to participate in the network's governance.

Hedera is a public blockchain network that allows developers to build decentralized applications on top of it.

The network is designed to be highly scalable, secure, and energy-efficient.

HBAR is currently ranked as the 33rd-largest cryptocurrency by market capitalization.

Why It Matters: Brooks' appointment could have a major impact on the cryptocurrency industry in the United States.

If appointed, Brooks would be tasked with overseeing the implementation of new cryptocurrency regulations and deciding which digital assets to register as securities.

Brooks' appointment would also come at a time when the SEC is investigating several cryptocurrency exchanges and stablecoin issuers.

If appointed, Brooks could play a key role in determining the outcome of these investigations.