Hedera Rallies on Canary Capital ETF Launch

Asset manager Canary Capital launched ETF products for Hedera (HBAR) and Litecoin (LTC) on Oct. 28.

HBAR rallied 22% on the news to $0.22, putting its market capitalization at $9 billion. While the move marks a 17.5% rise for HBAR over the last week, it is yet to recover from the vicious Oct. 10 altcoin crash.

While HBAR rallied on the news, LTC hardly responded and actually fell by as much as 5%. However, it is worth noting that LTC rallied 5% ahead of the news.

“Today, Hedera made history. Hello HBAR ETF, and the next chapter of regulated digital finance. Congratulations to all who made it happen,” said Hedera co-founder Mance Harmon on X.

While most altcoins have struggled throughout this market cycle, HBAR is one of the few older altcoins that have outperformed. HBAR is up 302% over the last year after a tough 2023 and 2024. That being said, the coin is still 65% below its previous all-time high of $0.57 set in 2021.

LTC, on the other hand, is up just 35% over the last calendar year, and roughly 100% above its $49 cycle low, which coincided with the FTX collapse. LTC remains 76% below its 2021 high of $410.