What happened

The broader cryptocurrency market has been seeing rather low levels of volatility of late. Whether that's investors believing that much of the macro news that's already impacted markets has been priced in or not remains to be seen. However, with most tokens hovering around flat today, and the overall market down only 0.3% at the time of writing, many are focusing on tokens that are making unusual moves.

One such token that fits this criteria today is Hedera Hashgraph (HBAR -3.86%). The world's 36th-largest token by market capitalization, Hedera has surged 6.2% higher over the last 24 hours as of 1:30 p.m. ET. This is the largest upside move of any token today.

Recent reports that Hedera has seen developer interest in its enterprise-grade network surge may be behind this move. According to recent data fromSentiment, Hedera is currently in third place in terms of development activity, behindPolkadotandCardano.

The race for developer talent to build out decentralized applications on Layer 1 networks like Hedera is on. The fact that so many are choosing this lesser-known (but significant) blockchain is something worth diving into. I intend to do a deep dive on this blockchain project at some point moving forward. My interest has been piqued by this move.

The idea behind Hedera is relatively simple. Via an open-source network, Hedera allows developers to compete for the ability to deploy decentralized applications, with the same competition applying to users vying for transactions on this network. Some level of competition can spur interest among a certain personality type, making this network intriguing, to say the least.

On days like today, when broadly bearish sentiment continues to rein over any indications that bullish catalysts can be on the horizon, upside moves such as the one seen in Hedera are worth noting. This is a crypto project I've yet to explore deeply, but I intend to do so, on the basis of what appears to be relatively strong demand for these tokens.

When times get tough, projects that stand out tend to get even more attention. Such appears to be the case with Hedera today.

Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Hedera: The 1 Cryptocurrency That's on Fire Today - The Motley Fool