3 Reasons Why Harmony (ONE) Reached Their All-Time High This Week

3 Reasons Why Harmony (ONE) Reached Their All-Time High This Week

Bitcoin price is still far from its all-time high of $69,000, but this is not stopping altcoins from moving towards new highs.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.13 on Dec. 4, the price of Harmony (ONE) has risen 163% to set a new all-time high of $0.38 on Jan. 14.

ONE/USDT 1-day chart. Source: TradingView

Three reasons for Harmony’s growing strength include an expanding ecosystem, the launch of multiple cross-chain bridges, and developer interest in finding Ethereum network alternatives.

ONE Benefits from Harmony’s $300M Ecosystem Development Fund

One of the biggest boosts to the overall health of the Harmony ecosystem began in September when the project launched a $300 million developer incentive program designed to help fund bug bounties, grants, and the creation of 100 decentralized autonomous organizations (DAOs). ) in Harmony.

Since the launch of the program, 23 DAOs have been funded and launched on the Harmony network with more currently in development.

3 Reasons Why Harmony (ONE) Reached Their All-Time High This Week

The incentive program has also helped attract multiple protocols to the Harmony blockchain in some of the most popular sectors of the ecosystem, including DeFi, payment platforms, and non-fungible token (NFT) projects.

Chain Bridges Help Boost Harmony’s Prospects

Another reason for Harmony’s recent strength is the launch of several cross-chain bridges connecting the Harmony network with other Ethereum Virtual Machine compatible networks such as Celer and Polygon.

In addition to the most recent integration with Celer c-bridge, which enabled cross-chain transfer of USD Coin (USDC) and Wrapped Ether (wETH), Harmony launched a cross-chain NFT bridge as part of the Horizon bridge in November 2021.

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Most recently, the project revealed a collaboration with the L1 Cosmos protocol to create a bridge between the two fast-growing ecosystems in an effort to further expand their interoperability and help scale cross-chain finance.

Harmony is also in the final stages of creating a native bridge to the Bitcoin network, which is expected to launch before the end of Q1 2022.

New users and ecosystem growth return to record TVL level

Another bullish metric supporting Harmony’s growth is its rising TVL, which is now at an all-time high of $1.25 billion, according to data from Defi Llama.

3 Reasons Why Harmony (ONE) Reached Their All-Time High This Week
Total value locked in Harmony. Source: Defi Llama

Several DeFi protocols are thriving on the Harmony network, including DeFi Kingdoms (JEWEL), accounting for $747 million TVL, Tranquil Finance at $201.85 million, and Viperswap at $54.4 million TVL.

VORTECS™ data from Cointelegraph Markets Pro began spotting a bullish outlook for ONE on Jan. 8, prior to the recent price rally.

Exclusive to Cointelegraph, the VORTECS™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements, and trading activity. Twitter.

3 Reasons Why Harmony (ONE) Reached Their All-Time High This Week
VORTECS™ Score (green) vs. ONE price. Fountain: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for ONE rose into the green zone on January 8th and reached a high of 75 around 48 hours before the price increased by 50% over the next four days.

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