Cryptocurrency

3 reasons why Harmony (ONE) has bounced back to new all-time highs this week

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Bitcoin price is still some way off its all-time high of $69,000, but that hasn’t stopped altcoins from heading for new highs.

data from Cointelegraph Market Pro and Transaction view Showing that the price of Harmony (ONE) has risen 163% since hitting a low of $0.13 on Dec. 4, hitting an 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 alternatives to the Ethereum network.

ONE to Benefit from Harmony’s $300 Million Ecosystem Development Fund

One of the biggest drivers of the overall health of the Harmony ecosystem began in September, when the project launched $300 million developer incentive program Designed to help fund bug bounties, grants and the creation of 100 Decentralized Autonomous Organizations (DAOs) on Harmony.

Since the inception of the program, 23 DAOs have been funded and launched on the Harmony network and are currently in development.

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

Cross-chain bridges help boost Harmony’s prospects

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

In addition to its recent integration with Celer c-bridge, which enables cross-chain transfers of USD Coin (USDC) and Wrapped Ether (wETH), Harmony has launched a cross-chain NFT bridge as part of the Horizon Bridge. November 2021.

Recently, the project revealed a partnership with L1 protocol Cosmos to create a bridge between the two rapidly growing ecosystems 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, with a release expected by the end of Q1 2022.

related: ICON commits $200 million to Interoperability Incentive Fund

New User and Ecosystem Growth Hits All-Time High TVL

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

The total value is locked in Harmony. Source: Defi Llama

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

VOLTECS™ data from Cointelegraph Market Pro A bullish outlook for ONE started to be detected on January 8, ahead of the recent price increase.

Cointelegraph’s unique VORTECS™ score is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price action and Twitter activity.

VOLTECS™ score (green) with a price. source: Cointelegraph Market Pro

As shown in the chart above, ONE’s VORTECS™ score surged into the green zone on January 8 and reached a high of 75 around 48 hours before the price continued to rise by 50% over the next four days.

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.