ONE reached a high of $1.59 on January 16th. This article will discuss 5 reasons why ONE was able to reach it’s all-time high price point and what the future may hold for this project in relation to Bitcoin, Ethereum, Litecoin & more
The “is harmony one dead” is a question that many people have been asking. The answer to the question is no, but there are five reasons why Harmony (ONE) reached ATH.
Over the last month, the cryptocurrency market has seen a significant positive bounce. Some currencies have done better than others, hitting new all-time highs. Harmony ONE is one of the cryptocurrencies that has made significant progress. The cryptocurrency has gained over 100 percent in the last month.
Harmony ONE hit an all-time high of $0.353 on October 25, and although it has since given up some of those gains, the token’s bullish trend continues, with market observers anticipating it to hit new highs in the coming weeks.
Harmony ONE had fallen to a low of $0.095 at the end of August, but has subsequently risen by 263 percent. Its trade volumes in the last 24 hours have surpassed $540 million, indicating that it is garnering attention from all corners of the crypto world.
So, why is Harmony ONE on the rise, and why is it beating the market?
1. The ONE Harmony Conference
Because of the Harmony ONE conference, there has been a lot of interest in Harmony ONE. The ONE World Conference took place in Lisbon at the same time that the ONE token began its bullish surge.
The purpose of the meeting was to inform the public about the Harmony network’s possibilities. It was also intended to bring in new developers to the platform and expand Harmony’s ecosystem.
The conference began on October 18, and it was on that day that ONE began its bullish run, which took it to highs of $0.22. The token has continued its upward trend over the last week, allowing it to reach a new all-time high of $0.353.
Because it was conducted roughly simultaneously with LISCON 2021, the ONE World conference attracted a lot of attention. The latter is an Ethereum ecosystem meeting. The conference was hosted in Lisbon as well, with the goal of demonstrating how diverse applications may connect easily with the Ethereum network and other blockchains.
2. Development Fund of $300 Million
The Harmony ecosystem stated in early September that it has put aside a $300 million development fund to expand the platform’s environment. The funds were revealed on September 9, just as the coin began to gather traction.
Harmony ONE’s bullish surge over the last two months has been credited with bringing this fund to light. The development fund’s goals, according to the platform, are to extend Harmony’s ecosystem by providing required money to 10,000 crypto developers.
Harmony has also been spending additional resources to help its ecosystem develop in addition to this cash. The plan recently disclosed how it will use a portion of its income to fund platform developers and apps. It announced that it will put aside $180 million between Q4 2021 and Q3 2022 to finance DAOs, bounties, partners, investments, and hackathons.
The platform’s finances and investments demonstrate that it is serious about expanding. Supporting developers and apps demonstrates that it is ready to put its best foot forward in order to achieve growth and contribute to the ONE token’s increasing value.
3. Protocol Collaborations on Major Projects
Strategic relationships with key companies in the cryptocurrency business are one of the reasons why tokens are gaining traction. Decentralized finance (DeFi) is one of the hottest topics in the crypto world right now. Protocols that can interact with DeFi systems have seen a lot of development since it gives tokens a use case.
Harmony ONE’s recent foray into the DeFi industry has been credited with propelling the stock to new highs. The network has lately joined with some of the most prominent companies in the DeFi market, causing the token to soar to new highs.
Curve and AAVE are two of the most popular DeFi protocols with which Harmony has worked. AAVE is a major DeFi lending and borrowing platform, therefore its integration with Harmony has boosted the ecosystem’s visibility and use cases.
Curve is another extensively used DeFi program in the crypto industry; as a result of its integration with Harmony, the network has expanded its reach and user base. Because it allows users to obtain minimal transaction costs, the Harmony blockchain has become a preferred alternative to DeFi networks.
The Harmony protocol has also just been integrated with WePiggy, a DeFi lending protocol. Around the same time that the ONE token began to achieve significant advances, several DeFi protocols were merged with Harmony ONE. The ONE token’s surge to all-time highs has been linked to the token’s growing use cases on various platforms.
4. New Token Inventories
Listing on new cryptocurrency exchanges is another element leading to price rises in the crypto market, which has prompted ONE to reach all-time highs. When a cryptocurrency gets listed on a new exchange, it receives access to a new user base, resulting in an increase in trading volumes. As a consequence of the increased demand, the coin has seen significant gains.
The ONE token was just listed on Crypto.com. This is one of the most prominent cryptocurrency trading sites, with a wide range of cryptocurrencies supported. Listing on this exchange is a significant win for ONE since it will make the token accessible to the platform’s millions of registered users.
Following its recent listing on Crypto.com and the positive gains it has made over the last month, there is a good probability it will be added to additional cryptocurrency exchange platforms. This might not only allow ONE to reach new highs, but it could also introduce it to a new market and boost demand, propelling it to significant gains.
Overall, the market is bullish.
While ONE has achieved significant gains on its own, the significance of the larger market in achieving these new highs cannot be overlooked. The larger cryptocurrency market has been on a positive climb since the beginning of September, which coincided with the commencement of the Harmony ONE token surge.
Furthermore, the 100 percent gains achieved by ONE over the last month were comparable to the increases recorded by majority of the top 100 tokens. As a result, although buyer support has been strong as a result of advances in the Harmony ecosystem, it’s also possible that the larger market has been exerting pressure on the currency, causing it to rise to new highs.
The overall market’s bullish run has eased somewhat, but Harmony is still setting records and pushing for new highs. As a result, if the market continues to rise and a bull market emerges, we might see ONE rise much higher. A strong bullish rebound in the wider market might push the token to new all-time highs.
As a result, the recent surge in ONE to a new all-time high may be ascribed to movements in the larger market as well as inside Harmony’s ecosystem. The ONE token has been in great demand due to internal and external support, which has boosted demand. More benefits might be made if the network continues to create new alliances, offer more products, and get backing from the larger market. Visit our Investing in Harmony guide to learn more about this coin.
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