Major Reasons why Harmony is experiencing an All-Time High

ByEdward Thompson

Oct 25, 2021

In the latest cryptocurrency market trends, the funds aiding the development of crypto-ecosystem are the most attractive ones. Their presence is constantly resulting in causing several movements in the cryptocurrency markets.

Over the course of time, the majority of the protocols within the cryptocurrency sector have realized the importance of incentive programs. They have revealed that the incentive programs are currently the best means for attracting many users.

While many tokens from the same space are currently involved in doing that, one protocol, in particular, is doing it better than the rest. The name of the particular protocol is Harmony, which is a blockchain protocol that deals mainly with scalability.

The protocol has been focused on the advancement and up-gradation of the scalability capabilities of the networks. The protocol has been aiming to offer the same kind of scalability opportunities among the networks. This means that if one is processing transactions between the networks, they will have access to high scalability through Harmony blockchain.

The protocol is known for providing a cross-chain infrastructure among several blockchain networks. Some of the major networks it currently supports include Binance Smart Chain (BSC), Polkadot (DOT), Ethereum (ETH), and Bitcoin (BTC).

A couple of major on-chain data analyzing firms have shared the growth rate of Harmony (ONE) from August until October 25, 2021. The firms have revealed that on August 30, 2021, the unit price of ONE was set to $0.095 per ONE.

From August 30, 2021, until October 25, 2021, the price of Harmony has experienced a 263% surge. It has helped ONE bring its unit price to an all-time high of $0.345 per ONE. Just like the price of Harmony, the protocol’s average trading volume in the last 24-hours has also increased. The data shows that the trading volume for ONE has also grown all the way up to $800 million.

According to the cryptocurrency analysts, there are three major reasons that have led to the rally of Harmony.

The first reason is the launch of the ecosystem development fund that Harmony had announced back on September 9, 2021. The announcement helped Harmony gain a tremendous rally that has not left the protocol’s side for the past two months. The development project is set to accommodate several thousands of founders, creators, and builders of cryptocurrencies. These parties will be helped through funds that will not only help them strengthen the Harmony ecosystem but also let them add to it.

Then there is the ONE world conference that was held back on October 18, 2021. During the conference, the ONE development team had the opportunity to present their project and its goal to the crypto-investment community.

Lastly, there are integrations and token listings on the protocol that is constantly on the rise. ONE had recently announced its integrations into several major DeFi networks that include Curve and Aave.

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