3 reasons why Harmony (ONE) rallied back to its all-time high this week

Bitcoin terms is inactive a ways from its $69,000 all-time precocious but this isn't stopping altcoins from moving toward caller highs. 

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a debased of $0.13 connected Dec. 4, the terms of Harmony (ONE) has risen 163% to found a caller all-time precocious of $0.38 connected Jan. 14

ONE/USDT 1-day chart. Source: TradingView

Three reasons for the increasing spot of Harmony see an expanding ecosystem, the motorboat of aggregate cross-chain bridges and developers involvement successful uncovering Ethereum web alternatives.

ONE benefits from Harmony's $300 cardinal ecosystem improvement fund

One of the biggest boosts to the wide wellness of the Harmony ecosystem began backmost successful September erstwhile the task launched a $300 cardinal developer inducement program designed to assistance money bug bounties, grants and the instauration of 100 decentralized autonomous organizations (DAOs) connected Harmony.

Since the motorboat of the program, 23 DAOs person been funded and launched connected the Harmony web with much presently successful development.

The inducement programme has besides helped pull aggregate protocols to the Harmony blockchain successful immoderate of the astir fashionable sectors of the ecosystem, including DeFi, outgo platforms and nonfungible token (NFT) projects.

Cross-chain bridges assistance rise Harmony's prospects

Another crushed for Harmony 's caller spot is the motorboat of respective cross-chain bridges that link the Harmony web with different Ethereum Virtual Machine compatible networks similar Celer and Polygon.

On apical of the astir caller integration with the Celer c-bridge, which enabled the cross-chain transportation of USD Coin (USDC) and Wrapped Ether (wETH), Harmony launched a cross-chain NFT span arsenic portion of the Horizon span backmost successful November of 2021.

Most recently, the task revealed a collaboration with the L1 protocol Cosmos to make a span betwixt the 2 rapidly increasing ecosystems successful an effort to further grow its interoperability and assistance standard cross-chain finance.

Harmony is besides successful the last stages of creating a autochthonal span to the Bitcoin web which is expected to beryllium released earlier the extremity of Q1 2022.

Related: ICON commits $200M to interoperability inducement fund

New users and ecosystem maturation backmost grounds precocious TVL

Another bullish metric backing Harmony's maturation is its rising TVL, which is present astatine an all-time precocious of $1.25 cardinal according to data from Defi Llama.

Total worth locked connected Harmony. Source: Defi Llama

Several DeFi protocols are thriving connected the Harmony network, including DeFi Kingdoms (JEWEL), which accounts for $747 cardinal of the TVL, Tranquil Finance with $201.85 cardinal and Viperswap with a $54.4 cardinal TVL.

VORTECS™ information from Cointelegraph Markets Pro began to observe a bullish outlook for ONE connected Jan. 8, anterior to the caller terms rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic examination of humanities and existent marketplace conditions derived from a operation of information points including marketplace sentiment, trading volume, caller terms movements and Twitter activity.

VORTECS™ Score (green) vs. ONE price. Source: Cointelegraph Markets Pro

As seen successful the illustration above, the VORTECS™ Score for ONE spiked into the greenish portion connected Jan. 8 and deed a precocious of 75 astir 48 hours earlier the terms proceeded to summation 50% implicit the adjacent 4 days.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.