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

Bitcoins present rate is not at its $69,000 high, this doesnt stop altcoins moving towards brand-new heights.

ONE/USDT 1-day chart. Source: TradingView

Cointelegraph Markets Pro and TradingView information show that Harmony (ONE), which hit a low of $0.13 Dec. 4, has actually seen a 163% increase to reach a record high of $0.38 Jan. 14.

The growing strength of Harmony can be associated to 3 factors: an expanding community, multiple cross-chain bridges released and developers interest in alternative networks to Ethereum.

One take advantage of Harmonys $300 million community fund

Rewards have also been utilized to attract protocols to Harmony blockchain, in the most popular sector of the community including DeFi payment platforms and nonfungible token tasks (NFT).

Given that the launch, 23 DAOs were moneyed and launched through the Harmony network. More are presently being developed.

The Harmony ecosystems total health was enhanced by the launch of a $300 million reward program for designers in September. This program is developed to fund bug bounties, grants, and the development 100 decentralized self-governing organisations (DAOs), on Harmony.

1/ @harmonyprotocol approves 21 more proposals for its $300M Ecosystem Fund DeFi: @epnsproject @AnChainAI @perpprotocol @freyalacrypto Payments: @Allbridge_io @MIM_Spell @klever_io @Trustee_Wallet NFT: @TheDeFimons @KangaFinance @StoreyTheApp @NiftyRow And more pic.twitter.com/zxyl4Z3wWJ
— Harmony (@harmonyprotocol) January 13, 2022

Cross-chain bridges increase Harmonys prospects

Consistencys recent strength can also be attributed to the launch of cross-chain bridges, which connect Harmony with other Ethereum Virtual Machine suitable network like Celer or Polygon.

1/ We are happy to reveal that @CelerNetwork now supports @harmonyprotocol. ONE users now have the capability to utilize the multi-chain cBridge to immediately transfer $USDC or $WETH at a really low cost. Continue reading
— Harmony (@harmonyprotocol) January 12, 2022

Recently, the task revealed a cooperation with Cosmos L1 procedure to develop a bridge between these quickly growing ecosystems. This will enable the job to broaden its interoperability in addition to scale cross-chain funding.

Harmony released a cross chain NFT bridge in the Horizon bridge, part of the Horizon bridge, back in November 2021. This was on top of the Celer cbridge combination that allowed cross-chain USD Coin (USDC), and Wrapped Ether( wETH) transfers.

1/ We are pleased to announce that @datachain_en has actually been granted a grant to help build a bridge between Harmony and @cosmos. Datachain has unequaled experience in interoperability options developed utilizing trustless intermediaries. ONE action closer towards scaling cross-chain financing pic.twitter.com/27ueWWUkT0
— Harmony (@harmonyprotocol) January 12, 2022

Consistency is currently in the final stages to create a native bridge to Bitcoin, which will be readily available prior to the end Q1 2022.

Related: ICON contributes $200M to Interoperability Incentive Fund

Tape-record high TVL for brand-new users and community development

A bullish metric that supports Harmonys growth, is its rising TVL. According to information from Defi Lama, it is at an all-time high $1.25 trillion.

Harmony is the overall value Source: Defi Llama

VORTECS( tm), information from Cointelegraph Markets Pro started to discover a bullish outlook on ONE on January 8, before the current rate increase.

Cointelegraphs special VORTECS( tm), Score is an algorithmic contrast between existing and historical market conditions. It is stemmed from a mix information points, including trading volume, market sentiment and recent rate motions, in addition to Twitter activity.

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Several DeFi protocols are prospering in Harmony, including DeFi Kingdoms( JEWEL), which accounts to $747 million of TVL, Tranquil Finance (with $201.85 million), and Viperswap (with a $54.4 million TVL).

VORTECS( tm), Score (green) vs. the ONE price Source: Cointelegraph Markets Pro

The chart reveals that the VORTECS( tm), Score for ONE spiked to the green zone Jan. 8, and reached a peak of 75 approximately 48 hours later on. After this, the price increased 50% over the next four day.

1/ We are happy to reveal that @CelerNetwork now supports @harmonyprotocol. ONE users now have the ability to utilize the multi-chain cBridge to instantly move $USDC or $WETH at an extremely low cost. 1/ We are delighted to announce that @datachain_en has been given a grant to assist construct a bridge between Harmony and @cosmos. Datachain has unrivaled experience in interoperability options constructed utilizing trustless intermediaries. ONE action closer towards scaling cross-chain finance pic.twitter.com/27ueWWUkT0

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