The crypto space has been on a major bullish rally over the past month. Some coins have outperformed others by reaching new all-time highs. Among the coins that have major strides is Harmony ONE. Over the past month, the altcoin has rallied by over 100%.
On October 25, Harmony ONE reached an all-time high of $0.353, and while it has shed some of these gains, the token’s bullish rally is still at play, with market analysts expecting it to make new highs over the coming weeks.
Towards the end of August, Harmony ONE had dropped to the lows of $0.095 but has since surged by 263%. Its trading volumes during the past 24 hours come in at above $540 million, showing that it is attracting interest across the crypto space.
So, why is Harmony ONE rallying, and why is it outperforming the rest of the market?
1. Harmony ONE Conference
Harmony ONE has been attracting interest because of the Harmony ONE conference. The ONE World Conference was held in Lisbon and coincided with a time when the ONE token started its bullish rally.
The conference was geared around educating the public about the potential of the Harmony network. It was also meant to attract new developers to the platform and lead to the expansion of Harmony’s ecosystem.
The conference dates started at October 18, and the date was also when ONE started its bullish rally and proceeded towards highs of $0.22. The token has maintained this rally for a week, and this has enabled it to create a new all-time high at $0.353.
The ONE World conference also received much hype because it was held almost at the same time as the LISCON 2021. The latter is a conference for the Ethereum ecosystem. The conference was also held in Lisbon, and its objectives were to show how various applications can seamlessly integrate with the Ethereum network and other blockchains.
2. $300 Million Development Fund
Towards the beginning of September, the Harmony ecosystem announced that it had set aside a $300 million development fund to improve the platform’s ecosystem. The funds were announced on September 9, around the time the token started making some gains.
The news of this fund has been attributed to Harmony ONE’s bullish rally over the past two months. The platform stated that the objectives of the development fund would be to expand Harmony’s ecosystem by equipping 10,000 crypto developers with the necessary funding.
Besides this funding, Harmony has also been investing other resources to facilitate the growth of its ecosystem. The plan recently announced how it would be spending part of its revenues to support developers and applications on the platform. It stated that between Q4 2021 and Q3 2022, it would set aside $180 million to fund DAOs, bounties, partners, investments and hackathons.
This funding and investments show that the platform is serious about achieving growth. Supporting developers and applications shows that it is willing to put its best foot forward to achieve growth and consecutively contribute to the rising value of the ONE token.
3. Protocol Partnerships with Major Projects
One of the reasons that make tokens rally is strategic partnerships with major players in the cryptocurrency sector. Decentralized finance (DeFi) is currently one of the booming things in the crypto space. Protocols that can integrate with DeFi platforms enjoy enormous growth because it increases token demand by giving it a use case.
Harmony ONE’s rally towards an all-time high has been attributed to its recent endeavor into the DeFi space. The network has recently partnered with leading players in the DeFi space, and this has caused the token’s major gains towards record highs.
Among the leading DeFi protocols that Harmony has collaborated with include Curve and AAVE. AAVE is a leading DeFi lending and borrowing platform; hence its integration with Harmony has shed a positive light on the ecosystem and its use cases.
Curve is another widely used DeFi application in the crypto sector; hence its integration with Harmony has enabled the network to have a broader reach and expand its user base. The Harmony blockchain has become a preferable alternative to DeFi platforms because it gives access to low transaction fees for users using the protocols.
The other recent integration of the Harmony protocol has been with WePiggy, a DeFi lending protocol. These DeFi protocols integrated with Harmony ONE at around the time that the ONE token started seeing major gains. The increased use cases of the ONE token on these platforms have been attributed to the token’s rally towards all-time highs.
4. New Token Listings
The other factor contributing to price rallies in the crypto space and has caused ONE to head towards all-time highs is listing on new cryptocurrency exchanges. When a token is listed on a new exchange, it gains access to a new user base, increasing its trading volumes. The result of this rise in demand leads to major gains for the token.
The recent listing of the ONE token was at Crypto.com. This is one of the leading cryptocurrency exchange platforms, and it is popular for supporting a variety of altcoins. Listing on this exchange is a major gain for ONE because it will make the token available to millions of registered users on this platform.
Following the recent listing of ONE on Crypto.com and the bullish gains that this token has achieved over the past month, there is a high chance that it could be added to other cryptocurrency exchange platforms. This could not only enable ONE to create new highs, but it could also open it up to a new market and increase demand that will propel it to making major gains.
5. Overall Bullish Market
While ONE has made some major gains all on its own, one cannot dismiss the broader market’s role in reaching these record highs. Since the start of September, the broader cryptocurrency market has been on a bullish rally, which was around the time the Harmony ONE token started rallying.
Moreover, the 100% gains made by ONE over the past month have been similar to the gains made by most of the tokens within the top 100 list. Therefore, one can state that while buyer support has been high because of the developments in the Harmony ecosystem, there is also the possibility that the broader market has been applying pressure to the coin and making it head towards new highs.
The bullish rally across the broader market has slowed down slightly, but Harmony is still breaking barriers and pushing towards new highs. Therefore, if the market forms more gains and a bull market is formed, we could see ONE making even greater gains. A strong bullish rally across the broader market could lead towards a new all-time high for the token.
Therefore, the rally of ONE towards a new all-time high is a factor attributed to the developments across the broader market and within Harmony’s ecosystem. With support internally and externally, the demand for the ONE token has been high, boosting demand. If the network continues making new partnerships, making new listings, and enjoying support from the broader market, further gains could be formed. To learn more about this token visit our Investing in Harmony guide.
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