While the price of Bitcoin is still quite a distance from $69,000, this hasn’t stopped other altcoins like Harmony from moving towards new highs. According to data received from TradingView and Cointelegraph Markets Pro, it has been highlighted that ever since touching a low of $0.13 on the 4th of December, the price of the cryptocurrency has gone up by 163% to establish a new all-time high of $0.38 on the 14th of January.
There have been a few reasons for the growing strength of this altcoin which includes an expanding ecosystem, along with the launch of multiple cross-chain bridges and developers’ interest in finding network alternatives to Ethereum.
ONE benefits from Harmony’s $300 million ecosystem development fund
One of the major boosts to the overall health of the Harmony ecosystem began all the way back in September when the project developed a $300 million developer incentive program which has designed to help fund bug bounties, grants, and the creation of 100 decentralized autonomous organizations on the altcoin. Since the launch of this program, there have been 23 DAOs have been funded and launched on the network of ONE with more currently in development.
The incentive program has also gone ahead and helped quite a few multiple protocols to the blockchain of Harmony in some of the major popular sectors of the ecosystem, which includes DeFi payment platforms, and most of the NFT projects.
Another reason for the recent strength of Harmony is the launch of several cross-chain bridges that also connect the network of the altcoin with other Ethereum Virtual Machine compatible networks like Polygon and Celer. Most recently, the project went ahead and revealed a collaboration with the L1 protocol Cosmos to create a bridge between the two rapidly growing ecosystems.