Bitcoin price is still a ways from its $69,000 all-time high but this isn’t stopping altcoins from moving toward new highs.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.13 on Dec. 4, the price of Harmony (ONE) has risen 163% to establish a new all-time high of $0.38 on Jan. 14
ONE/USDT 1-day chart. Source: TradingView
Three reasons for the growing strength of Harmony include an expanding ecosystem, the launch of multiple cross-chain bridges and developers interest in finding Ethereum network alternatives.
ONE benefits from Harmony’s $300 million ecosystem development fund
One of the biggest boosts to the overall health of the Harmony ecosystem began back in September when the project launched a $300 million developer incentive program designed to help fund bug bounties, grants and the creation of 100 decentralized autonomous organizations (DAOs) on Harmony.
Since the launch of the program, 23 DAOs have been funded and launched on the Harmony network with more currently in development.
The incentive program has also helped attract multiple protocols to the Harmony blockchain in some of the most popular sectors of the ecosystem, including DeFi, payment platforms and nonfungible token (NFT) projects.
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 help raise Harmony’s prospects
Another reason for Harmony ‘s recent strength is the launch of several cross-chain bridges that connect the Harmony network with other Ethereum Virtual Machine compatible networks like Celer and Polygon.
1/ We are excited to announce that @CelerNetwork has extended support to @harmonyprotocol.
ONE users can now use the multi-chain ‘cBridge’ to transfer $USDC and $WETH instantly and at a…