PUNE (CoinChapter.com) — Harmony (ONE) prices have been under the weather lately just like a majority of crypto assets. At the core of its bearish performance is the Federal Reserve’s decision to hike interest rates to tame the rising consumer prices, which hit 7% — a 39-year high — in Dec. 2021.
The ONE price dropped about 14% in the previous seven days to $0.29 per token. However, the token may undergo a major price recovery in the days leading up to a big network upgrade that would enable Harmony users to use Ethereum (ETH) blockchain services.
In detail, Harmony is an open-source blockchain where bridges can connect any Proof-of-Work (PoW) and Proof-of-Stake (PoS) chains. Its mainnet could run Ethereum (ETH) applications with 2-second transaction finality and for 1,000 times lower fees.
So, Harmony is essentially an open platform for assets, collectibles, identity, and governance. They offer vetted secure bridges that facilitate cross-chain asset transfers with Ethereum, Binance, and other chains.
1/ After #Ethereum, Binance Smart Chain & multiple other DEXes, @Harmonyprotocol is set to launch its awaited trustless BTC bridge for seamless asset migration.
To strengthen the bridge security, we are offering community members to participate and earn incentives.
Interoperability announcemnets and its impact on native tokens
Interoperability and cross-chain integrations are shaping up to be a primary focus of the cryptocurrency ecosystem in 2022.
The advancement of Harmony’s successful trust bridges with Ethereum, followed by the announcement to launch the trust-less BTC bridge for seamless asset migration, may reassure investors of a utility-backed value, in the long run.
Harmony market cap performance over the past 12-months. Source: CoinMarketCap
ONE’s growing adoption also marks an increasing number of practical, real-world use cases that are elemental in cementing its value based on applicability rather than speculation. So, drawing related parallels from the recent past where prices of the token pumped with the news of successful integration of interoperability options, we have BAND Protocol and Cosmos Token.
Source: Cointelegraph
The BAND project in December 2021 announced that it had launched on Celo’s (CELO) mobile-first De-Fi platform. VORTECS data from Cointelegraph began to detect a bullish outlook for BAND on Dec. 29, prior to the recent price rise. Moreover, the 19% rise in the trading volumes within 10 days of the news breaking out, marks a gradual rise in investor confidence.
Meanwhile, a similar pattern emerged when the Cosmos Ecosystem Token rose in price after Evmos(EVM) promised Ethereum Interoperability. The Cosmos token price swelled about 11% in a week, after the announcement on 10th Jan 2022.
Source: Coinmarketcap
So, it may be possible that the ONE price undergoes a major rebound in the next 30 days. But how long could it stretch its gains — if they ever appear — one has to wait and watch.
"I write about global Geo-politics, cryptocurrencies and love. A restaurateur by profession, economist by pedigree and a story-teller at heart". Have worked with the Maersk group, ICICI bank and the Ministry of HRD, India before moving out of the corporate. Working to improve primary rural education in India.
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