Harmony's Cryptocurrency is skyrocketing today
Image Source: The Motley Fool

Why Harmony’s Cryptocurrency is skyrocketing today

Today, the Harmony (CRYPTO: ONE) One token is booming once more. As of 6 p.m. ET, the cryptocurrency’s price had risen nearly 13 percent in the previous 24 hours of trade, after rising more than 33 percent earlier in the day.

Harmony’s Cryptocurrency is skyrocketing today

Harmony's Cryptocurrency is skyrocketing today
Image Source: The Motley Fool

Harmony’s One token is part of a wider rise for tokens related to blockchains that are connected to a service rather than only functioning as money. The token’s value is also rising as a result of recent network enhancements disclosed by the development team.

Data may be readily transported across other blockchains using Harmony, including Ethereum, Binance, and several others. Users pay the cost of performing activities with the One token, and applications can be constructed on the Harmony blockchain.

Harmony said on Twitter on November 22 that, thanks to a recent update, its blockchain could now handle more than four times as much user activity. The news boosted the value of the One token, and the trend has persisted into Tuesday’s trade.

In a tweet today, Harmony provided an update on its Bitcoin bridge project, stating that it was fine-tuning with its contracted auditing firm and that the auditing firm will be investigating new options on the project.

Harmony’s token has gained almost 27 percent in the previous seven days of trade. The One token presently has a market valuation of almost $3.5 billion, making it the 53rd most valuable cryptocurrency.

Harmony continues to appear to be a high-risk investment, but if the network’s blockchain becomes the foundation for popular apps, its cryptocurrency might rise far above current levels.

With interest in metaverses and decentralized finance apps built on blockchains growing, One’s token price may rise as a result of increased demand.

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Also read: Indian government announces bill to ban cryptocurrencies