Amidst a broader downturn, Harmony (ONE) has fallen harder than other cryptocurrencies. As of Thursday the 16th of December it was down 55% from its all-time high on October the 26th. Why? First, a little context.
Harmony has grown in popularity as a platform for building Decentralised Applications (DApps) that is said to be faster and more secure than Ethereum. Most experts are bullish on Harmony, with some expecting the token to be worth upwards of $1 by 2024. ONE began this year at $0.004 USD ($0.005 AUD) per token and surged to an all-time high of $0.37 USD ($0.50 AUD), a comfortable 10,000% return for early investors.
As of the 16th of December ONE was trading at $0.17 USD ($0.24 AUD), down 52% from its October peak. Owing to its relatively small market cap of $2 billion USD ($2.7 billion AUD), Harmony is one of the more volatile cryptocurrencies available on the market.
Much of its volatility can be directly attributed to the fact that the Harmony blockchain is still in the early stages of adoption and development. It also faces stiff competition from other network-based cryptocurrencies like Solana (SOL) and Cosmos (ATOM). With all of this in mind, what exactly is Harmony? Can it really compete with large-cap crypto networks like Ethereum and Solana? If so, how high can investors expect the price of ONE to rise?
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What is Harmony?
Founded in 2018 by now CEO Steven Tse, Harmony was designed as a platform that focuses heavily on scalability and interoperability. This means that Harmony’s blockchain can be easily upgraded as adoption grows and allows for developers to transfer their pre-existing applications and digital assets more efficiently than anywhere else.
These factors have made Harmony an extremely attractive prospect for both investors and technical users that were growing weary of the high ‘gas’ fees, slow transaction speeds and now-‘outdated’ (or so they claim) communication models of the Ethereum network.
Now, in order to clear up any confusion about the terminology: Harmony refers to the blockchain that powers decentralized applications, while the ticker: ONE refers to the actual token (cryptocurrency) that makes all this work possible and profitable for investors and developers.
Can Harmony Really Compete with Market Leaders?
Harmony is making massive leaps to increase adoption and usability of its blockchain among developers and technical users. This year they announced full Ethereum compatibility, allocated $300 million USD ($421 million AUD) in funding to new developers and successfully integrated new services for DeFi and NFTs. Even with all of these positive developments underway, most analysts are still sceptical as to whether Harmony can ever compete with established market leaders like Ethereum, Solana or Cardano.
Echoing this sentiment, Capital.com analyst Mikhail Karkhalev wrote on the 7th of December: “The competition for dApps platforms is intense: ethereum, cardano and solana, regardless of bandwidth, are the market leaders and it will be a challenge to displace them from their positions.”
“In my opinion, Harmony will be able to find its audience and help a couple of promising projects grow, possibly from the IoT or the financial space. However, the project might remain in the shadow of more popular brands, as it has nothing principally new to offer,” Karkhalev added.
“But, of course, no one is taking away the potential value and future prospects. If they manage to build a competent marketing policy, growth of the project is inevitable,” (Karkhalev).
Harmony Price Prediction 2021
Analysts from DigitalCoin predict Harmony to grow sustainably in price moving forward, expecting a gradual increase to $0.283 USD ($0.397 AUD) by the end of 2021. This is just one selection of analysts though – others have different takes.
Harmony Price Prediction 2022
Despite most analysts and crypto experts maintaining an overall bullish sentiment for the growth-oriented business model of Harmony, they conclude it is unlikely that Harmony will ever grow enough to legitimately challenge the market leaders. Wallet Investor’s automated forecasting ranks ONE as an “awesome” long-term investment.
According to its projections, ONE can reach a maximum price of $0.181 USD ($2.54 AUD) by mid-2022. TradingBeasts, for their part, forecast ONE’s price to hit $0.229 ($0.321 AUD) by the beginning of 2022. They are doubtful that Harmony has what it takes to massively increase in value long-term and predict a maximum price of approximately $0.287 ($0.402 AUD) by the end of 2023.
Harmony Price Prediction 2025 (and beyond)
Analysts from DigitalCoin reckon Harmony could reach $0.337 USD ($0.473 AUD) in 2022, $0.402 USD ($0.564 AUD) in 2023, $0.586 USD ($0.823 AUD) by 2025 and $0.868 USD ($1.21 AUD) by the end of 2028. According to Wallet Investor’s automated forecasting, Harmoney could attain a price target of $1 USD ($1.40 AUD) per token by March 2025.
How to Buy ONE Token
If you do decide to go ahead purchase ONE token, you can do so on a fairly wide variety of crypto exchanges and platforms. As ONE is still a “medium-market cap” token, it isn’t listed on Coinbase but can be found virtually everywhere else. The best crypto exchanges & platforms for beginners to purchase ONE token on are Coinspot and Crypto.com.
All legitimate crypto exchanges and platforms will require you to go through some form of verification process that will ask you to provide a phone number, email address or upload ID documentation. Always make sure that the platform you purchase crypto on is secure.
Harmony Price Prediction Conclusion
Ultimately, Harmony’s ONE token seems to have a solid and sustainable growth potential in the broader crypto market. While the token may not ever soar in value from its current price, it looks to have the necessary fundamentals to grow sustainably from here. Always keep in mind that crypto markets are very unpredictable and almost all digital assets are prone to enormous moves in value, both up and down.
RISK STATEMENT: This article is of a general nature only, and is intended for solely informational purposes. This is not financial advice. No-one can guarantee the price of Bitcoin will keep going up. Never invest more money than you can afford to lose into any crypto.