Harmony’s ONE coin has dropped by 6% within the last day, reflecting the free fall in the broad marketplace.

Harmony (ONE) lost ground within the past day, dropping 6% of its price. Meanwhile, the altcoin recorded a rally early on the year, leaving enthusiasts for 2021 as ONE climbed past $0.30. However, the optimistic may need to pause for some time.

Harmony on a 6% 24-Hour Loss

Harmony blockchain, a fast and secure network for Dapps, has ONE as its governance token. The platform targets issues affecting renowned blockchain ecosystems, including fees, transaction speed, and scalability. Moreover, Harmony operates ETH apps at a thousand times fewer charges and two seconds finality.

ONE saw tremendous actions in 2021, beginning at $0.042 to touch $0.224 by March. Though the year saw rocky movements since then, the altcoin attained its ATH at $0.3798 by 2021 October. Nevertheless, Harmony lost the gains. With more than a 4,500% surge in a year, enthusiasts had reasons to remain optimistic as far as ONE is concerned in 2022.

Meanwhile, the alt kick-started the year with the correct leg, its price surging during the early days of the year. ONE traded at higher levels of $0.3258 on 8 January before exploring the current lows at $0.2886.

Why the Price Drop?

Though it may be challenging to determine facets responsible for ONE’s crash, the overall trend in the financial markets makes it not surprising. Most digital tokens have lost substantial value within the past month. For instance, BTC lost 12%, ETH 20%, BNB 20% and SOL 16% (CoinGecko data feed). Indeed ONE had to reflect the bloodbath in the overall market.

Besides that, Harmony’s latest swift rally to $0.30 may have contributed to plummets. The token saw an upward move to $0.30 from $0.22, attracting profit-taking. That may explain the token’s latest fall. Moreover, the latest statement of the Fed combating inflation through rate hikes had the entire market shaking.

Data shows stocks and cryptocurrency market endured plunges following Federal Reserve’s updates. So, the prevailing fall in price mirrors the global market sentiment. ONE will wait for correct catalysts and broad market reactions for upcoming sessions.

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