For Some Reason, Ontology’s Meteoric Rise Continues
Ontology (ONT) has quickly emerged as a formidable player in the cryptocurrency market. On Tuesday, the altcoin outperformed most of its large-cap peers despite having no clear immediate drivers. A closer look at ONT reveals a coin that has been on a rapid ascent since the beginning of the year.
ONT Price Update
The ONT price rose 2.3% to $1.11, where it was nearing its highest level of the year. ONT has gained 18% over the past seven days and is now approaching large-cap status with a total market value of $552.3 million.
Over the past three months, Ontology has surged through the crypto market rankings. Just last week, it cracked the number 20 spot, leapfrogging Zcash (ZEC), Tezos (XTZ) and Waves (WAVES). Since the beginning of the year, Ontology has jumped 13 spots in the market-cap index and is now the 18th largest cryptocurrency by value.
Although much attention has been paid to Litecoin (LTC) and Binance Coin (BNB) for their rapid ascent this year, Ontology has posted similar results. The cryptocurrency has doubled since the start of the year, vastly outperforming the overall market. Daily trade volumes have surged from around $8 million to highs near $340 million. On Tuesday, daily turnover levelled off to around $40 million, according to CoinMarketCap.
Ontology’s Bold Moves
Ontology has largely flown under the radar during ‘crypto winter,’ but an evaluation of its core value proposition reveals a project that has substantial upside. The project, which seeks to bring distributed ledger technology to the world of business, is closely backed by Da Hongfei’s OnChain development team. In this way, it shares a mutually beneficial relationship with NEO. OnChain is also one of the leading fin-tech companies in China.
The project has a three-pronged approach to making blockchain readily available to businesses:
- Level 1: connecting Ontology with other blockchain platforms;
- Level 2: ready-made APIs that allow users to create private blockchains;
- Level 3: introducing blockchain to the business world.
Read more: How to Make Passive Income Holding Ontology.
Ontology also appears to be benefiting from a newly announced partnership with MovieBloc, a film distribution platform that utilizes Pandora TV and KMPlayer. The announcement last week engineered a 13% rise in the ONT price but details on integration and rollout remain slim.
Based on Ontology’s recent performance, investors are backing the project with greater conviction than ever before. This may stem from the project’s bold distribution method. Despite launching during the height of the ICO boom, Ontology opted to forgo the lucrative crowdfunding model in favor of free airdrops. This appears to be paying dividends now that the ICO craze has died down and investors are looking for real value drivers for their digital portfolios.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.