Ontology (ONT) Price Bounces 16% as Development Builds; NEO Follows Suit

Ontology (ONT) gained 16% leading into Monday in a quick bounce from the recent cryptocurrency market dip. The blockchain that once housed Ontology before it left to launch its own mainnet – NEO (NEO) – also surged at the same time.

Ontology Development Update

The latest ‘V-Label’ Ontology development update was added to Binance’s info hub this week. Binance’s ‘V-Label’ projects are those from which development updates come from verified team members (as opposed to a hired internet copywriter).

According to the latest update, the addition of sharding on the blockchain is 70% complete. For a rundown on the blockchain scaling solution that is sharding, check out The Sharding Solution.

Another blockchain project, Golem (GNT) recently added WASM (Web Assembly) integration for developers, and Ontology seems to be following suit, with the tech now running on its testnet.

The update also details the launch of the Paxos Standard (PAX) stablecoin on the ONT mainnet, and gives a brief rundown of recent dApp launches.

Of particular interest is the list of blockchain projects which the Ontology investment wing has put money into of late. Ontology Global Capital (OGC) is a recently launched startup incubator, with backing from numerous VC firms.

Fourteen projects have been invested in since May 31st, with 36% of those being classified as focusing on ‘Layer 2’ solutions. Most are small cap projects which you may have seen pop up from time to time – check out the full list for more.

Ontology Price – ONT/USD

The 22nd ranked project by market cap gained 16.4% on Monday morning – climbing from a coin price of $1.28 to $1.49.

Trade volume increased from $99 million to $223 million over a few hours, with Bibox proving to be the busiest exchange for ONT turnover. Close to 60% of ONT trades were against USDT, suggesting most of these buys were traders coming back in after the market dip.

OpenMarketCap suggests real trade volume was closer to $23 million in total.

During the past quarter, the value of ONT surged to the $1.70 range three times before subsequently falling back – as seen on each peak below. However, those peaks were helped by Bitcoin’s surge, and that of the broader market.

Whether ONT hits that $1.70 range again following today’s spike may be dependant on the direction of Bitcoin once more.

NEO Price – NEO/USD

Strangely enough, the value of NEO jumped at the exact same time as Ontology on Monday. That would be understandable if Ontology was still a token on the NEO blockchain, but that relationship ended in 2018.

Perhaps the former association was enough to send NEO to 8.77% gains on the day. The NEO coin price climbed from $11.28 to $12.49 – with the majority of the spike coming at 06:00 UTC – the same time as the ONT spike.

NEO’s recent growth now finds it ranked 18th by market cap, after it recovered ground lost to Ontology, when its former progeny briefly overtook it back in March.

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. Charts via CoinMarketCap.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.