Every weekend will feature at least one cryptocurrency, asset, or token which rises in value for no apparent reason. While Ontology is picking up steam on the Binance platform, that alone should not necessarily warrant the current Ontology price increase. However, it seems that is exactly what is happening right now. There is also some excitement regarding Ontology’s version of Gas, known as ONG.
Starting off the weekend with a bit of a surprise is not entirely uncommon in the cryptocurrency and token industry. New trading momentum materializes nearly every week even if there is no real reason for it to happen. As such, many people are left wondering why the value of Ontology is suddenly shooting up like a rocket. It would appear the Binance exchange has something to do with that as of late.
Over the past few hours, the Ontology price has increased by over 13% in both USD and BTC value. While this latter part is not necessarily all that surprising, it quickly becomes evident noting strong USD gains when Bitcoin isn’t moving up all that much is a different story. It is here where this uptrend gains some legitimacy, primarily because the BTC -based increase allows the USD value to rise, instead of the other way around.
On social media, most of the Ontology-related discussions pertain to Binance as well, for some reason. A.M. goes as far as claiming how Binance is the driving factor of this particular price trend. The company is seemingly in the process of adding Ontology’s Gas tot heir trading pairs, which can spark some additional interest in both tokens. Even so, a 13% increase in value based on hype and speculation may not necessarily be sustainable for very long.
Sriz is echoing some very similar statements by stating how the CEO of Binance is seemingly “playing with ONG” at this time. A bit of an odd way of phrasing what may be on the horizon for this utility token, although no one can deny Binance’s trading volume for ONT is picking up steam. It is not the biggest exchange for ONT trading volume at this time, though.
The actual price chart for Ontology looks a bit worrisome. A massive green candle has begun forming which will usually lead to a steep retrace. Strong gains are hardly ever maintained in this volatile industry, especially during the weekend. How that will affect the Ontology value over the coming hours and days, remains to be determined. A brief retrace would not necessarily be a bad thing to keep this train going a bit longer.
As is always the case in the crypto, asset, and token industry, weekends are not actual trading indicators for the week ahead. Anything that happens on Saturday or Sunday is hardly ever mimicked throughout the week that follows. For Ontology, there appears to be genuine excitement which may spill over to Monday or even Tuesday. However, hype can only sustain uptrends for so long where altcoins, tokens, or assets are concerned.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
FTX and Alameda Research, two of the most significant players in the cryptocurrency ecosystem, have…
A significant player in the cryptocurrency market has stirred things up by gathering a large…
In a cryptocurrency market often marked by wild swings and uncertainty, $LAYER stands as a…
One of the top cryptocurrencies in the market, Ethereum ($ETH), has seen a huge rise…
Bitcoin (BTC) has long held a dominant position in the cryptocurrency market for years. However,…
In the cryptocurrency world that is changing rapidly, the term "smart money" is often linked…