Even though cryptocurrency is best known for its volatility, there are some interesting trends taking place as of right now. More specifically, we see the Ontology price spike by 41.21% over the past 24 hours, which is rather steep. Considering how this token has not been around for that long, it is interesting to note how speculators are driving up the value.
Ontology Price is Pushing Hard
While the concept of Ontology makes a lot of sense to investors, the project is far from finalized. It does appear the first few “test” projects built on top of this platform are live as we speak, and the investors are responding to these developments in a positive manner. One also has to keep in mind the Ontology price is mainly influenced by section need hype, but that applies to all other cryptocurrencies as well.
Over the past 24 hours, we have seen the Ontology price increased by a whopping 41.21%. Albeit it is at his first time this token notes such strong gains, this is certainly a lot higher compared to what most people would expect. Especially given the current semi-bearish pressure on all markets, one wouldn’t expect the Ontology price to rise by this much. Then again, interesting things are always happening in the world of cryptocurrency, and this current trend is a good example of that.
It is also interesting to note how the Ontology price is rising thanks to strong gains over both Bitcoin and Ethereum. ONT gained over 35% against the top two cryptocurrencies over the past 24 hours, which is not something we see every day. This current trend also pushes the Ontology market cap to almost $1bn, which is incredibly interesting, considering the project had no value prior to March 18th.
Even though Ontology has a trading volume of $125.755m, it is not exactly impressive by any means. Then again, with all cryptocurrencies struggling for decent trading volume right now, it is only normal outcomes will go through such struggles as of right now. It seems this trading volume is efficient to push the Ontology price to $3.79, although this trend can turn around pretty quickly.
Unsurprisingly, Binance is the go-to platform when trading Ontology. Any new altcoin – regardless of its actual value or technical developments- listed on this platform tends to do quite well during the first four to eight weeks. Binance generates over 64% of all trades right now, which is pretty impressive. Huobi is also in the top three, although it seems their trading pair is far less popular as of right now.
Whether or not this Ontology price pump will continue for much longer, remains to be seen. Such volatile gains are usually followed by even more volatile corrections. Given the fact how ONT went from $0 to $3.79 in the span of three weeks, it is only normal there will be some “reckoning” at some point. When that will happen and how bad things will get for the Ontology price, remains to be determined.