Asian Cryptocurrency Trading Update: Ontology Rising Above the Rest
In true sideways fashion yesterday’s declines could not be sustained and the bears lost out to the bulls. The markets seem to have been oscillating between red and green days in recent weeks, and today has been the latter during Asian trading. Although not a strong recovery, crypto markets are up on Tuesday’s levels, led by Bitcoin which has gained 2.6% on the day to trade around the $7,600 mark. Ethereum has made back 3.5% to trade over $600 again and altcoins are generally in the green at the moment. The top performer in the top 25 at the time of writing is Ontology.
According to Coinmarketcap Ontology is trading 10% higher on the day and pushing its way up the market cap charts. ONT is currently priced at $8, up from $7.20 this time yesterday. Over the week it has traded strongly rising 22% from $6.53 this time last Wednesday. It has almost regained all losses over the past month where it traded around $8.75 during the first week of May. Against Bitcoin ONT is up 7% to 104700 satoshis from 97000 sats this time yesterday. On the week Ontology has made almost 20% on BTC climbing from 87500 satoshis this time last week.
The current momentum is being driven by a number of developments and partnerships the team has posted recently. The team has just launched an ecosystem accelerator program to attract developers to build business apps on the ONT network;
Ontology [ONT] launches Ecosystem Accelerator Program – https://t.co/HgNkLddgxK $ONT
— Ontology (@OntologyNetwork) June 5, 2018
It will provide start-up companies and teams with complete technical, marketing, funding, talent, and legal compliance support. Last month’s partnership with Chain of Things (COT), a blockchain-based universal smart hardware infrastructure platform, also boosted the altcoin’s performance.
Ontology is currently traded heavily on Binance which has over 40% of the total volume; OKEx is second favorite with just under 30%. Total trade volume for Ontology has remained relatively stable at around $110 million over the past 24 hours. Its market cap has increased however pushing it up to 20th position with $1.2 billion, surpassing OmiseGO and Bytecoin.
Total crypto market capitalization has climbed slightly over the past 24 hours by 3.3% to $343 billion. Over the week it has been pretty flat gaining only a similar percentage from $330 billion this time last Wednesday. Total trade volume has remained steady at around $15 billion over the past 24 hours. Other altcoins performing well during the morning’s Asian trading session include Binance Coin up 9%, Loopring up 12% and Nexus surging 20% on a Binance listing a few hours ago.
More on Ontology can be found here: https://ont.io/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.