Cryptocurrency Market Update: Ontology (ONT) Price Profits from New Partnership

FOMO Moments

Current performing altcoins are Ontology, Tron, Ethereum Classic, and Icon.

The bears were caught napping and a small, but possibly short-lived, bounce occurred in the crypto markets a few hours ago. In what appears to be a single whale transaction, Bitcoin shot up $300 in a matter of minutes at 23.30 UTC. The short pump has resulted in a 4% gain on the day for Bitcoin which is currently trading at $6,730. As usual the other cryptos will benefit from this and Ethereum also clawed its way back over $500, up 4% on the day to $517. Most of the altcoins are in the green at the moment following days of downward motion from bearish selling pressure. Ontology and Tron are posting the highest gains in the top 25 at the time of writing.

Coinmarketcap is reporting an 8.3% gain for Ontology which makes it the leading altcoin of the moment. ONT is currently trading at $6.60 from $6.08 this time yesterday, over the past week it has regained all losses from a level of $6.67 this time last Tuesday. The monthly view shows a similar picture with ONT regaining losses from a 30 day low of $5.60 to trade at the same level it was this time last month. Against Bitcoin ONT is up 4.2% to 98360 satoshis from 94500 sats this time yesterday, on the week it has remained at a similar level trading at 97000 satoshis this time last week.

Ontology has ridden the wave initiated by the Bitcoin pump a few hours ago. A recent tweet announcing a partnership with Contentos will keep momentum going. According to the medium post the two projects will “share their respective business expertise and work on blockchain research, application development, and community building. Ontology Global Capital will invest in Contentos, helping it use blockchain to reshape the content industry and continue to tap into the value of content.”

Ontology is currently traded heavily on Binance which has around 55% of the total volume; OKEx and Huobi are also popular exchanges to trade ONT. Total volume has increased from $55 million to $97 million in the past 24 hours as traders load up on the altcoin in the dip. Market cap has just surpassed a billion dollars which ranks this coin at 19th in the charts.

Total crypto market capitalization has jumped 4% from that one spike and is currently at $287 billion. A pump like this though is not a good recovery indicator and things are likely to fall back downwards again if buying pressure cannot be sustained. Trade volume is up slightly from $10 billion to $12 billion but still way down on previous weeks. Other altcoins performing well during the morning’s Asian trading session include Tron up 7%, Ethereum Classic 6.7% higher, and Icon up 6% on the day.

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.

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