Another seemingly original blockchain project is looking at its valuation going up this March.
Ontology, backed by a Chinese blockchain development firm OnChain, experienced a 74.5-percent surge in the value of its native token ONT. Between March 5 and today, the ONT-to-dollar rate jumped from 0.80 to 1.40. In the last 24-hours alone, the rate appreciated 24.46%. It is now trading at $1.38.
In comparison, king cryptocurrency Bitcoin climbed a mere 8.47-percent against the dollar – within the same timeframe. Ethereum, the second-largest crypto project, soared 11-percent. Only Bitcoin Cash, also one of the top crypto projects, managed to come closer to ONT’s performance, rising 30-percent in the last 16-days.
A look through ONT’s daily trading volume reveals that the asset maximally changed hands with Tether’s USDT (more than 65-percent), followed by Bitcoin’s BTC and South Korea’s KRW. Crypto exchanges Bit-Z, Huobi Global, and Binance hosted a majority of those ONT trades. All these exchanges hold a good track record before cryptocurrency users, which reduces the possibility of price manipulation in ONT markets.
On the other hand, the fundamentals surrounding the Ontology project were visibly positive during the ONT rally. Their team recently entered a partnership with MovieBloc, a movie distribution platform, as their core partner. It would enable Ontology to lend its blockchain-as-a-service infrastructure to support MovieBloc’s capital, marketing, and operational needs. South Korean video streaming platform Pandora.tv backs MovieBloc, which makes Ontology’s partnership adequately high-profile to generate buzz among the potential investors.
Simultaneously, Ontology has attracted another major partnership with Fosun, a Chinese international conglomerate, and investment company. In an interview to CNBC, Ontology Founder Li Jun said they had lent their blockchain tools to the Chinese giant to develop a loyalty points solution. The move puts ONTs use-case before 100 million Fosun users. At the same time, Jun confirmed that they were working with Lanxess on chemical supply chain tracking.
Overall, ONT has enough fundamental fuel to extend its rally. The token could attract more investors should the other coins continue to trend horizontally. Nevertheless, purchasing an asset at fresher highs is always risky so traders should ensure placing a stop loss against the direction of their positions. It would make sure that they exit the market on a small loss.
Last modified: August 2, 2020 10:56 AM UTC