By CCN: While Bitcoin has commandeered the spotlight following its massive rally, altcoins don’t want to stay entirely aloof from the bullish craze. Ontology (ONT) ranked among the crypto market’s best performers over the past week.
Ontology’s bullish explosion began on May 10, when the cryptocurrency surged from just $0.99 to a high of $1.52 today. Thus, ONT has rallied over 50 percent in less than six days, exceeding Bitcoin’s gain of 33 percent for the same period.
While it is true that Ontology has dramatically benefited from the Bitcoin rally and the general bullish mood in the crypto market, it released several announcements that might have pushed the price up even further.
On Friday, the Ontology team opened the third round of the so-called Triones node applications, which encourages participation in the blockchain network’s Triones consensus system, launched earlier this month. The latter leverages the VBFT consensus algorithm and utilizes a governance model that focuses on decentralization, high-performance expansion, and incentives.
The 49 most active ONT holders receive significant incentivizes, while nodes below the top 49 will receive ONG from transactions fees only. For those unfamiliar, ONG is the other coin of Ontology’s dual token system. It acts as the utility token used for on-chain services.
This week has continued the positive outlook for Ontology. On Monday, crypto wallet app operator Trust Wallet announced full support for both ONT and ONG.
Elsewhere, Huobi Wallet expressed support for ONT staking starting on May 15. Also, as an ONT node, Huobi Wallet will provide 100 percent staking rewards to its users.
Ontology has also been active at several blockchain events, including a game developer event in Seoul, South Korea. “Ontology X Blockchain Game,” held on Saturday, was an info session that gathered more than 130 Korean developers and media representatives. The team presented its blockchain infrastructure, dApp incentive schemes, and upcoming Korean developer events.
Besides this, Ontology is present at Consensus 2019, perhaps the most significant blockchain event of the year. Erick Pinos will deliver a speech revealing where Ontology is heading for the future.
It seems that Ontology is currently enjoying support from both internal and external fundamentals. ONT saw an even steeper surge last month, but it somehow lost most of its gains before bouncing back to the current level.
The cryptocurrency will soon release its multi-chain/cross-chain solution, according to a recent tweet. This is good news that could help ONT consolidate in the top 20 coins by market cap.
On top of that, the cryptocurrency should continue to benefit from the ongoing Bitcoin rally, along with the broader altcoin market.
This article was edited by Josiah Wilmoth.
Last modified (UTC): May 15, 2019 13:07