It seems particular patterns are destined to repeat themselves in the world of cryptocurrency. Every working project with decent technology is losing value, whereas currencies which are just in the early stages of development are soaring. It has become evident the Ontology price is subject to a lot of manipulation, but so far, the uptrend remains in place.
ONTOLOGY PRICE IS ON THE RISE
While it remains to be seen how things will play out in the world of cryptocurrency, the overall trend remains extremely bearish, for the time being. This is not entirely surprising, as there is no reason for any positive momentum as of right now. Then again, the Ontology price is quite successful in bucking this trend albeit it remains unclear why that is the case exactly. The project has everything to prove at this stage, after all.
To put this into its proper perspective, the Ontology price currently sits at $3.91. That is quite a high value, especially when keeping in mind how relatively new this altcoin is. It is not uncommon for new currencies to suddenly spike in value, although most people expected the Ontology price to drop from $2 to less than half.
So far, that has not happened, as the Ontology price is seemingly continuing its upward momentum with relative ease. Over the past week, we saw the Ontology price rise from $1.75 to almost $4. If this pace keeps up, it will hit $5 pretty quickly. Whether or not such growth is even remotely sustainable, remains to be determined. Additionally, the Ontology market cap has risen to $942.3m, which is rather high for this particular venture.
With $92.4m in 24-hour trading volume, it is clear very little money can make the Ontology price move pretty quickly. More specifically, it takes less volume to make things happen for this altcoin right now, even though it remains to be seen how much of those trades are not driven by hype and speculation. If the general altcoin industry is any indication, it seems this is a very deliberate pump-and-dump schemes.
One thing Ontology has going for it is how the currency is listed on Binance. The world’s largest altcoin exchange is the go-to place for pump random coins, even though this Ontology price trend has been in place for quite some time now. Binance represents over 66% of all ONT trades right now, which is not necessarily a positive sign by any means. Huobi is also in the top three, although its volume is far less impressive.
For the time being, we will have to wait and see how things play out for the Ontology price. It has become evident there is a lot of price action going on, although it may only be temporarily, for all we know. The same pattern has repeated itself several times over, albeit it remains to be seen if this trend will continue for quite some time to come. Owners of Ontology will be quite happy with the way things are going as of right now, that much is rather evident.