Home Ethereum Ethereum Price Hits Three-Month Low as Cryptocurrency Market Resumes Descent

Ethereum Price Hits Three-Month Low as Cryptocurrency Market Resumes Descent

5 min read

Ontology (ONT) has recorded rapid gains in the last day – benefitting from the combination of a market upturn and the growing anticipation of their mainnet launch on June 30th.

Starting from the 4pm (UTC) price of $4.31 yesterday, the value of ONT tokens surged within the space of 24 hours – reaching $5.60 by 4pm today (time of writing).

The majority of those gains were made in three hours yesterday, as ONT shot to $5.44 by 7pm. The rate of growth has subsequently slowed, and while the upward trend continues, the progress has been unstable.

In the 20 hours since that initial spurt, ONT has dropped by 10% twice. Granted, it has recovered both times, but such volatility may force Ontology hodlers to think twice before celebrating just yet.

Aiming Upwards

With that said, there’s still a lot to celebrate about ONT. From a price of $1.05 in March, the token’s value is still 433% more than it was just over three months ago. The current price of $5.60 is still almost half that of the all time high, achieved in May when ONT hit $10.36. May and June have sent many coins and tokens to half of their previous value; including Bitcoin, TRON, and hundreds of others, so ONT is still holding its own compared to the rest of the market.

Around 66% of ONT trades have been against USDT, with BTC trades accounting for 23% of the total movements. Binance is the most popular exchange for ONT trades, and the activity there may have been bolstered by the news that Binance will be catering for the ONT token swap that is expected in the next week or so.

Binance recently handled the EOS token swap, and is continuing to transfer old ERC20 TRX tokens in line with TRON’s own mainnet launch.

Binance added the ONT/USDT trading pair earlier this month, and it has quickly become the most popular of the Ontology trades.

Automobile Industry

Two weeks ago Ontology made a headline grabbing announcement with their partnership with CarBlock. The two firms are joining forces with the aim of implementing blockchain tech in cars, and on the roads.

Founder of CarBlock, Jia Li said:

“We recognize Ontology’s technical accomplishments in public chain development, linking resources of ecosystem application partners, and dedicated support from partnering technical teams. CarBlock is the fastest growing blockchain application in the automobile industry with the most abundant industry resources. We will be using our position to promote the Ontology ecosystem and help Ontology provide more diversified industry solutions.”

Meanwhile, Ontology founder Jun Li said:

“We are very pleased to cooperate with CarBlock to connect Ontology’s distributed infrastructure and services to more application scenarios as part of our real economy strategy. Our partnership with CarBlock will ensure effective circulation of transport data, integration of Ontology with the smart transport field, and overall enrichment of the Ontology ecosystem”.

Everything is happening at once for Ontology, but how long will it last?

Featured image courtesy of Shutterstock. 

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