Crypto markets have stabilized a little over the past day or two and there is more green than red on the board during this morning’s Asian trading session. Bitcoin has been flat for a couple of days and has still not recovered to the $7,000 level. It has been consolidating over the past few hours so maybe a bullish breakout is imminent. Altcoins have been recovering slightly and Ethereum has made some gains over the past 24 hours, passing $400 once again. The leading altcoin in the top 25 this morning is Ontology.
According to Coinmarketcap ONT is trading 18.5% higher today and leading the altcoin pack once again. It is the second time in a week we have featured this newcomer to the crypto sphere and this morning it is faring well trading at $4.5 up from $3.73 this time yesterday. Looking at the weekly chart ONT has performed extremely well climbing almost 90% from $2.34 this time last Wednesday. Against BTC it is up 16% on the day to 65000 satoshis from around 55000 the same time yesterday, over the week performance has been impressive with Ontology doubling its gains over Bitcoin from 32000 satoshis this time seven days ago.
Newer crypto assets usually get a healthy dose of fomo which pumps their price initially. This appears to be the case with Ontology which has performed well over the past couple of weeks, entering the top 25 altcoins by market cap. Posts on Medium and Twitter highlight a number of projects and developments planned for the month which has kept traders interested. Ontology uses a dual token ONT and ONG model and has close links to the NEO council using the NEP-5 platform. The project has been developed by Onchain, the Chinese blockchain research firm.
Binance has most of the trade in ONT at about 70% with Chinese exchange Huobi in second with around 20%. Total volume has doubled in the past 24 hours and is currently at $173 million. Ontology has surged into the top 25, moving ahead of OmiseGO and Lisk, and currently sits at 21st spot. Its market cap has just surpassed one billion dollars.
Total crypto market capitalization has increased marginally over the past 24 hours by 1.7% to $264 billion, the downward slide seems to have slowed and bearish pressure may be easing off. Other altcoins performing well in Asia this morning include Neo, VeChain, and Icon.
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 fundamentals.
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