The bearish wave that has plagued the cryptocurrency market for a while now has halted with the price of cryptocurrencies going higher and higher. Within the last few hours, Bitcoin and Ether have had a 4% increase in price. Almost every altcoin is trading in green and it seems like the bulls will soon take over the market. Ontology (ONT) isn’t any different as it has seen significant gains as well.
Ontology Price Analysis
Within the past 24 hours, ontology has gone from trading in $6.08 to $6.60. Ontology is regaining the losses it suffered last month when it dipped as low as $5.60. The Ontology to Bitcoin trading pair, on the other hand, is also improving with a 4.2% increase.
Recently, the team announced that it had gotten into partnership with Contentos and this may be why the bulls still have some momentum in the market. The two companies plan to combine resources for the research and application of blockchain technology. They also intend to build a community. By investing in Contentos, Ontology will give it the resources it needs to reshape the content development industry using blockchain technology.
Binance is recording the highest volume on ontology trades which is about 55% with OKEx and Huobi following. The total trading volume went up from the $50 million level to the $90 million level.
Cryptocurrency Market Pump
Ontology isn’t the only coin that has experienced a significant pump. The entire cryptocurrency market capitalization has pumped by 4% and was at $287 billion at the time this piece was written. While this may appear like a good thing. A quick pump isn’t always an indication of long-term recovery as there might be a dump soon. If the buying pressure is not sustained, the market will be pushed downwards again. The trade volume is about $15 billion.
Other altcoins are trading well and the market appears to be in good condition.