The Ontology (ONT) cryptocurrency is one of the China-based coins and cryptocurrency projects which benefited from the recent statement of President Xi Jinping and his endorsement of blockchain technology. As a result, the altcoin news today feature ONT and its amazing 45% rise with which the cryptocurrency nearly doubled its value in the recent days.
At the time of writing, Ontology (ONT) is changing hands at more than a dollar, off the intraday high of $1.1830 which saw it gaining almost half of its price. In comparison, the coin was trading at around $0.65 on October 25.
Fundamentally, Ontology and its head-spinning growth aligns with the general bullish trend among the Chinese-based coins caused by the President Xi’s speech to the Politburo three days ago, where he said that China should lead the global blockchain revolution.
The Ontology (ONT) cryptocurrency is now the best performing altcoin today. Even though Xi never mentioned cryptocurrencies, it is featured in the cryptonews as a top performer along with Tron (TRX) which managed to spike and post 25% gains overnight.
On the downside, we can see that Ontology (ONT) has strong support at $0.9450. A sustainable move below this handle will increase the downside pressure and take this price towards the next critical support created by SMA100 daily at $0.7546.
For those of you who don’t know, Ontology (ONT) is an enterprise grade token which has a mission to provide secure and unique client chains. It is also designed to protect data and systems. The platform is considered a ‘private room’ in a public blockchain, with the main aim of bringing the distributed ledger to big business in a usable form.
Even though ONT is similar to the NEO blockchain, it is a separate entity. Ontology is actually a network of blockchains rather than one single blockchain project – designed to help migrate proprietary enterprise platforms onto a distributed ledger model without putting a compromise on them. The blockchain network wants to fix the issue of trust which makes companies back out of projects that are open-source (like the Ethereum blockchain).
Currently, Ontology sits on the 23th position with a price of $0.9 and a market cap of $534 million.
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