We saw a relative rebound across the crypto market on Tuesday, but one coin took the surge to another level. I’m talking about Ontology, ranking 21st by market cap, which saw over 29% gains.
Ontology was launched by a Chinese company, OnChain, last year. It’s been focusing on a wide range of projects, providing new high-performance public ledgers and smart contract systems. Some market participants believe Ontology is a giant step toward removing barriers between the blockchain and business industries because it allows businesses without previous knowledge of distributed networks use the blockchain technology.
According to their white paper, Some of Ontology’s scenarios include a Multi-Source Identity System for people, a Multi-Source Identity System for Objects, and a Distributed Data Exchange. Ontology supports collaboration among chain networks using all its different protocol groups.
Ontology`s token, ONT, tested the $5.00 barrier on Tuesday according to coinmarketcap. It also rallied against Bitcoin, as ONT/BTC uptrend continues on the daily chart. You need to keep in mind that Ontology’s price action is very young, and the markets could still be testing it out. Therefore, we could see a correction sooner or later.