Ontology (ONT), the recently airdropped NEO-based token, has picked up the pace in the past days, and is about to reach its peak in Bitcoin-denominated prices. The token, released about a week ago, is enjoying active trading after an incentive program on Binance.
ONT is showing a robust pickup in volumes, while other coins seem to lag. The token appreciated to $2.43, adding more than 43% since yesterday’s levels. The price is picking up even days after the Binance competition.
The appearance of a fast-growing coin is not new in the crypto markets. This time, ONT is filling in the script with its price growth last week. Since the coin is going through a price-discovery stage, and has high expectations to become one of the leading platforms similar to NEO, the price may in the end reach an entirely different level. It is also possible that ONT settles lower, and buying into the recent trend remains risky.
There is another minor risk surrounding Ontology, a still-active NEON wallet feature that may mislead users into attempting to buy ONT tokens. There was no crowdsale for ONT, it was merely airdropped for NEO holders.
In the coming months and years, Ontology will have to prove its value as a part of the NEO ecosystem, along with other projects built on the network. But the biggest appeal remains the upcoming dual-coin structure, where ONT coins will generate ONG tokens.
Others remain skeptical of the ONT price in dollars, as the asset is only going through its price discovery via Bitcoin. In the end, the ONT price is unpredictable and heavily tied to the performance of BTC.
NEO Attempts to Defend Price
Despite the success of Ontology, the NEO platform is seeing a receding tide of enthusiasm. The asset is down more than 24% in the past week, to $57.94. GAS has slid further to $18.97.
Other platform coins are not faring much better. Waltonchain (WTC) continued to unravel on dwindling volumes, down to $13.37.
The QTUM price follows a similar trend, although with a pickup in prices and volumes last week, caused by a recently ended Binance trading competition. QTUM slid more than 23% since last Wednesday, down to $15.87.
At the moment, the only Chinese project booming seems to be TRON (TRX), growing on mentions of a potential Alibaba (NYSE:BABA) connection, or the potential for a partnership coming in the future.
This article appeared first on Cryptovest
