Ontology (ONT) has recorded rapid gains in the last day – benefitting from the combination of a market upturn and the growing anticipation of their mainnet launch on June 30th.
Starting from the 4pm (UTC) price of $4.31 yesterday, the value of ONT tokens surged within the space of 24 hours – reaching $5.60 by 4pm today (time of writing).
The majority of those gains were made in three hours yesterday, as ONT shot to $5.44 by 7pm. The rate of growth has subsequently slowed, and while the upward trend continues, the progress has been unstable.
In the 20 hours since that initial spurt, ONT has dropped by 10% twice. Granted, it has recovered both times, but such volatility may force Ontology hodlers to think twice before celebrating just yet.
With that said, there’s still a lot to celebrate about ONT. From a price of $1.05 in March, the token’s value is still 433% more than it was just over three months ago. The current price of $5.60 is still almost half that of the all time high, achieved in May when ONT hit $10.36. May and June have sent many coins and tokens to half of their previous value; including Bitcoin, TRON, and hundreds of others, so ONT is still holding its own compared to the rest of the market.
Around 66% of ONT trades have been against USDT, with BTC trades accounting for 23% of the total movements. Binance is the most popular exchange for ONT trades, and the activity there may have been bolstered by the news that Binance will be catering for the ONT token swap that is expected in the next week or so.