Bitcoin’s rally is on everyone’s minds. For a little less than a week, bitcoin’s price jumped from $6079 to $8212. Even though this bullish craze is currently focusing on bitcoin, altcoins aren’t missing out on the action. Ontology (ONT) smashed competitors and deserving sits among the market’s best weekly performers.
Ontology began its bull run on May 10th. The price quickly began to rise from $0.99 and stood at $1.52 a week later. In less than a week, a growth of 50% was reached. Bitcoin managed to “only” gain 33% for more or less the same period.
There shouldn’t be a doubt on anyone’s mind that the rally happened on the back of bitcoin. Despite the bullish market mood, Ontology did release a few statements which also gave the price a push upwards. On May 10th, just before the rally began, Ontology fired up the 3rd round of the Triones node applications.
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Third round of Triones Node applications will open soon https://t.co/b5lzXfHQI7 $ONT $ONG
— Ontology (@OntologyNetwork) May 10, 2019
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These applications encourage participation in the blockchain network’s Triones consensus system. The system leverages the VBFT consensus algorithm while utilizing a governance model focused on decentralization, incentives and high-performance expansion.
Ontology offers incentives
49 of the most active ONT users will benefit greatly from the above-mentioned incentives. The nodes following the 49 will receive ONG tokens only from transaction fees. ONG tokens are the second coin of Ontology’s dual token system. ONG tokens act as utility tokens that are used for on-chain services.
On May 13th, Ontology shared more good news. The week started off with the crypto wallet app operator Trust Wallet offering full support for ONT and ONG.
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We are excited to announce full support for the @OntologyNetwork. Receive, store and send $ONT $ONG from the convenience of your mobile Crypto wallet. Download Trust Wallet here: https://t.co/EjMBTEiWoF pic.twitter.com/lDwtwivJcw
— Trust – Crypto Wallet (@TrustWalletApp) May 13, 2019
Ontology will also be present at the biggest blockchain event of the year, Consensus 2019. Erick Pinos will share his thoughts and hopes for the future of Ontology.
Ontology saw an even bigger surge last month, but the gains were quickly lost. The price quickly bounced back to normal levels before this month’s crypto craze.
There are more exciting developments on the horizon as the cryptocurrency will soon release its multi-chain solution.
If Ontology continues to benefit from the currently-growing bull run, there is a good chance it will take a place among the top 20 by market cap.
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