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  • ONT reached November 2018 highs amid strong growth.
  • The coin may be ripe for the downside correction.

Ontology (ONT) is the best performing cryptocurrency of the day. The coin has gained nearly 19% in recent 24 hours and touched $1.379 high during early Asian hours. This is the highest level since November 18, 2018. The stellar growth increased Ontology’s market value to $649M and pushed the coin to the 17th place in global cryptocurrency rating. ONT/USD is now changing hands at $1.33.

Ontology blockchain is developed by the team that created NEO. While both projects have lots of similarities, they are focused on different goals and solve different problems. Thus, Ontology is meant as an infrastructure layer that will facilitate business integration with the digital economy.

Ontology mainnet went live on June 30, 2018 and has been developing steadily ever since. A series of high-profile partnerships supports ONT’s price growth and creates positive momentum for the project.  

Recently, the project entered partnership deals with major global video platform MovieBloc. It uses decentralized technologies for movies distribution.  

Apart from that, there is an ongoing ONT giveaway announced by the team to celebrate the anniversary of Binance listing. The prize pool of 200,000 ONG (Ontology Gas) will be distributed among 50 traders based on their trading volume on Binance in the period from March 14 to March 21.

These factors are supportive for the price. However, considering a strong growth within the recent days, the coin is ripe for correction. The chances are that traders will cash out once the giveaway competition is over.