The past few days have been quite a ride with Bitcoin who’s price recently went above $8,300 USD. While bitcoin had taken the lead in the bullish rally, other altcoins are not left behind. Ontology (ONT) has experienced a bullish rally and has been ranked among the best performing cryptos in the market this past week. Currently ranked the 20th coin in the top 20 cryptos according to CoinMarketCap, ONT has experienced a 50% surge way higher than that of Bitcoin.
The current price of ONT is $1.55 at an 8.20% rise against the USD and 3.84% against the BTC. However, today at press time, the price of ONT surged from $0.99 to $1.52 rallying over 50% since Monday. ONT’s price surge exceeds Bitcoin’s 33% price rise at the same time. However, it seems that a lot of factors besides the rise of Bitcoin are responsible for Ontology’s rally.
The Triones Nodes Application Factor
One of such factors includes the launch of the third round of Triones nodes applications. These nodes were to enable participation in the blockchain network’s Triones consensus system through communities, organizations, and individuals. The Ontology team announced via a medium post on Friday that the third round of the Triones node application has been opened. The Triones consensus system utilizes the VBFT consensus algorithm which focuses on incentives.
More Incentives For Users
Ontology is also incentivizing its users as 49 of the most active ONT holders receive certain incentives. Nodes below the top 49 will also receive ONG (one coin from Ontology’s dual token system). Next, Huobi wallet also expressed support for ONT and is offering a 100% stake rewards to its users. The digital currency will soon be releasing its multi-chain/cross-chain solution and this could also help it scale. However, for now, ONT will probably continue to benefit from the bitcoin price rally we are currently processing and living.
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