Binance is one of the world’s biggest cryptocurrency exchanges and every altcoin that’s being traded there has a tendency to grow in value. Take for example Ontology (ONT) which instantly saw a price spike after being traded against other cryptocurrencies on Binance.
Ontology (ONT) is being traded against BNB, BTC and ETH at the moment, but the list might grow in the upcoming future.
Ontology (ONT) Price Spike
Regarding the price spike, Ontology (ONT) is up by 5.15% in the last 24 hours. This price increase puts Ontology (ONT) at $1.67 per token. In addition, the total traded volume for Ontology (ONT) has spiked to $190,949,000 which might lead to a further increase in value.
When Ontology (ONT) first appeared on Binance, the ONT token was valued at around 22k Sats and it reached a high of 100k before dropping to 11k. While this fluctuation might seem scary for investors, they should know that this is the case with all new cryptocurrencies that start trading for the first time.
Discovering New Cryptocurrencies
The price of new cryptocurrencies fluctuates daily before the process of discovering them is finished. At start, new cryptocurrencies will start trading high and their price will drop when the original holders decide to sell their bulk and generate profits.
After this process is completed, the new cryptocurrency’s value stops fluctuating and it slowly gets bigger or smaller. Nonetheless, Ontology (ONT) was introduced to the market in October 2017 and thousands of tokens have been given out to newsletter subscribers.
The total supply of Ontology (ONT) is 1,000,000,000 tokens and additional coins are scheduled to be distributed in the second quarter of 2018. To be more exact, those tokens will be distributed once the ONT Mainnet goes live.
In order to get an idea of the profits made by the people subscribed to the newsletter airdrop, they received 1,000 tokens which puts them at a premium of $1,620.