Why Mithril (MITH), Ontology (ONT) Are Getting So Much Attention?
Two cryptocurrencies are getting all the attention this week for their insane performances in the market. We are talking about Mithril (MITH) and Ontology (ONT). Let’s see how they have performed this week.
If you haven’t noticed Mithril (MITH) yet, you’d be doing a lot of injustice to yourself. The token is trading at $0.3837 against the U.S dollar. In the last 24 hours, this exciting asset has notched price gains of 40.75% against the USD; 41.47% against Bitcoin; and 43.06% against ETH.
Overall, its 7-day performance (March 25, 2018- March 28, 2018) is a mind-boggling 477% bullish run that has seen its value soar and market presence begin to be felt. Currently ranked 89, it’s been quite a run for this social platform. Its take on finding fame and fortune by mining MITH could ring true if the price continues to skyrocket.
Unknown until just a couple of months ago, Mithril (MITH) is storming the market with very strong performances. It is among a handful of coins and tokens to have confounded the bearish trend of the last several days to continuously gain against both the USD and BTC.
Look at this historical price and capitalization record for the last 4 days to glance at what we mean.
Notice the price jump between March 24, 2018, and March 27, 2018. It opened at $0.0911 on the 24th and by 28th, had clocked an all-time high of $0.456 before ending the day at $0.388. Though market capitalization data wasn’t available till the 27th, comparison with today’s data reveals a marked growth. The token jumped more than 105% to have its market cap rise from $56.8 million to 116 million in 24 hours.
The daily trading volumes have also increased, signaling a trend that could see it crack the top 50 in rankings. On 24th, a mere $8.6 million worth of MITH was traded. Four days later, it is well on course to crack the $100 million mark (it’s at 98.7 million at the time of writing).
Ontology (ONT) is yet another cryptocurrency that is rippling crypto-verse. There seems to be a lot in the wings to suggest the current stellar performance will likely stay the course for a while.
The last few days have seen ONT rise steadily to command keen interest from crypto investors.
On March 24, 2018, ONT/USD traded at $131 at open and ended the 24h trading cycle at $143 against the US dollar. But by March 27, 2018, it closed at $2.19. In the 24h trading since, the ONT token value has risen by 54.35% against the USD dollar and 54.50% and 47.32% against BTC and ETH respectively.
Comparatively, many of the top 50 cryptocurrencies have struggled to post consistent gains. At a time when major coins tumbled due to events and sentiments, ONT has had a great 7-day period. Within this time, it has risen an exciting 96.7%, according to information sourced from CoinMarketCap.com. In terms of daily trading volumes, we see that it has risen from a mere $47 million on March 17, 2018, to top $137 million by the time of writing.
ONT only began trading in March 2018 and the history behind it is the more interesting. Unlike many of the startups that get into cryptocurrency via ICOs, Ontology carried out an airdrop. It involved 20 million ONT tokens being given to NEO holders at the time of the airdrop. It works similarly to NEO in that it utilizes the Ontology Gas (ONG) to transact on the platform.
MITH vs. ONT: which could be the better investment?
We can rephrase the above and ask: what’s driving Mithril and Ontology towards these insane performances?
Mithril prides itself as a unique, decentralized, blockchain-based social media platform. Through its “social mining” mechanism, it targets rewarding those who use the platform to create content and attract followers. The largest chunk will be the youth and the incentive of earning an income will draw millions. I believe that this is what will drive the value of MITH even higher.
As a cryptocurrency, Mithril has put itself in a very unique position- it can easily become the “Facebook” of blockchain. The other thing that could work in its favor is getting listed on several major exchanges. Already there are positives from the possibility of another exchange to add to OKEx and MAX.
For Ontology, this week’s price increase could be a result of rumors that the Blockchain Interoperability Alliance was about to kick off. It involves four other cryptocurrencies namely Wanchan (WAN), Aion (AION), ICON (ICX), and Kyber Network (KNC).
The cooperation between Ontology and NEO could play a pivotal role in ONT being visible to the larger crypto market. This will especially be critical when the ONT mainnet launches in Q2 2018. The other advantage Ontology (ONT) may have relates to the fact they target influencing a range of markets. This could be medicine, Internet of Things and Governance. If it succeeds, then it would be a great asset for investors.
Both coins have a good run at the moment and it seems it could go on for a while. I would have no qualms adding any to my portfolio. However, I am leaning towards Mithril (MITH)as the best going forward. Reasons: highest percentage growth and the highest possibility of curving a market for itself.