Ontology’s ONT token rallies 12% as crypto market plummets

LAGOS (CoinChapter.com) — Ontology‘s ONT token seems to be having a good day in the market today as it rallied by over 12% in the last 24 hours.

Interestingly, the high-performing, open-source blockchain token surged as the entire crypto market plummeted. Notably, the entire cryptocurrency market cap dropped by over 5% losing more than $100 billion in a day.

However, Ontology‘s ONT token price surged, outperforming top digital assets like Bitcoin, Ether, Solana, among others. ONT has risen by over 8% in the last 7 days and is currently trading at $0.562858, according to data from Tradingview.

The astronomic rally saw ONT’s price head slightly above the long-standing trendline that has been in play since late 2021. The token market cap also surged from around $458 million in February to almost $500 million today.

Additionally, ONT token has a circulating supply of 880 million ONT coins and a total supply of 1 billion. However, despite the rise ONT token is still down 90% from its all-time high of $10.9 attained in May 2018.

SWFT Allchain Bridge Integrates ONT Token

One of the reasons behind ONT token price surge is Ontology’s recent integration with SWFT blockchain. As a result of the integration, Ontology users can now enjoy SWFT AllChain bridge’s remarkable interoperability.

Ontology users will be able to swap ONT token with hundreds of digital assets supported on the SWFT Allchain bridge. Similarly, other tokens on Ontology’s network will also be integrated into the decentralized cross-chain instant swap DApp.

Notably, SWFT Allchain bridge currently supports more than 300 currencies and over 10 blockchains. It also supports NFT swapping. Allowing Ontology users to link their wallet addresses and complete in-wallet transactions without registration.

It is worth knowing that the bridge has integrated with an abundance of crypto wallets, games, and marketplaces. It also possesses several unique features providing users with fast transactions, low gas fees, and global exposure.

Global Crypto Market Trades in Red

Meanwhile, as earlier mentioned it was a bloodbath today as the global cryptocurrency market was down by over 5% to $1.8 trillion.

According to data from Coingecko, all major coins lost value on the day, as the top 10 tokens traded in red at the time of publication. Bitcoin the leading asset by market cap fell by 5.73% over the last 24 hours to trade at $39.437.

Ethereum surged to a 10-day high of its own yesterday when it was close to overcoming $3,200. However, the second-largest crypto asset failed to hold on to the $3,000 benchmark on the day as it fell by 4% to trade at $2,957.

BNB, Ripple, Solana, Terra, Cardano, Avalanche, Polkadot, Dogecoin, and Shiba Inu have also dipped in the last 24-hour.