What is Ontology?
Ontology (ONT) is a high-performance public blockchain that enables a decentralized network environment focusing on identity and data integrity.
At the same time, Ontology has developed a decentralized identity framework called ONT ID that helps users manage their own data.
Furthermore, the team behind Ontology has been working on an advanced cryptocurrency wallet called ONTO that allows users to manage their crypto assets in a user-friendly and secure manner.
This blockchain enables companies and organizations to handle and store information and applications. In the future, the solutions could be embraced by governments as well.
Considering the cryptocurrency market continues to grow all over the world, many investors are trying to place their funds in digital assets with large growth potential.
ONT is currently the 24th largest cryptocurrency in the market with a valuation of $438 million and a price per coin of $0.687.
Ontology allows for organizations to interact with different blockchain networks such as EOS or Ethereum (ETH). This is very bullish for the future of the space considering blockchain networks are operating each on their own and there is a lack of interconnection among them.
Larger adoption of the ONT token and the whole Ontology ecosystem would result in an increase in the demand for ONT tokens.
This is extremely bullish if this is accompanied by a bull market in which many investors try diversifying their portfolios and including top cryptocurrencies.
Ontology business model is focused on offering solutions to companies and firms. For 2020, they will be focused on building and testing scalability solutions related to sharding and side-chains.
The cryptocurrency market is also in need of better and next-generation scalability solutions for companies that need to process smart contracts, deploy decentralized applications and perform transactions as well.
Ontology Price Prediction 2020
There are two possibilities that could take place the next year regarding Ontology price prediction. The first one is the bearish one in which the cryptocurrency could reach new lows. The second one is the bullish case, that would eventually help ONT surge and surpass its previous all-time high.
Regarding the bearish case, there are going to be 1 billion ONT coins created of which 637.35 million are already in the market for users to buy and sell. Thus, we could expect new ONT coins to be released in the future, which could add some selling pressure and negatively affect its price for the future. Around 36% of the total supply of ONT tokens must be yet released to the market.
The ONT cryptocurrency has registered an all-time high of around $10 back on May 3, 2018, and it recorded an all-time low of $0.438 in December last year.
Currently, the cryptocurrency is following the general trend in the cryptocurrency market. Since July it has been traded between $0.5 and $1 and it remained stable when compared against Bitcoin (BTC).
If the current bear trend that the market is following since July this year continues in 2020, it may not be possible for ONT to reach new all-time highs. Eventually, this could lead to new lows.
In regards to the bullish case, the Chinese market is also going to have a large influence on the price of this virtual currency. This is considering the fact that China is accelerating its blockchain adoption.
As a Chinese project, Ontology surged by 81% in just a few hours after the Chinese president informed blockchain technology was a breakthrough innovation. This is why China’s influence will be very important to understand whether this blockchain network will be adopted and have a positive impact on the price of the cryptocurrency.
The bull case for Ontology price prediction 2020 would be closely linked to a general bull market in altcoins and/or Bitcoin and the aforementioned adoption in China. If these two things take place at the same time, we could see new all-time highs in 2020 or 2021, depending on the speed and timeframe of the events.
Although past price performance doesn’t reflect the future, we can see that ONT experienced a massive price increase of 733% between the end of March and the beginning of May 2018.
Thus, it is very possible for ONT to ultimately reach new all-time highs in 2020 if the aforementioned bullish case predominates.
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