Ontology jumps in top 20 with 13% gains, BTC struggles to break $4,000

07 Mar, 2019
by Joeri Cant
Price Action
Ontology jumps in top 20 with 13% gains, BTC struggles to break $4,000

Ontology's price gained traction in the past 24 hours, showing impressive gains of more than 13%. Bitcoin, however, continues to struggle below the $4,000 mark, while hopes for an imminent bull run are slowly fading.

In the recent few days, plenty of altcoins gained some traction, including Ontology which shows a solid upward move.

Ontology is currently trading above the $1 mark, with impressive gains of 13.43%, and a total marketcap of $333,273,351.

This sudden upward move propelled Ontology into the top 20, bypassing Zcash, and if its price could continue higher the chance will exist of ONTOLOGY surpassing the market cap of NEM, which currently sits at spot 19, with a marketcap of $383,272,078.

Read more: Ontology up 25% amidst launch of development platform on Google cloud

The number one cryptocurrency, in the meanwhile, continues to struggle below the $4,000 mark.

Bitcoin is currently trading at $3,921.43, showing minor gains of 0.45%, in the past 24 hours, while holding on to a 51.5% market dominance.

Read more: Bitcoin on track to $20,000 ... by 2021

Despite a mini upward move this week, markets analyst Jani Ziedins of the Cracked Market pointed out that if Bitcoin continues to struggle below $4,000, the case for a bull run is fading.

'Bitcoin continues to hover underneath $4k resistance. It wasn’t all that long ago we were talking about $9k support, then $8k and $7k. $6k and $5k followed not long after. Now $4k turned from a floor into a ceiling', he said.

'Adoption of cryptocurrency for handling financial transactions is slowing, not accelerating, which puts a devastating dent in the bull case. If BTC turns out to be nothing more than a fad, then the $4k price tag is still incredibly expensive and there is still lots of room to fall,' Ziedins said.

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