Ontology [ONT] surges by 27% on the back of giveaway announcement and partnerships

The cryptocurrency market saw a massive resurgence after several altcoins shot up by double digits. The latest cryptocurrency to ride the bull wave is Ontology [ONT], with the coin’s price surging after multiple listings and developments.

At the time of writing, Ontology [ONT] was rising by 27.64% on the 24 hour spectrum, and 4.46% on the hourly charts, while trading at $1.41. The cryptocurrency held a market cap of $683.024 million, with a 24 hour trading volume of $183.25. A majority of the volume was split between Bit-Z and Huobi Global, two popular cryptocurrency exchanges. While Bit-Z contributed $31.928 million, Huobi contributed ONT transactions worth $26.483 million.

According to the charts, the value of the cryptocurrency shot up in a matter of hours, with an almost perpendicular rise lifting the value from $1.12 to $1.34. Many speculate that the surge is due to the giveaway of 200,000 Ontology Gas among 50 traders, announced by the organization to celebrate the anniversary of its Binance listing. The giveaway will be based on their trading volume on Binance, between 14 and 21 March.

Ontology also partnered with MovieBloc, a project driven by the South Korea-based Pandora TV, which will use Ontology’s Blockchain Infrastructure. Chris Kan, the Chief Executive Officer of MovieBloc had this to say about the development,

“Streaming technology and platform operation experiences from Pandora.tv, the huge active user base of KMPlayer, and Prism’s experience in the AD market are the key strengths of MovieBloc to achieve its vision. With a close partnership with the Ontology Foundation, MovieBloc will bring change to the video industry.”