Ontology [ONT] takes a flight, shoots up by 6.24% within an hour

On 28th September, the price of the top-20 cryptocurrency, Ontology [ONT] shot up by 6.24% within 1 hour. The price of the token was recorded to be $2.05 at the time, with a total market capitalization of $378.5 million and a 24-hour trading volume of $77.8 million.

On studying the ONT price change in the 30-min candles, it was observed that the price shot up above the $2.113 mark at one point during the day. In the past 24-hours, the price of ONT kept climbing up with minor downturns on the way. The token was trading at a low price of $1.83 with a market cap of over $336.5 million at the beginning of the day.

However, the peak price of the day for ONT was $2.09 with a market cap of $385.4 million. Henceforth, just in a day, the cryptocurrency’s market capitalization shot up by close to $50 million. At press time, the 30-min candle of ONT has turned red, with its price down to $2.01.

Today, Ontology also announced its partnership with the Artificial Intelligence [AI] startup SenseTime. The idea of this collaboration is to build verification services on top of the Ontology’s public blockchain. The services will include the authentication of the user identity through functions such as identification documents and facial comparison, among others.

In its official partnership announcement, Ontology spoke about its mission related to originality and human growth via AI. It also mentioned its partner, SenseTime and wrote:

“With a mission of “uphold originality and let AI lead human progress”, SenseTime has built a world-class independent research and development deep learning supercomputer center, pushing out AI technologies in various industries including facial recognition, image recognition, text recognition, unmanned vehicles, and remote sensing.”

In the field of AI, this is not the only achievement bagged by the blockchain and cryptocurrency firm. Earlier this month, Ontology also received the support of Bibox that claims to be an AI-enhanced encrypted digital asset exchange.

In the same timeframe, Ontology also announced its partnership with Muzika, which is a blockchain-based digital music system to revolutionize the respective industry. Furthermore, the partner will use Ontology’s technical expertise and infrastructure to run a decentralized system in the music ecosystem.