Recently NEO ($NEO.X) and Ontology ($ONT.X) show strong results. The two Chinese currencies NEO and Ontology previously showed that it had great price potential in the medium to long term. In the short term, things looked anything but good earlier this year. NEO in particular fell again very significantly in the course of the COVID-19 pandemic. How different is this now?
What you need to know about NEO
NEO is a community-based nonprofit blockchain project that entered the market to provide Dapp developers with an easy-to-use platform. In concrete terms, NEO is an open-source blockchain and cryptocurrency. NEO is seen as one of the best cryptocurrencies in the world. This currency captured the imagination of Asian markets, even in times of regulatory uncertainty. Today, the NEO ecosystem is more alive than ever thanks to the hard work of developers and community participation.
The NEO blockchain can accommodate a wide variety of digital assets. For example, the network offers full support for blockchain assets, digital identity and smart contracts. The platform supports all types of decentralized apps (dApp), real-world asset tokenization and initial coin offerings.
What you need to know about Ontology
Ontology is the cryptocurrency that powers Ontology, a high performance blockchain that focuses on solving issues related to identity security and data integrity (making sure data remains accurate and consistent). Ontology lets businesses enjoy blockchain benefits like smart contracts and tokenization while still retaining control of their sensitive data.
Onchain – the company behind the Ontology project – is actually the same company behind NEO, which has quickly become one of the more well-known blockchain-related projects. At one point, NEO was regularly called the “Chinese Ethereum” in the crypto community, due to its roots in China and its focus on building a smart contract platform like Ethereum.
The recent successful development of NEO and Ontology
Ultimately, Ontology and NEO showed huge relative strengths. Both coins made significant gains with the overall market, but barely made the subsequent correction. Since the COVID-19 pandemic low, NEO has more than tripled and is currently very well able to defend these gains.
If you look at the fundamental assessments of various smart contract platforms, note the following: Ethereum (ETH) currently has a market capitalization of approximately $41.33 billion in total. This is followed by Cardano (ADA) with a market value of just under $2.8 billion, EOS with a market value of $2.52 billion and Tezos (XTZ) has a market value of just under $1.88 billion respectively.
Next is NEO with a market value of around $1.5 billion, while Ontology has a market capitalization. For an amount of just under $585 million, more is being hit. Experts predict more than doubling the market value for Ethereum to $100 billion – especially in the wake of a DeFi boom. One condition is that the others who have been mentioned must participate.
Where a simple replica of an Ethereum price increase would actually be too little. For example, because EOS is technologically better than Ethereum, which makes the gap in market values seem unjustified. In particular, EOS, Tezos, and NEO should grow even faster, which is why it is advised and hold-status or a buy-status on the days where it experiences a small dip. The outlook for Ontology remained bullish, but a close beneath the support might suggest short-term bearishness.
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