Ontology [ONT], VeChain [VET], and XRP lead altcoin rally, Bitcoin [BTC] still over 50% dominance

When Bitcoin [BTC] dropped below $6000 at the beginning of August, the altcoin market began to take a beating. Major coins were showing drops of more than 30%, and Ethereum [ETH] dropped below $300. However, some coins have beat the trend and emerged victorious, with some coins posting profits of more than 50%.

Ontology [ONT] was the star of the rallies that took place over the last week, posting a 7-day rise of 61.5%, with 14% over the last 24 hours. The coin is currently trading at $2.42.

The cryptocurrency is currently undergoing its Mainnet launch, with investors trying to ride a moonshot. Elias Yami, a cryptocurrency analyst, stated:

“The low price of ONT, even now, makes it look like a lucrative opportunity for investors. However, new players should realize that FOMO-ing into the rise is not going to be an effective investment. Caution must be exercised post the mainnet launch.”

7-day price chart for Ontology [ONT] | Source: CoinMarketCap

7-day price chart for Ontology [ONT] | Source: CoinMarketCap

The coin was at $1.50 on 13th August. However, the market moved from $1.60 to $2.11 on 17th August, quickly shifting to a price of $2.40. It hit a high of $2.80 on 18th August, going down to a low of $1.8. Before settling to trade at current levels, the price hit a peak of $2.67.

Currently, the coin is ranked at #25 on CoinMarketCap with a volume of $210 million.

VeChain, after its shift to the VeChainThor platform, was the second largest gainer in top cryptocurrencies. The coin ended up with a growth of 55.21% over the past 7 days, and 13.06% over 24 hours. It is currently trading at $0.014.

7-day price chart for VeChain [VET] | Source: CoinMarketCap

7-day price chart for VeChain [VET] | Source: CoinMarketCap

The coin started the week at a price of about $0.008 on 13th August and then hiked to $0.01 on 16th August. This was followed by a further rise to $0.014 on 17th August, with the price holding a constant level.

It dropped down on 19th August to $0.011, with a rise yesterday to $0.012. Currently, the coin has a market capitalization of about $789 million and is ranked at #19 on CoinMarketCap.

Tezos’ XZT token also posted admirable results in the last week, but more surprising ones earlier today. The coin had a profit of 8.7% in 7 days but has increased by 13% in value in the past 24 hours. It is currently trading at $1.56.

7-day price chart for Tezos [XZT]| Source: CoinMarketCap

7-day price chart for Tezos [XZT] | Source: CoinMarketCap

The price of the token has increased from last week’s opening price of about $1.43 on 13th August after a slow rally from the low $1.30 to a current value of $1.61 after the spike.

The XRP token is one of the few top altcoins that pulled its weight during the recovery rally. It has gained 11.67% over the past week, and 2.5% in 24 hours. It is currently trading at $0.33.

7-day price chart for XRP| Source: CoinMarketCap

7-day price chart for XRP| Source: CoinMarketCap

The token’s price on 13th August was $0.30. It saw a low of about $0.26 until August 15th, where it shot to $0.28. The coin then proceeded to hit a high of $0.37 on 18th August, dropping slowly to $0.31. It rose to a price of $0.35 on 19th August and is trading at $0.34.

Currently, XRP is ranked at #3 on CoinMarketCap, with a market cap of $13 billion. The trading volume of the currency is around $361 million.

Even as altcoins seem to consolidate their position, the dominance of Bitcoin over the market is still over 50%, sitting at a dominance percentage of 52.0%. While the market has still not seen the “flippening” that many Bitcoin maximalists will, the dominance is beginning to further to divide between the first cryptocurrency and others.

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