Bitcoin
Here’s Why We Think There’s Plenty More Run Room For OmiseGO (OMG)
OmiseGO (OMG) broke a $1 billion market capitalization yesterday. The coin is one that has garnered an incredible amount of attention over the last couple of months is almost certain to be on the radar of most reading – especially those familiar with the initial coin offering (ICO) space.
Early morning on Thursday, however, OMG has taken a bit of a hit, currently trading for just shy of $9 a piece and off highs of $10.51 overnight.
OmiseGo Chart
The correction is likely nothing more than shorter-term operators pulling profits off the table and, if this the case, it might be a nice opportunity to pick up some coins ahead of a return to the $1 billion capitalization first breached last night.
So, is this the case?
One thing is for sure, OmiseGO has an awful lot going for it. The company is, in its own words, trying to ‘Unbank the Banked’ and it’s trying to do so using the Ethereum platform and the smart contract capability platform affords applications built upon it. It’s also got Vitalik Buterin, the guy who designed and built Ethereum, as an advisor. That’s a strong associative validation.
So what exactly is OmiseGO?
At core, it’s a platform that allows retailers to accept practically any sort of payment method, be that centralized or decentralized, through a frictionless gateway. That sounds pretty jargony but when you break it down it’s really not. Decentralized payment methods are things like bitcoin, Litecoin, etc. Centralized payment methods are things like PayPal and Skrill.
Right now, for a merchant in one country to accept either a centralized or a decentralized payment from a customer that is a resident of another country, there is a large number of parties that have to interact with one another in order to ensure things run smoothly. The higher the number of parties involved in the transaction, the higher the chance that something’s going to go wrong.
With its proprietary platform, OmiseGO is trying to change this.
The idea is that the frictionless element of the transaction derives from the platform’s ability to harness smart contracts so as to ensure that everything happens seamlessly and without the necessity for intervention by a third party manual actor.
All this is great but for this idea to takeoff, is going to need some pretty large scale enterprise adoption which, as many companies have found in this space, is hard to come by.
Many companies, that is, other than OmiseGO.
The company’s platform currently allows merchants to accept payments through ALIPAY, which is one of China’s most popular online payment methods and gives merchants access to over 450 million registered Chinese consumers.
Further, there’s a trial run in place (and active right now) with none other than McDonald’s Corporation (NYSE:MCD). That’s right, the McDonald’s corporation has partnered with OmiseGO across more than 200 of its branches in Thailand to test out the payment processing facility. Specifically, the Omise platform has been chosen by McDonald’s Thailand to be its exclusive payments gateway for its website, www.mcdonalds.co.th and the McDelivery Thailand mobile app.
That’s an incredible validation for a company of this size and of this age and its the sentiment surrounding this partnership (as well as a number of other operational milestones being hit) that has driven the company’s representative coin towards its $1 billion market capitalization right now.
So where does the OMG coin come into all this?
OMG will be used to state the network and, by proxy, to process transactions in the space. As such, the more transactions that take place over the Omise network, the higher the demand for OMG and, in turn, the higher the tokens valuation.
That’s why this one’s running right now and that’s why the current correction could be a great opportunity to get in ahead of some real upside long term.
We will be updating our subscribers as soon as we know more. For the latest on OMG, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of OmiseGo
Chart courtesy of CoinMarketCap
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
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Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
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Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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