How OmiseGO (OMG) Surged to a 2-Month High in Bearish Market

At the end of the week, when most of the altcoins tried reversing their downward trend by declaring all sorts of positive news as well as rumors, one cryptocurrency showed the market how exactly it is done. No one can possibly ignore the performance of OmiseGO in such a short span of time. Being one of the most famous Chinese blockchain projects, long-time HODLers have been eyeing OmiseGO since its inception. On Thursday, 26^th April when the market showed red signals and it seemed like the resistance may not let any altcoin surge, OmiseGO markets showed signs of a healthy recovery which then turned into an exceptional record-setting. In this article, we shall find out what aided OmiseGO in making an unshakable come-back in the crypto game.

About OmiseGO:

OmiseGO was created to be a solution for the essential co-ordination problem among all pre-existent payment processors, gateway, and financial institutions. It enables decentralized exchange on public blockchain at high volume but low cost. That’s how OmiseGO acts as a next-generation service which functions across currencies and asset types. Through enabling a financial inclusion and interchangeability via its decentralized network, OmiseGO can solve various real-world problems. If you’ve read the OmiseGO whitepaper then you may know that the OmiseGO project is working hard to build a decentralized exchange, liquidity-providing, messaging network and a blockchain gateway which is backed by assets. This will be a distributed network which will be open for all validators.

Notable Activities during Q1:

OmiseGO team is known for their unstoppable and constant product development. People who have closely kept a watch on OmiseGO during its successful Q1 must know that this project has traversed a long distance to be where it is now. OmiseGO has been all over the news throughout the Q1. Some of the major and noteworthy advancements made by the OmiseGO project are as follows;

1. They have released their first ever open Beta implementation of the OmiseGO wallet software development kit (SDK). It is available on GitHub
2. The OmiseGO software developers also launched their developed Tendermint-based Honte which is now available as open-source on GitHub for the whole community.
3. At the beginning of the year, they announced creating the initial plasma chain 0x1
4. The OmiseGO community was also notified regarding a hard-spoon event which is to take place between Honte and Cosmos.
5. During the end of March, OmiseGO team announced the launch of a blockchain working place called ‘Neutrino’ which is yet to be open in Tokyo, Singapore, Bangkok, and Seoul later this year.
6. On 10^th April, OmiseGO shook its supporters by announcing a significant partnership between OmiseGO and MakerDAO. After this collaboration, the stable coin of MakerDAO ecosystem ‘Dai’ has become available for trade on OmiseGO network and OMG is available as collateral for issuing each Dai.

OmiseGO Strategy and Requirements of OmiseGO Network:

OmiseGO is a solid project backed by a team of blockchain experts including Ethereum Founder and CEO, Vitalik Buterin and is striving hard to address some of the major financial issues. But there are some obstacles and requirements for its network’s widespread application which are as follows;

1. It should be applied in the daily lives of the common people. If OmiseGO doesn’t achieve usability it will have a hard time spreading across the globe.
2. According to the present CEO of OmiseGO, Ethereum/OmiseGO should be able to handle massive transaction volume. It’s one of the requirements for the network.
3. The OmiseGO wallets must have deposit and withdrawal functions to provide users free access to funds. Developers at OmiseGO are working to materialize the capability to handle unlimited transactions and the wallet functions.
4. The OmiseGO network needs to have a sufficient transaction volume in order to incentivize validators to stake. To fulfill this requirement OmiseGO has hinted developing a user-facing crypto exchange which will be launched as an OmiseGO

Recent Listings on Bithumb and Zebpay:

Yesterday, OmiseGO was reported to gain double-digits and made the most notable recovery in the market while other cryptocurrencies remained struggling with extreme resistance partly due to previous day’s MEW (MyEtherWallet) hack. All of this happened while bitcoin had retreated below $9000 and bethumb announced the listing of OmiseGO on its platform at exact 1:20 AM (E.T). For those who don’t know ‘Bithumb’ is South Korea’s biggest cryptocurrency exchange and this announcement sent crypto markets into a frenzy. In the meantime, OmiseGO started climbing charts which are continued even at the time of writing. OmiseGO has been showing an upward momentum but after the listing on Bithumb, CoinMarketCap reported a solid 26% rise in OmiseGO token price which is double of its value 3 weeks ago.

Experts indicate a big pump was started about an hour ago when Bithumb made the listing announcement public. There will be an airdrop as well for Bithumb customers. A day ago when Bithumb integrated OmiseGO to their platform, India’s leading exchange platform ‘Zebpay’ announced the listing of OmiseGO which made OMG tokens easily available for Indian traders. These listings have contributed to the present situation of OmiseGO markets and its recent movement towards 2-month record High.

Final Thoughts:

At the time of writing, OmiseGO is trading close to $18.44 USD with an uptrend of 19.39%. according to the data on CoinMarketCap its total market capitalization is at $1.8 billion USD and almost $700 million USD worth of OMG has exchanged hands within the past 24 hours. Yesterday, on 26^th April, OmiseGO reached its two-month highest price point $20.83. there are indications of consistent growth in OMG markets in coming days and many long-term HODLers have spiked a FOMO situation for OmiseGO but there is no certainty when it comes to crypto markets. So, we’ll just have to wait and watch what unfolds in Q2.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Ian Lee via Flickr