With the introduction of multifarious new digital currencies to the world of cryptocurrency, the competition among these coins to achieve a commendable position on the Coinmarketcap along with a significant individual coin value and market capitalization has increased considerably. Although major cryptocurrencies like Bitcoin, Ethereum, etc, are still leading the market, the recent downfall in their prices accompanied by overall market turmoil has created slight hesitation among several cryptocurrency traders residing around the world. As an immediate consequence of such phenomena, many new investors along with a few experienced traders are investing their money in lesser-known cryptocurrencies.
One of such cryptocurrencies is OmiseGO (OMG). Although it still hasn’t achieved the popularity it deserves, OmiseGO (OMG) holds a decent position on the Coinmarketcap (20th in terms of market capitalization and 6th among ERC20 Cryptocurrency Tokens). Here, a few reasons would be discussed for your convenience explaining why you should go bullish on this particular cryptocurrency this year.
Reasons to Go Bullish on OmiseGO:
To traders and investors across the globe, the term “bullish” refers to a particular upward trend that indicates that the price of a certain asset or cryptocurrency is more likely to move up. Depending on the slopes and edges of a bullish trend chart, experienced traders can predict how sharp the movement of price is going to be. In case of OmiseGO, there are several reasons why this cryptocurrency can move upward in 2018. They are:
- Convenient Service: OMG’s internal architecture is very elegant and efficient. The coin initially made its way to the crypto-market to offer a feasible solution to the coordination problems among the financial institutions, payment processors, and financial gateways. As a result, OmiseGO’s platform can take care of a vast range of financial transactions payments, remittances, loyalty programs, B2B commerce, asset management, trading, and many more. The blockchain of this cryptocurrency is a highly scalable, on-chain decentralized exchange that offers an incentive for big holders to gain more coins by securing the network.
- Imminent Plasma Network Release: OmiseGO is about to launch their own plasma network which has caught a lot of attention from the crypto-connoisseurs. Many experienced traders are speculating the year of 2018 to be a year of OmiseGO because of this network. Once this network releases, OmiseGO would be able to conduct nearly an unlimited amount of transfers per second. As per the recent calculation, OmiseGO would be able to conduct more than 1 million transfers per second which are significantly higher than non-crypto transaction systems like Visa (24,000 transfers per second). The implementation of plasma network is one of the major reasons to bullish on this coin.
- The Support form Stripe: Stripe is indubitably one of the most reputed organizations of the world on cloud computing at the moment. As a result, it is quite evident that why every cryptocurrency seeks the support of this multi-billion dollar organization. Stripe was among the first few companies to implement support for Bitcoin in 2014. Now, Stripe is turning its face from Bitcoin to other cryptocurrencies like OmiseGO, Stellar Lumens, etc. With Stripe’s support, OMG is likely to exhibit major upsurge in this year.
- Transformation to PoS: OmiseGO is going to become a PoS (Proof of Stake) cryptocurrency from its previous Proof of Work (PoW) state. This transformation would allow the OMG holders to receive a passive return from network confirmation by staking their tokens. As a result, investing in this digital currency would likely to become a lot more lucrative than it previously was.
Current Market Scenario and Speculation:
As per the data of 12th March 2018, OmiseGO holds the 20th position on Coinmarketcap with a total market capitalization of nearly 1.5 billion along with an individual value of 14.32 USD.
Despite the fact that every coin can be affected by the constant volatility of the cryptocurrency market, it can be said that with the support from powerful organizations and implementation of new facilities are likely to make a positive impact on OmiseGO. On that note, going bullish on this cryptocurrency seems to be a lucrative choice for both novice and experienced traders.
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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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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