If you have never heard of OmiseGo (OMG) before, here are a few things you should know. Built on top of the Ethereum, it is an open payment platform and decentralized exchange.
OmiseGO ($OMG) Coin Potential for 2018
With the introduction of altcoins and tokens, competition for Bitcoin’s market cap has seen a marked increased. Although major cryptocurrencies like Bitcoin, Ethereum, etc, are still leading the market, turmoil has always been a major stumbling block. Volatility is proving to be too much for more seasoned investors to bear, and governments have begun the calls for greater regulation, shutting down crypto hedge funds in the USA. High volatility means greater risk, but also potential for large upsides, even if slight. This potential upside has many people investing in lesser known coins, one of which is OMG.
First let’s take a look on OMG market:
Trading sideways, OMG seems to have found support at the .0013462 level. It seems as though this coin is carrying on a downtrend started a week ago, and has shed about 17% of its value in seven days. Due to the fundamental strength of this coin, and the poor performance of Bitcoin, many are calling for a bullish trend for this coin through 2018. I am inclined to believe that, but the market is still shedding this week.
Please do your own research, this is not investment advice!
OMG Coin Aims and Overview
OMG, according to Wikipedia, is an open payment platform and decentralised exchange issued on Ethereum. Their stated aim is to create a better banking system, both for conventional consumers and the developing nations that do not have access to traditional banking systems. Ranking in the top ten Ethereum projects by market cap, this lesser known coin is supported by the crypto-crafters Vitalik Buterin and Gavin Wood. The fact that this coin is created and supported on the ethereum ecosystem and with the support of Ethereum’s founders translates into fundamental confidence.
Why OMG creates value
The coin creates value because the team has apparently found a way to conduct over 1 million transactions per second. This is important, as it addresses the criticism that cryptocurrency will never see market adoption because the transaction speeds are to slow, Bitcoin can handle only 7, as you can easily see OMG finally beats Visas network speed of 24,000. (This is a benchmark among crypto enthusiasts.)
As this technology comes online and is offered to the public, we may begin to see actual cases of companies turning to a blockchain for a scalable solution. OMG’s financial solutions truly factor all industries, and include a vast range of financial transactions payments; remittances, loyalty programs, B2B commerce, asset management, trading, and many more and all integrated onto a single, yet decentralized and secured system.
Gaining support from large organizations like cloud computing giant stripe, OMG is poised for a potential breakout through this year and into the next. As the system is transitioned onto a P-O-S solution, I expect many coins to be removed from exchanges and staked, reducing the liquid volume of tokens to be traded. I am unsure how the market price will be affected by this manoeuvre, as the technology really is the first of its kind. The market may respond to the lowered supply with higher prices, however, that is not a rule.
The market may decide that nodes are impractical as far as price speculation and the value of these token may drop due to decreased day trading and swing trading activity. The market reacts to volume as well as price, and we will wait and see how investors and hodlers react to decreased volume signals.
As always, Trade Safe!