OmiseGo (OMG) boomed by more than 20% overnight, while other assets were sliding, boosted by the launch of Zebpay trading. Additionally, the asset would gain a larger exposure to the Asian market, with a listing on Bithumb.
OMG grew by more than 23% to $20.42, and is up a net 35% in the past seven days, and trading showed a gradual increase, but nothing like the sudden, unprecedented volumes.
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The chief reason behind the rise in OMG, which has been subdued compared to other coins’ performance, are the new listings. Those brought an explosion in volumes, to an absolute record, and the OMG price went almost vertical in terms of BTC prices, within a short distance of its all-time high BTC record.
The Bithumb effect on trading volumes was last seen in the Monaco (MCO) project, which set an absolute trading record. But just days after the listing, MCO slid by nearly a third, and volumes returned to reasonable levels, though getting a boost from the Bithumb activity.
https://twitter.com/omise_go/status/989381293132599296
At the moment, the new exchange listings are not affecting OMG volumes, and Upbit takes up the bulk of the moments, with more than 37% of the entire OMG market. Binance is also an active market for this Ethereum token.
OmiseGo is a project not relying on hype, but developing slowly, in the hope of securing real-life fintech business. The OMG digital asset will remain an Ethereum-based token, and will not have its own blockchain, but will use a form of sidechains, or sharding, to settle transactions faster and serve the needs of real-time electronic payments.
The launch of Bithumb trading, along with Kyber Network (KNC) will start in a few hours, and may further lift the price, or, conversely, lead to rapid selling. But for now, the news was met with great enthusiasm, and the record volumes, surpassing the December and January peaks, are a significant indicator that altcoin season is back.
OMG is seen as one of the promising digital assets, capable of much higher prices, but so far lagging compared to more prominent Asian platforms like NEO and QTUM.
This article appeared first on Cryptovest