OmiseGO (OMG) Keeps Dropping As It Hits 8 Month Low
Another week of downward pressure and price drop has seen OmiseGO (OMG) trade as its lowest value in the last 8 months.
Of all top 20 cryptocurrencies, OmiseGO is one of the most hit by the reoccurring bearish trends, just like a great percentage of the crypto market.
The price of OMG has slumped by 16% over the past 7 trading days, 25% over the last 14 days, and 65% over the last 60 days.
The drastic decline in value leaves the OMG token with a value of $5.91. These values have caused many to wonder whether OmiseGO (OMG) can recover from its current state.
The current trading value of OMG is just about 20% of its all-time high of $29.37 seen in early January 2018.
Like most other cryptocurrencies, OMG had experienced an incredible major bullish run to close 2017 and peaked as at beginning of 2018.
Starting at a low of $5.37 on November 2, 2017, OmiseGo (OMG) enjoyed an express run to reach its all-time highest trade value of $29.37 on January 8, 2018. This was an incredible bullish run amounting to a 450+% increase in price value.
The devaluation of OmiseGO is not a peculiar problem. The entire crypto market which was valued at almost $800 billion in January this year currently holds a market capitalization of $276 billion.
The OmiseGO tokens created as an extension for online payment solutions for merchants by Omise a fintech group based in Thailand has definitely been through better days.
Current market status of OmiseGO (OMG)
The price decline continues for OmiseGO and more than 80% of the entire cryptocurrency market today.
Over the last 24 hours, OMG suffers a sharp price drop of 3.19% which leaves the token with a value of $5.91.
The drop in value over the last 24 hours account for a market cap depreciation of about $95 million.
OmiseGO currently holds the market cap rank of 19, with $764.6 million across the entire industry with a market cap of $263 billion.
With the daily drop in value, many would expect that the daily trade volume of OMG suffer a nosedive. However, that has not been the case as daily volumes remain average.
Over the last 24 hours, OMG has seen $27.4 million in trade volume. Regardless of the faltering prices, Australian exchange platform Bitpanda has chosen OMG as the next token to be listed on the platform.
In a short time in the market, OmiseGO has garnered a lot of support and partnerships, which has helped the project establish itself as a solid payments solution in the crypto industry.
Although the markets may be down at the moment, the future still does look promising for OmiseGO. Joseph Poon, the co-creator of Plasma and the Lightning Network, helped to write OMG’s white paper.
It is expected that OMG will be the first coin to integrate Plasma into their blockchain. If successfully integrated, Plasma would allow scalability of smart contracts as the workload is taken off of the blockchain, thus creating a lighter and faster network for OmiseGO to operate upon.