Odyssey Maintains Double-Digit Gains as Broader Market Declines

The cryptocurrency market begins the final quarter of the year on a downward note, with nearly all of the leading coins, including recent favorite XRP, trading in the red. One clear exception is Odyssey (OCN), whose value has expanded by more than 25% in the last 24-hour period. It’s not just a blip, as OCN has had momentum headed into October, as evidenced by 155% and 246% gains in the past seven- and 30-day periods, respectively. As bitcoin’s dominance has slipped to slightly more than 51%, investors have been pouring money into more altcoins including OCN.

Source: TradingView

The technical signals surrounding OCN are mixed, with relative strength reflecting a sell with a score of 94. The MACD level, however, remains positive, as momentum in the coin continues to build. Moving averages are similarly bullish.

Odyssey, whose ecosystem is comprised of a digital asset trading service, launched an airdrop promotion in which 200 million OCP coins, which is the official payment token of OCN Chain, are being distributed to holders monthly for the foreseeable future. One of the first distributions was made in recent days, which may have stirred excitement in the project despite the fact that social media users reported a great deal of confusion surrounding the airdrop registration process.

OCN is traded on Gate.io, Houbi and Bittrex, among others. Perhaps they will decide to pursue a listing on Coinbase now that the exchange has relaxed its listing policy.

Meanwhile, as Odyssey holds its gains, the bitcoin price has been able to hold above the breakeven level for mining at $6,000 despite the most recent declines.

Fear of Missing Out

Now that the fourth quarter is under way, there’s a great deal of expectation for bitcoin and altcoins alike to perform. While it’s a lot to expect in one quarter after a yearly performance that to date has disappointed, there are key developments in the pipeline to back up the hype. Regulated cryptocurrency exchange Bakkt is set to debut next month, which could be the catalyst to take institutional capital off the sidelines. In his most recent bitcoin analysis, Fundstrat’s Tom Lee told Bloomberg that Bakkt is indeed a catalyst for year-end, saying:

“It’s going to be, really, one of the first good regulated exchanges. But I think around that there’s a constellation of work being done by major investment banks to build products that that either support…or work with it. So I think institutions are ready to get involved,” adding that big investors get FOMO when the bitcoin price increases. But it’s also a catch 22, at least in the U.S., as big investors and entrepreneurs threaten to go elsewhere until crystal clear regulation takes shape.

Featured image courtesy of Shutterstock.

Author:
Gerelyn has been covering ICOs and the cryptocurrency market since mid-2017. She's also reported on fintech more broadly in addition to asset management, having previously specialized in institutional investing. She owns some BTC and ETH.