OmiseGo Hits Double Digits as Market Cap Soars Past $1 Billion

OmiseGo (OMG) has become one of the latest cryptocurrencies to join the billion-dollar club, as prices shot up to double-digits following a month of stellar gains.

OMG/USD Price Levels

OmiseGo has been on a tear as of late, with prices adding nearly 60% over the past month. At press time, OMG/USD was trading at $10.21 for a gain of around 1.5%. That’s still considerably below the record high of $11.50 achieved earlier this year.

The OMG cryptocurrency has added more than 10% over the past week. Technically, the cryptocurrency is gaining momentum, with prices recently overcoming a double-top formation en route to higher highs. MACD and Relative Strength both imply further upside in store.

At present values, OMG is capitalized at $1.05 billion for 17th spot on the global market cap chart (all figures according to CoinMarketCap). The cryptocurrency has turned over nearly $54 million over the past 24 hours, which is equivalent to 4,708 bitcoin and 118,073 Ethereum.

Buying interest was primarily concentrated on Bittrex and Bitfinex; together, the two exchanges turned over roughly 60% of OMG transactions. Other exchanges to process significant Omise transactions include Poloniex and Huobi.

The Chinese-based Huobi first launched OMG last month, with deposits starting on Nov. 13. The exchange currently offers OMG/BTC and OMG/ETH transactions.

Decentralized Digital Exchange

Backed by Ethereum, OmiseGo aims to become the world’s leading peer-to-peer cryptocurrency exchange. As such, its utility extends far beyond that of a regular altcoin.

The platform has clearly laid out a vision to become a decentralized exchange that goes beyond the current limitations of the financial industry in general and blockchain in particular. In doing so, it is promising to facilitate decentralized trading through the blockchain at a higher volume and lower cost. In theory, this would allow for seamless transfers across all digital currencies.

OmiseGo’s native token has seen its popularity steadily rise since its inception back in 2013. Currently, it is estimated that more than 40 exchanges offer OmiseGo tokens. The Singapore-based operation integrates a proof-of-stake consensus system, with validators rewarded in OMG tokens.

The project is also being piloted as a payment method, with the likes of McDonald’s accepting its tokens through its online Thai operation, www.mcdonalds.co.th. The rollout has officially begun in Thailand via payment gateway platform.

The OmiseGo payment network charges partner companies a 3.65% transaction fee free of setup costs and other associated fees.

Jun Hasegawa, CEO & Founder of Omise, said the goal of his payment platform was to streamline the end user experience.

“The consumer’s experience begins right when they place the order online, and payments is a critical component of that experience,” he said in a statement released in September. “Offering highly secure, seamless payment options across all platforms and devices is key to delivering a seamless experience for McDonald’s customers.”

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi