Like many cryptocurrencies, OMG token took a good start. The initial price was established at the level of $0,574. Starting from the ICO in July 2017 the token gained almost 370% in price by the end of the year. The highest rate of that year was $21,36 right on the last day of the year.
The bullish trend continued for several days at the beginning of 2018. At that point, OMG reached its all-time high so far — the peak was $28,35 on the 8th of January. After that, the token started to struggle in fluctuations which led to the slow decrease throughout the year. 2018 ended for OMG with the $1,41 price mark.
In 2019 the token had a comparatively flat chart. The price went into a slight increase in the first half of the year — it reached $3,23 in July. After that, the rate went on a slow slide down under the $1 line.
The current price at the end of 2019 is $0,628885. OMG has $88 198 250 worth market cap — it takes the line 49 in the overall rating on CoinMarketCap. The amount of tokens traded per day is $45 954 693. The supply in current circulation is 140 245 398 OMG — it is also the total one. There are no limits to maximum supply. OmiseGo’s ROI in comparison with the initial price is still positive — 17,60%.
The Omisego project has proven to be a noticeable one. It keeps the goals high and the team behind it is quite professional and already made some success in fintech. No surprise that opinions around OMG’s future are quite positive.
- Coinnounce cryptocurrency portal made a price analysis about OMG — it is stated that it will likely grow and reach $2,5. It is also said that it may outbreak the $5 border the same year.
- Cryptoground predicts big gains for the token as well. According to their data, the OMG rate will reach $1,7189 at the end of 2020. Moreover, they display a possible gain of 4461% within the next 5 years — the price will be $28,58 in that case.
- Tradingbeasts forecast service displays the possible average price of $1,108 in December 2020. According to the same page, OMG will continue to gain strength and reach $1,325 in 2021 and $1,506 in 2022.
This article must not be taken as financial advice or instruction for direct actions, but OmiseGo seems to be a promising project in many ways.
What is OmiseGo
OmiseGo is an Ethereum-based blockchain service designed to become a next-generation financial ecosystem. The main goal of the project is to create a decentralized, open and transparent environment for all the institutions involved in the global financial industry. The idea is to solve the fundamental issue of coordination between intermediaries: OmiseGo aims at bringing transactions to peer-to-peer format, cut the fees and improve the speed and convenience. The intent is to get rid of numerous intermediaries like banks and create a system that connects people all over the world.
OmiseGo is fueled by its native ERC20-based token called OMG. It works on the Proof-of-Stake (or PoS) consensus algorithm. OMG is the main asset of the system that the project is building.
OmiseGo also features its cross-chain decentralized exchange called ODEX. It is the infrastructure designed to connect different markets and provide seamless cryptocurrency trading without leaving the OmiseGo’s blockchain. OMG and modified PoS algorithm serve to fulfill the correct work of this technology.
Since OmiseGo is based on the Ethereum’s platform, it uses its native blockchain scalability system called Plasma. It is a feature that serves as a solution for dealing with high loads and market activity inside the blockchain by providing a theoretically infinite amount of supply. In fact, the PoS consensus is tailored to Plasma which works as a framework between the Ethereum root chain and the OmiseGo child chain. To make it more clear let’s say that Plasma is an add-on that allows building service on the Ethereum’s platform with implementing some unique features.
The team behind this service is Omise — a payment platform from Southeast Asia. The company itself was founded in 2013 and then created OmiseGo as an independent subsidiary project. The OMG’s ICO sale was held in July 2017 and raised $25 million. As of this article making at the end of 2019, OMG token is listed on a lot of different exchanges including major ones like ZB.com, OKEx, CoinBit, Huobi, HitBTC, and Binance.