News streamed through the day on Thursday, April 12th 2018, as the price of Bitcoin topped the $8000-mark in just an hour. This is good news for any cryptocurrency investor given the impact Bitcoin has on the market on general. This spike increased the dominance standings of Bitcoin from 33% to over 40% within the hour ̶ the hour of miracles. I can keep the conversation of Bitcoin going and going but there’s one coin that really outdid this massive pump on Bitcoin; OmiseGo (OMG).
How did OmiseGo perform in this mini-bull run?
The ‘hour of miracles’ occurred at around 11 AM EAT to 1140 hours EAT where Bitcoin boosted its price from around $6,700 to $8000 within forty minutes. Other cryptocurrencies soon followed the trend with massive buying across the top 100 coins. Since then however, only Bitcoin Private (BTCP) and Mithril (MITH) have performed better than OmiseGo, increasing at 84% and 220% respectively. OMG’s price has grown by 40% to place it as the 20th largest coin in Coinmarketcap listings with a $1.3 billion valuation. The coin has traded a massive $333 million in the past 24 hours, making it the 5th largest traded coin after Bitcoin, Ethereum, Ripple and EOS.
At time of press, the OMG stands at $13.44 USD a piece as the price moved above the $10 mark for the first time since March. This current pricing represents a future of more solid gains as the coin targets the $20 mark before the end of 2018.
Drivers of the OMG token
- Increased Partnerships
It is safe to say that 2018 will be the year for OmiseGo (OMG) given the large strides it is taking towards development of the blockchain, partnerships and marketing. We at Cryptoglobalist announced of the partnership between OmiseGo and Shinhan, one of the largest banks in South Korea. This partnership caused a wave across South East Asia as more people rushed to get a piece of OMG before the coin hit the $10 mark.
Another major partnership that could well win the price war for OMG against its competitors is the recent deal with the Thailand government that was announced this February. Given that the OMG’s primary market is in South Asia, the Thailand government partnership opens a market of over 2 million cryptocurrency enthusiasts in the country to have their hands on this coin.
More partnerships will soon follow this 2018 as stated on their roadmap 2018.
- The Bitcoin effect
With Bitcoin having blasted past its 200-day moving average, it seems the dog days are over for the currency. This is a good sign to all other currencies as there is a huge correlation between the godfather and the other currencies. Let me place an example using the last four months since the start of December. As Bitcoin rose from $8000 in the start of November 2017 to over $20000 by the end of December, OmiseGo had a similar rise with the coin boosting from $11 to $26.74 within the same period.
The correlation happened again during the recent 2 month bear run where the price of BTC fell by over 70% to close below $6,000 earlier this month. OmiseGo (OMG) price shot down from an all-time high of $27 to below $8 during the same two month period, a 70% drop. This shows that the coin, just like other cryptocurrencies depend and correlate heavily on BTC.
For any OMG investor, Bitcoin’s success combined with increase in partnerships and marketing from the OMG development team might well be the key to OMG hitting $20 in 2018.