After a few days in the green crypto markets are correcting today and red is dominating the coin charts. A small selloff has started as traders take profits during the Asian session. Bitcoin has retracted by around 2% to $11,300 and most of the altcoins have followed it down. Only one or two are still showing positive gains over the past 24 hours and OmiseGO is leading the pack in the top 25.
According to Coinmarketcap OMG is the only altcoin that is up over the past day, albeit only by 2% at the time of writing. From a low of $17.70 yesterday it jumped up to $20.20 before retreating back to $18.75 this morning. OmiseGO has rebounded strongly from the big dip of February 6 and has recovered over 100% of its losses, falling to $8 and rebounding quickly to over $16. It has weathered the stormy ride that a lot of other altcoins are still falling from.
Omise is a Singaporean company that has created an Ethereum based fintech blockchain for use in mainstream digital wallets for real-time peer-to-peer transactions in both fiat and cryptocurrencies. The latest blog posts mentioned that OmiseGO would be joining other Ethereum projects to create an Ethereum Community Fund (ECF) dedicated to the acceleration of infrastructure and decentralized application development. Ethereum co-founder Vitalik Buterin has openly supported OMG and the team are very active in Thailand and Southeast Asia where a number of partnerships have already been made.
OmiseGO is traded mostly on Bitfinex and Upbit where it can be bought in fiat. There are 140 million in total supply and 102 million in circulation, $125 million has been traded in the past 24 hours. OMG has a market cap of $1.9 billion and is currently ranked at number 21 in the charts.
The only other two altcoins in the green in the top 50 are Dogecoin and DigixDAO.
More on OmiseGO can be found here: https://omisego.network/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.