In contrast to this time last week the crypto markets are on fire today. After what seemed like an endless bearish winter there is finally some positive momentum which has taken total market cap back over $300 billion for the first time since the end of March. Bitcoin erupted a few hours ago surging almost a thousand dollars in less than an hour. It is currently trading 12.4% up on the day at $7,800. Many of the altcoins have performed even better and are showing solid gains in Asia this morning. One that is way ahead of the pack at the moment is OmiseGO.
According to Coinmarketcap OMG is trading 37% higher during the morning’s Asian session. The spike came a couple of hours ago when it jumped from $11.7 to $16 OMG has since fallen back to just over $13.7 which is a strong gain from its price this time yesterday of $9.85. OmiseGO has had a good week climbing 60% from $8.8 this time last week. Monthly gains are not so impressive as this altcoin is trading at the same level it was in mid-March. Against Bitcoin OMG has jumped 25% to 180000 satoshis from 142000 sats the same time yesterday. On the seven day chart OMG has posted gains of 36% or 48000 satoshis.
Buying momentum for this Southeast Asian altcoin has come from a number of positive developments in recent days including a the signing of a Memorandum of Understanding (MoU) with a major South Korean credit card business. OmiseGO has also collaborated with MakerDAO to use its stablecoin, DAI, on the OMG decentralized trading platform. Once again South Korea is leading the charge with Upbit taking 35% of the total trade volume in KRW.
Total trade volume has jumped from $40 million to $316 million over the past 24 hours and OMG has moved up to 20th spot with a total market cap of $1.4 billion. There are 140 million tokens in total supply with 102 million circulating. Total crypto market capitalization has increased 12.3% in the past day and is currently at $310 billion. Many are now hoping that this signals the end of the three month long bear run though this rally would need to extend a lot further to confirm it.
Other altcoins enjoying solid gains this morning include Ripple, Cardano, Iota, Nem, VeChain, and Bytom.
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.