“Bitcoin (BTC) itself has grown by over 125% year-to-date, and the market cap of all cryptocurrencies excluding bitcoin has grown by just about 550% year-to-date over that same timespan. That goes to show that while bitcoin has grown tremendously, other cryptocurrencies, or altcoins, have grown at an even faster rate. OMG has grown by almost 500% year-to-date, or four times as fast as BTC, showing that OMG has kept pace with some of the best performing altcoins,” he said.
Benfield recalled that the OMG coin hit its peak price and popularity in late 2017 to mid 2018.
“Originally packaged as a scaling solution for Ethereum, OMG was really ahead of its time, as ETH didn’t really have the scaling and congestion issues in 2017 to the extent the network currently does.
OMG token is used as a payment method for fees on the OMG network and also for staking in its proof-of-stake system, which allows users to secure the network and get rewards.
As of 26 October 2021, there are 140 million OMG tokens in circulation, which corresponds to its total supply. OMG’s total market capitalisation is $2.02bn, which ranks it #67 among other cryptocurrencies according to CoinMarketCap.
- OMG in the current crypto market: the analyst’s view
- Is omg coin a good investment
- OMG is not Bitcoin
- Is omg coin a good investments
- What OMG isn’t
- OmiseGo (OMG) Popularity Analysis
- What OMG is
- OmiseGo Price Predictions For 2024
- OmiseGo Price Predictions For 2025
- Final Remarks
- OMG coin news and latest developments
OMG in the current crypto market: the analyst’s view
Analysing the current crypto market and OMG’s performance this year so far, Alex Benfield, a crypto analyst at Weiss Ratings, shared his OmiseGo review with Capital.com.
Is omg coin a good investment
But by the same token, this high trading volume makes one thing glaringly obvious: The last thing OMG traders are interested in is using OMG to “store value.” Not for more than a few minutes at a time, at any rate.
OMG is not Bitcoin
Contrast OMG’s volume performance to that of a more established coin like Bitcoin. Like OMG, Bitcoin is limited in supply — no more than 21 million Bitcoins will ever be mined or circulated.
Unlike OMG, though, less than 2% of Bitcoin’s 21 million coins (or an equivalent value) changed hands over the last 24 hours.
So if you want to trade cryptocurrency for fun and profit — and treat the stuff like gambling chips in a casino — OMG Network just might be the cryptocurrency for you.
Is omg coin a good investments
They are, to “coin” a term, a better store of value.
What OMG isn’t
But perhaps perversely, this is the reason I am not convinced that OMG is a great cryptocurrency to buy.
CoinDesk data show that over the last 24 hours, the volume of OMG coins traded nearly equaled the total value of all OMG coins in existence. At current prices, OMG has a total market capitalization of $2.65 billion — and $2.49 billion of that value changed hands since yesterday morning.
In just one single day, effectively every OMG owner sold their coins to someone else.
On the one hand, data like this suggests that OMG coins are very popular to trade as cryptocurrency traders chase momentum up and down in hopes of capturing short-term profits.
OMG Network price is expected to be $12.11 by the end of 2021 and $13.35 by the end of 2022. Looking further, it expects OMG to hit $14.79 by the end of 2023 and $16.42 by the end of 2024.
To conclude, crypto analyst Alex Benfield gave Capital.com his thoughts on what the coin’s future might look like.
“My guess is that the future of Ethereum and smart contract protocols will look like an interconnected web of both Layer-1 and Layer-2 solutions that all serve different use cases – i.e.
a network geared towards NFTs, a network focused on DeFi applications, a network focused on gaming, and so forth”, he said.
“Each of those use cases has different needs, like increased security, faster transactions, and higher throughput, so a multi-layer and multi-chain ecosystem makes the most sense,” he concluded.
Bear in mind that analysts’ predictions can be wrong.
In the months following the ICO, the OMG price showed a steep rise. It reached a price of $25.62 on January 13, 2018. It was it’s all-time high, which was followed by a price correction.
Like most cryptocurrencies, the price of this coin fluctuated greatly during several months with a downward trend. Finally, the OMG coin reached its all-time low of $0.35 on March 13, 2019.
Since that bad day, OMG has been steadily regaining value.
On August 21, 2020, the coin reached a price of $6.0402. On May 5, 2021, OMG was being traded at $12.97, which was regarded by some investors as a sign of recovery.
However, the price continues fluctuating without a clear trend.
OmiseGo (OMG) Popularity Analysis
The idea behind the OMG Network has attracted interest from several investors.
OMG(OMG2.30%)! Has there ever been a better time to invest in cryptocurrency?
OMG Network coins — which you may not even have heard of before — surged to an all-time high of $18.90 Thursday morning, up more than 17% in 24 hours, according to data from CoinDesk.com. (Different data providers may show different results. CoinMarketCap.com, for example, which still lists OMG Network under its previous name “OmiseGo,” notes that the crypto coin hit even higher valuations back in 2017 — but it soon dropped steeply and didn’t come close to regaining those prices until last week.)
Image source: Getty Images.
What OMG is
The cryptocurrency’s latest rise appears to be tied to a promise that, on Friday, OMG Network owners will “receive a new crypto token that can be staked for rewards on Boba Network,” as my fellow Fool Keith Noonan reported last week.
Hence, the OMG price is expected to reach $11.17 this year. From here on, a clear upward trend is predicted.
OmiseGo Price Predictions For 2024
The year 2024 is forecasted to show even a higher appreciation of the OMG coin.
A local high of $13.42 is expected this year. More optimistic predictions put the local high at $19.09. An upward trend will be evident during the entire year 2024.
OmiseGo Price Predictions For 2025
In 2025, the OMG Network will have taken off.
A conservative forecast puts the value of OMG at $15.51. A more optimistic prediction puts the value of each OMG coin at $28.90, a whopping 1700% increase of its current price.
The OMG Network has solid fundamentals of the coin. The success of the project depends on the mass adoption of its intended services.
In simple terms, this is an additional protocol that is built on top of blockchains, in this case the Ethereum blockchain.
The goal of Layer-2 scaling solutions, like OMG, is to increase transaction speed (faster finality) and transaction throughput (high transactions per second) without sacrificing decentralisation or security.
As the number of people using Ethereum has grown, it has driven up the cost of using the network, creating the need for scaling solutions like OMG’s L2.
Benfield said this has put OMG in the spotlight as it aims to position itself as a premier L2 scaling solution for Ethereum.
OMG coin news and latest developments
OMG Network has recently announced the launch of Boba Network, a new Layer-2 product created by blockchain developer Enya, in collaboration with OMG.
If we look even further into the future, the price will only go up. The price will not go x12 again, but the price is expected to double to $24,” it said.
According to Digital Coin’s OMG crypto forecast (as of 26 October), the cryptocurrency could end up this year at $22.55, move up to $24.55 at the end of 2022, $31.62 at the end of 2023, $37.98 at the end of 2024, and hit $43.90 at the end of 2025. OMG is expected to reach $65.84 by 2028.
WalletInvestor believes the OMG token might be a good long-term (1-year) investment. Based on its algorithm-based OMG crypto price prediction, a longer-term increase is expected. WalletInvestor expects OMG to trade at $15.46 by the end of 2021 and climb up to $38.55 by the end of 2025.
However, not all analysts agreed, including TradingBeasts, which said the coin might not be not a good investment.