The overwhelming majority of the crypto tokens which were seeing parabolic runs as of late are comparatively new, being launched on platforms like Uniswap the place merchants are apt to throw cash at tasks associated to the DeFi sector.
One shocking “old” token that was well-liked in 2017 is now seeing parabolic momentum as properly, with the cryptocurrency flipping Bitcoin buying and selling quantity on Coinbase and Bitfinex.
After being considerably lifeless for over a yr, OmiseGo (OMG) is now going parabolic, with its price surging from multi-day lows of below $2.00 to highs of almost $10.00 that have been set yesterday.
This large momentum has been pushed by information of Tether (USDT) going stay on the OMG community’s transport layer, which seems to have revived the cryptocurrency.
It’s unclear as as to whether or not this single piece of stories will likely be sufficient to justify the continuing uptrend, which may finally be adopted by a pointy selloff.
OmiseGo price Explodes Following Tether Integration
On the time of writing, OmiseGo is buying and selling up over 33% at its present price of $7.60.
Earlier this week, it was in a position to rally as excessive as $9.25 earlier than it misplaced its momentum and plunged to lows of $6.00.
Within the time since hitting these lows, bulls have stepped up and propelled it again as much as its present price ranges. It does seem that $8.00 is a brand new resistance degree.
The piece of stories that helped the crypto see this parabolic rise from its sub-$2.00 weekly lows was from stablecoin Tether, which has now launched on OmiseGo’s transport layer.
One well-liked crypto-focused economist spoke about this information in a latest tweet, saying:
“OMG +70% on this news and 2.5x in five days. Some traders knew and acted beforehand. Impressive turnaround for what used to be a total shitcoin.”
OMG Flips Bitcoin Buying and selling Quantity on Main Crypto Exchanges
This intense parabolic rally seems to have been pushed primarily by a large inflow of buying and selling quantity throughout exchanges, with the sheer magnitude of shopping for stress on Coinbase permitting the crypto’s buying and selling quantity to flip that of Bitcoin.
One analyst spoke about this, noting that it additionally flipped that on Bitfinex, and was on par with that seen on Binance.
“OMG has now flippened BTC volume on Coinbase, Binance, and Bitfinex. 4x on Coinbase, 2x on Bitfinex, and at par on Binance.”
Picture Courtesy of Hsaka.
Except Tether’s launch on the OmiseGo community drives large site visitors to the blockchain, this may find yourself being a “sell the news” occasion.
Featured picture from Unsplash. Pricing knowledge by way of TradingView.