Crypto

Crypto OMG Network: The Next Diamond in the Rough in the Cryptocurrency Market? | Investing.com

This article was written exclusively for Investing.com.

  • Time is running out for bitcoin forecast of $ 100,000 in 2021
  • The only metric that continues to rise is the number of cryptocurrencies entering the market.
  • In search of the next diamond in the rough
  • OMG Network is a top-tier cryptocurrency.
  • A turbulent business model since 2017

November 10, 2021 and have reached new heights. November CME futures for bitcoin and Ethereum, the top two cryptocurrencies, posted bearish reversals on the daily chart that day and continued to decline. Bitcoin futures on a daily basis

Source: CQG

The chart shows that it reached a fresh high of $ 69,355 per token before closing below yesterday’s low. Late last week, bitcoin fell below the $ 58,000 level and flirted with even lower prices. Ethereum futures daily

Ethereum futures daily

Source: CQG

The November CME hit an all-time high of $ 4,902.75 per token on November 10 and featured the same key bearish reversal pattern on the daily chart. On November 19, Ethereum was at the $ 4,300 level after being tested below $ 4,000.

The market capitalization of the cryptocurrency asset class rises and falls with Bitcoin and Ethereum, accounting for 61.5% of the total value. Most of the other tokens (over 14,550) follow the lead of Bitcoin and Ethereum both on the up and on the downside. (OMG) is in the top 1% of the asset class at the end of last week.

Time is running out for bitcoin forecast of $ 100,000 in 2021

Cryptocurrencies arouse passionate emotions in market participants. Opponents have called the asset class “fraud,” “disgusting,” “financial squared rat poison” and other descriptions that offer nothing more than their disdain for the asset class. Cryptocurrencies are a libertarian answer to control the money supply. Government officials and executives in mainstream banking and finance have not been fans of the boom in this asset class.

The fans were just as loud. Square (NYSE :) is a technology and payments company. SQ founder and CEO Jack Dorsey called bitcoin the “currency of the internet” and said that the leading cryptocurrency will “unite the world.” Elon Musk, the richest person in the world, has been an advocate. When asked what governments should do to regulate the growing asset class, his response was “nothing, leave it alone.”

Meanwhile, many cryptocurrency advocates predict that the price of bitcoin will hit the $ 100,000 level by the end of 2021. Time is running out for these predictions, with less than six weeks to go before the start of 2022 and bitcoin below the $ 100,000 mark. $ 60,000 per token level. Anyone who has watched the asset class rise in recent years cannot definitively say that the $ 100,000 level is impossible, given the sharp swings in the price of the major cryptocurrency.

The only metric that keeps increasing is the number of cryptocurrencies entering the market.

Bull markets are magnetic. In 2010, a bitcoin cost 5 cents. At the $ 58,000 level, a $ 1 investment was worth $ 1.16 million, an incredible and unprecedented return. I remember an old New York Lottery ad that had the slogan “All you need is a dollar and a dream.” The odds of winning the lottery jackpot are low, but the rise of bitcoin and many other cryptocurrencies shows that dreams can come true.

While cryptocurrency values ​​vary wildly from day to day, month to month, and year to year, the only consistent uptrend is the number of new tokens hitting the market every day.

I started tracking the total number of cryptocurrencies on CoinMarketCap at the end of the first quarter of 2019, when there were 2,136 cryptocurrencies. Quarter-over-quarter growth has been impressive:

  • Q2 2019: 2,296 up 7.5% in the quarter.
  • Third quarter of 2019: 2,906 up 26.6% in the quarter
  • Fourth quarter of 2019: 4,986, an increase of 71.6% for the quarter.
  • First quarter 2020: 5,285, a 6.0% increase in the quarter
  • Q2 2020 – 5,688, 7.6% more in the quarter
  • Third quarter of 2020: 7,254, an increase of 27.5% in the quarter
  • Fourth quarter of 2020: 8,153, an increase of 12.4% in the quarter
  • Q1 2021 – 9,045, an increase of 10.9% in the quarter
  • Q2 2021 – 10,725, an increase of 18.6% in the quarter
  • Q3 2021 – 12,223 up 14.0% for the quarter
  • November 21, 2021: 14,553 up 19.1% six weeks before the end of the fourth quarter.

This growth shows the expansion of the asset class in the cryptocurrency market.

In search of the next diamond in the rough

Many, if not most, of the cryptocurrencies circulating in cyberspace will end up gathering dust in the portfolios of investors and traders who are pumping capital into this asset class in hopes of finding the next big winner. Meanwhile, out of over 14,550 different tokens, there are many scams and frauds that populate this kind of unregulated market.

However, demand creates supply, and as long as Bitcoin, Ethereum, and a host of other cryptocurrencies offer incredible rewards, the number of tokens will continue to rise. All investors and traders should understand that all invested capital is 100% at risk, from bitcoin to the most recent token.

Rewards are always a function of risk, so expect market participants to flood the asset class with investment capital.

OMG Network: a top-tier cryptocurrency

OMG Network (OMG) may seem like a fragile crypto, but it has risen through the ranks. On November 22, it was the 94th leading cryptocurrency. At $ 9.27 per token, OMG had a more than respectable market capitalization of $ 1.30 billion, making it an acceptable token to trade and invest in.

Market capitalization means that OMG has the necessary critical mass for liquidity. Liquid markets allow participants to buy and sell with tight spreads between bid and ask. However, the volatility of the asset class means that even the most liquid tokens can experience periods where liquidity evaporates and prices rise or fall.

The OMG Network website is a bit hazy; informs the world that “OMG Network is now OMG Foundation”. OMG is the native cryptocurrency of the “Network” which is now the “Foundation”.

OMG is a blockchain built on top of the Ethereum blockchain that speeds up transaction times and reduces transaction flows by processing Ethereum transactions outside of the main Ethereum network. OMG supply is limited to 140,245,399 OMG pieces.

A turbulent business model since 2017

OMG started trading at the $ 0.43 level in July 2017.

Source: CoinMarketCap

The chart shows that OMG peaked at just under $ 26 per token in early 2018 and experienced lower highs and lows until March 2020, when it reached the 0, $ 50 level. Since then, OMG has hit lows and lows. Higher highs, peaking at $ 19.12 on November 3, 2021, when the price fell to the $ 10 level.

OMG is a leading cryptocurrency with a critical mass of over $ 1.35 billion in market capitalization. While this value places OMG above almost 99.3% of all tokens in the asset class, the cryptocurrency remains a risky asset just like all other cryptocurrencies, from bitcoin to 14,553 plus tokens. recent.

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