The OmiseGO token OMG has just spiked by 100% in a 24-hour timeframe while Bitcoin’s dominance declines. In today’s Omisego financial analysis we are reading more about the price prospects.
The cryptocurrency market recovered from the major losses registered in the past few days. Bitcoin is up by 1% while some other altcoins are making huge gains with the OmiseGo token OMG leading the pack. The altcoin market got used to the huge fluctuations and the past day didn’t disappoint. One altcoin stood above all. OMG has exploded in the past few weeks as well but yesterday it shot up by 100% when the company announced that the most used stablecoin Tether will utilize the blockchain.
OMG traded at $1.5 on August 12th and it skyrocketed in about nine days by more than 500% to the new two-year high of $9. In the past day alone, the asset got up by 105% even though it has retraced to $7.5. Other coins such as ICON, Lisk, Status, Ampleforth, Flexacoin, and 0x surged in value between 30% and 50%. The situation among the larger-cap altcoins is more stable as Ethereum bounced from its yesterday bottom at $395 and is now trading at $415. Ripple increased by 1.5%, BitcoinSV the same about 1.6%, Litecoin by 1%, Cardano by 3%, and Binance Coin by 3.6%. What is interesting is that chainlink dropped by 7% while Bitcoin Cash gained by about 2.5%. BCH also surpassed chainlink as the 5th coin in total market cap.
The number one cryptocurrency went on a downtrend for a few days and drove from its new yearly high of $12,450 to $11,600. The bulls took control at that level which is the 50 EMA and Bitcoin increased a little to the current level of about $11,830. If the asset falls further, it could rely on the $11,400 level and stand at the psychological level of $11,000 as support. If Bitcoin overcomes the $11,800 level, it could challenge the $12,000 again. With the lack of price movements that are substantial enough for the leading cryptocurrency, Bitcoin’s dominance will drop while other altcoins surge in value. The metrics comparing Bitcoin’s market cap against other coins have also dropped by 1% in only one day to a stunning 58.7%.
In the recent altcoin news we reported that Yearn Finance is the second cryptocurrency to flip the Bitcoin dollar value after Zcash did back in 2016.
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