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[NEWS BLOG]: OMG Network’s Token Climbs 252% This Week; What’s Pumping It?
OMG Network’s native token OMISEGO (OMG) logged a milestone price rally in the running week.
The 25th largest cryptocurrency surged by up to 252 percent in the days leading to its integration into the world’s leading stablecoin project, Tether. As of Friday, the OMG/USD exchange rate had established a year-to-date high at $9.86 before correcting lower on profit-taking sentiment
In retrospect, OMG serves as a utility token through which users interact with the OMG Network, a Layer-2 scaling protocol for Ethereum. Similar to Bitcoin’s Lightning Network, OMD Network aims to achieve a higher transaction throughput for Ethereum at a lower cost.- read more.
OTHER RELATED NEWS
Crypto Tidbits: Bitcoin Explodes Past $11k, Ethereum 2.0 Nears, Cardano’s Shelley Launches
Bitcoin’s recent price action comes as a breath of fresh air for crypto traders, which had to deal with BTC flatlining in the $9,000s for around two and a half months. The leading crypto asset is attempting to pass the local highs of $11,500 as this article is being written.
Despite the strength of the breakout, Bitcoin’s macro volatility indicators remain at historically low levels. This may suggest, according to Bitazu Capital’s Mohit Sorout, that BTC has room to rally to the upside as ongoing volatility seems to be favoring bulls.
This latest rally in the crypto market has brought - read more.
Not Convinced New Investors are Buying Bitcoin, Top Analyst Says
While headlines about tanking bitcoin prices serve ideal opportunities for investors to enter the cryptocurrency market, one top analyst thinks the asset is lacking new buyers.
Alex Saunders, the CEO & Founder of Australia-based Nugget News, offered a wave of discouraging catalysts that might have driven people out of cryptocurrencies, including a wrecked US job report. More than three million Americans filed for unemployment last week, providing first-hand information about how the Coronavirus pandemic is affecting the US economy.
Buying Sentiment on Hold
Bitcoin has long enjoyed the status of an offbeat, non-correlated asset that could behave as safe-haven for investors in times of economic crisis. - read more.
Early Ripple Investor: I “Never Really Saw” the Use Case for XRP as Currency
While XRP is a topic of conversely for many in the space, the asset is undoubtedly a powerhouse in the industry, with the third-largest market capitalization of all cryptocurrencies. XRP also has an active fanbase on social media platforms.
Yet the cryptocurrency, critics suggest, doesn’t have a use case. Former Wall Street trader Tone Vays said in an interview with BlockTV that the “Ripple token itself has absolutely no place,” adding that everything about the altcoin “is bad.”
Kevin Rose, a venture capitalist who led Google Ventures’ 2013 investment in Ripple, recently weighed in on this debate in an interview with TechCrunch, contracting the - read more.