The crypto market is known for its large price variations. They lead the major cryptosystems to increase and decrease their value radically in a matter of hours. However, rarely do you see a variation as drastic as that of OmiseGO yesterday. Therefore, we tell you what were the key factors that drove its price.
OmiseGO in review
Competition between cryptosystems
If there’s one word to describe the crypto world, it would be „competition“. Well, there is no sector of the crypto market, in which there is not a fierce fight for space.
Whether it’s between crypto companies offering financial services like send bitcoin to Bitcoin Evolution wallet / how to sell ethereum Bitcoin Profit canada / making money on Immediate Edge / instant deposit in Bitcoin Code / Bitcoin Revolution uk card / The News Spy tribe ritual video / how does Bitcoin Billionaire withdrawal work / Bitcoin Trader copyfunds review / how to sell ethereum on Bitcoin Circuit app / minimum first deposit Bitcoin Era R3 and Ripple Top level exchanges and global influence like Binance and Huobi. Or between the crypto-currencies themselves, as is the case with the fight between Ethereum, EOS and Tron.
And it is precisely between the different cryptoactives, where the fiercest competition can be observed. For, by dominating so absolutely Bitcoin most of the crypto market capitalization, the hundreds of other virtual currencies must fight for a much lower percentage of money and attention.
So it’s difficult for small cryptosystems like OmiseGO to get the level of public interest they need to succeed. They are overshadowed by larger coins and driven by large crypto influencers, such as Ethereum or Bitcoin Cash. This requires external factors to drive these cryptoactives.
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The rise of OmiseGO
This would be precisely the case of OmiseGO, since in the last 24 hours the cryptomoney has accumulated an increase in its quotation of 34.23%. This has taken it from 1.53 dollars per OmiseGO, to 2.05 dollars at the time of writing.
Of course, this increase in the price of OmiseGO has not been accidental. On the contrary, it is a consequence of your enlistment in Coinbase Pro today. The premier crypto currency exchange currently operating in the United States. What the market has interpreted as an endorsement of the OmiseGO project by one of the largest crypto companies in the world.
The increase in the price of OmiseGO did not start today. It has been accumulating since Coinbase announced that it would list the cryptoactive on its platform last May 14. Achieving an increase of more than 200% in its price since then, when each OmiseGo was quoted at only $0.75.