OMG Coin: The Ultimate Guide and Value Prediction

omg coin

Image source via https://omisego.network/

Are you looking forward to buying some OmiseGO coins? OmiseGO is one of the cryptos performing well in the market today. Between its creation in 2013 and January 8, 2018, OmiseGo price grew by about 2500%.

OmiseGO regards itself as “the answer to the fundamental coordination problem among payment processors and financial institutions”. This implies that it targets to operate not just as a digital coin, but also as an alternative to cryptocurrency exchanges.

This guide is a comprehensive review of OMG coin to answer questions that you might have, including “What is OmiseGO?” and “How much is it worth?” Be ready with discovering more and making informed decisions on investment and trading.

What is OMG?

OMG was founded in 2013 by Omise, a venture-backed payment services company that operates in Indonesia, Thailand, Japan, and Singapore. It is a white-label eWallet, a smart contract platform, and an ERC20 token.

Being a white-label product implies that different brands can use it. Experts ask people to consider it like a white lobe that allows users to print their names on it. Now, OmiseGO eWallet enables users to add personal information required to access digital money.

The eWallet addresses the pressing need to use centralized exchanges that have been watering down gains achieved through encryption and anonymity. The OmiseGO platform is designed to allow businesses to make payments promptly and reliably.

The native token, OMG, is a completely decentralized and open source coin governed by users through proof of stake (PoS) consensus algorithm. Therefore, if you own some OMG tokens, you could be called to vote when issues that require consensus come up.

OmiseGO Coin Price Prediction in the Market

Before taking a closer look at the price prediction of OMG, here is a quick note about the crypto market movements. Cryptocurrencies such as OMG and XRP are hard to predict.

Indeed, it is difficult to tell with precision how the price of a specific coin will behave in the next few years. Even the experts in financial markets can only use probability. Anyone telling you that the price of a coin will be at a specific mark in future is a liar!

To predict where the OMG price will be in the coming days, months, or years, it is important to follow the trends. Here is how to do it.

How did OmiseGO Perform in 2017?

OMG entered the market through an ICO (Initial Coin Offering) held at Bitcoin Suisse exchange in June 2017. The ICO raised a total of 25 million USD.

When OMG hit the market in mid-July 2017, its price was 0.5 USD/coin. Then, it performed well growing to 12 USD by September 2017. By December 19, 2017, the price hit 21.5 USD which was the highest mark in the year.

However, the price dropped to 13.9 USD/OMG before Vitalik Buterin tweeted that OMG was his favorite. This tweet saw the price of OMG shoot to 26.14 USD on January 8, 2018. This was a huge leap of about 2500% from the entry price in July 2017.

The OMG Price in 2018

The coin’s price in 2018, after a bullish show in the last half of 2017, has been on a bearish trend. A bearish trend indicates that the price is on a downward trend. This situation is not unique to OMG alone. Other coins such as Monero, Bitcoin, and XRP have also been experiencing a downward trend in their prices.

By the close of September 2018, the OMG coin price was 3.5 USD. Therefore, how do you predict the price for the remaining part of 2018? Here are the strategies to use:

Use the OmiseGO Website for Insights

The OMG cryptocurrency website has helpful information about the platform’s expected performance in the coming months and years. Take the example of the homepage caption that indicates users can build financial applications though there are no listed startups that are already on it.

The primary goal of the website is demonstrating the OMG potential. To know the investors who are already using OmiseGO platform, you can dig further into the site. Some of the investors who have put a lot of resources to OMG include the Golden Gate Ventures and Ascend Capital. The investors demonstrate the trust that users have on OMG.

The platform is also getting a lot of positive attention from the media. For example, the International Business Times and Bloomberg carried positive stories about the OMG ICO and its commitment to facilitate decentralized crypto trading.

To make a better prediction, the Homepage will not be enough. You need to dig for more info to know where the OMG cryptocurrency will be in the remaining part of the year.

Use CoinMarketCap for a More Accurate Prediction

CoinMarketCap is an important platform that captures the information of OMG and compares it with other coins. Here are some of the data you need to pull from the platform:

  • OMG Historical Data: CoinMarketCap charts capture the price of OMG from the point it hits the market to date. The data demonstrates that the OmiseGO price was on a downward trend from April to August but has started stabilizing. It is unlikely that the price will go down any further.
  • The Availability of OMG Tokens: CoinMarketCap lists the exchanges that trade OMG. There are over 25 exchanges that list the coin which is an indication that the coin is demanded by a wide range of investors. It also indicates that the investors have trust in the coin and the platform.
  • OMG Scarcity: The total OMG supply is 140,245,398. By the close of the third quarter of 2018, over 2/3 of the total coins had entered the market. This indicates that getting the OMG tokens is likely to become an uphill task as the supply ebbs out. The scarcity is expected to push the price upwards.
  • The Market Capitalization: The value of OMG in the market is 165,174,427 USD. This places OMG on position 24 in the CoinMarketCap ranking. It implies that OmiseGO is one of the top coins in the market.

In April 2018, Bitassist predicted that OMG market capitalization is likely to grow and hit about 10 billion USD by the close of 2018. If their prediction turns out right, the price of OMG would be around 100 USD. There is no doubt that OMG can reach there.

However, understand that changes happening in the industry can affect the price. Make sure to follow the emerging trends to know how the price responds at different times.

omg cryptocurrency

Image source via https://omisego.network/

What is OMG Cryptocurrency Prediction beyond 2018?

If you want to make long-term OMG predictions, it is also important to take a closer look at the top competitors. These are platforms offering services that are similar or closely resemble what OmiseGO has.

Note that the competition does not always indicate that OMG or the targeted coin will be overtaken. Competitors could help to confirm the inherent potential of the platform’s use cases.

Top OMG Competitors

  • Ripple: Ripple is one of the emerging crypto giants in the industry today. Like OmiseGO, Ripple has won the hearts of users for its reliable financial services targeted at financial institutions. The main issue about Ripple that has attracted a lot of criticism is its centralized nature of operations. However, OMG is a completely decentralized platform.
  • Stellar: This is another top competitor that appears determined to challenge OMG on all fronts. Like OMG, it is an open-source payment service targeting large scale adoption. Stellar is ranked at position 6 on CoinMarketCap with a market cap of 4.5 billion USD.
  • REQ: REX (Shortening for Request Network) is another upcoming decentralized payment system that has a market cap of less than 50 million USD. This is relatively small for OmiseGO to be worried about at the moment.

OmiseGO will have to compete with the above networks in the coming years. Here, it is important to note that some of the upcoming platforms are largely copying what the previous networks had done. Therefore, OmiseGO will have to keep the innovation wheel spinning to attract new users.

The payment services that manage to demonstrate higher value and craft useful relationships with businesses will rule beyond 2019. Here is a closer look at some of the OMG relationships.  

OmiseGO Partnerships

If you want to know the nature of a company, look at the partners associated with it. OmiseGO has used the link to its mother company, Omise, to attract reliable partners who help to raise its profile in the eyes of investors and new users.  Here are some of these partnerships:

  • McDonald’s Thailand: This fast food establishment is using OmiseGO for its payment services. In Thailand, McDonald’s has over 240 branches which give OmiseGO a reliable launch pad even for other McDonalds’ branches across the globe.
  • The Japanese/Thai banking institutions: Some Japanese and Thai financial institutions target to make their administrations cashless. OmiseGO has been in liaison with both administrations such as the Central Bank of Thailand and the Thai Finance Ministry on how to make the cashless system work.

Two main Japanese banks, SMBC and Bank of Ahudya, have also partnered with OmiseGO as investors.

These partnerships are early indicators of the OmiseGO developers’ commitment to grow the platform and deliver value to users. For those who want to use the platform for investment, the high-value partnerships signify that better returns on investment could be on the way.

The OmiseGO Technical Development and its Relationship to Price

The picture of the expected OmiseGO token’s price cannot be complete without an understanding of the platform’s roadmap. The OmiseGO roadmap provides the technical targets of the founders and the development team over a specific period. Here are the key components of the roadmap.

  • OmiseGo Plasma: To address the problem of scalability that faces most Blockchains, OmiseGO seeks to use Plasma protocol to make it possible to process millions of transactions.
  • OmiseGO’s Decentralized Exchange: OmiseGO is working on its decentralized exchange that will facilitate direct transfer of coins between Blockchains without using centralized trading platforms.

These features indicate that OmiseGO development team has been busy creating new features and delivering greater value to users. The commitment to progressive improvement is expected to make OMG coin more reliable.

What are the Experts’ Predictions?

Is investing in OmiseGO a good idea? If OMG value is going to grow above the current price, it is a great idea. Before drawing the closing points, here is a closer look at what the experts have to say.

  • CoinLiker’s prediction is that OMG value will grow to hit 320 in the next four years.
  • WalletInvestor predicts that the price of OMG could double in 2019 and grow to reach 60 USD come 2023.
  • TradingBeasts see OMG hitting 27 USD by mid-2019. Two years later, in 2021, they predict that the price will rise again to hit 51 USD.

The expert growth predictions demonstrate that there is a lot of trust in OMG. It also points that the current bearish market is likely to take a bullish turn before the close of 2018 and early in 2019.

The Final Take

The cryptocurrency market has become a highly competitive niche with new coins springing every month. By the third quarter of 2018, there were more than 1,600 cryptocurrencies in the market.

The coins likely to emerge as winners are those that will demonstrate real world value, commitment to progressive improvement, security, corporate partnerships, and growing community. OmiseGO appears to tick on all the qualities. This makes it a good option for investors.

When committing money to OmiseGO or even other cryptocurrencies, it is important to appreciate that the market forces such as new tokens can cause serious disruptions. For example, the looming regulations could easily sway the price of OMG off the predicted projectile and into the loss zone.

Therefore, only invest what you are ready to lose. You should also consider spreading the risk to other cryptocurrencies.

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