The value of OmiseGo (OMG) tokens reached a more than one month high on Tuesday as prices climbed above the $20 mark, making it the best performing Asian-based cryptocurrency.
The coin’s value began to rise in Tuesday afternoon and first broke through the $20 mark at 18:00 GMT. The continued to climb so that by 19:30, the coin was nearly $21. Although the coin dipped at Tuesday close, the coin has retained most of its gains and as of 09:45 GMT, OMG’s market value is $2bn and the price is $20.31.
This last-minute surge is the highest the coin has traded at for more than a month; the last time the coin was valued at over $20 was on the 16th of January. The coin opened on Tuesday at $18.
Investor interest in the coin picked up as the coin’s value began to rise: $37.1bn were traded on Monday but this rose by 208% to $114.4m by Tuesday. At present, the coin’s trading volume over the past 24 hours has risen by a further $30m to come in at $141.8m.
Demand for OMG seems to have come from a high volume with Binance’s trading pair with Bitcoin as well as with the South Korean Wong on UpBit. The newly-launched Ethfinex, an exchange for trading ERC20 tokens and sister exchange for Bitfinex, also seems to have been a significant channel for acquiring OMG tokens, with a trading volume of $23m over the past 24 hours.
Ethfinex went live on the 13th of February. OMG’s recent listing on the Indian-exchange, Koinex, seems not to have had a significant impact on the coin’s value.
OmiseGo, which began trading tokens in July last year, is an Ethereum-based financial tech application, which uses blockchain technology to facilitate financial transactions, exchange and payment services. Originally founded in 2013, OmiseGo currently operates in Thailand, Japan, Singapore and Indonesia but according to its website, has plans to expand across the Asia-Pacific region.
The coin is the single-biggest winner for Asian cryptocurrencies today. Neo, which is based in Shanghai, has experienced a $10 drop since the beginning of Tuesday, with prices down to $134 from $142.
OmiseGo, which has a relatively low hard cap of 140m tokens, currently has 72% of its tokens in circulation. Omise means ‘store’ in Japanese.
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