After a couple of weeks of solid upwards momentum crypto markets have finally started their correction. Markets have fallen back below the $400 billion level as a huge sell off saw $40 billion leave the digital space and go back into fiat. Bitcoin has retreated back below $9,000, losing 6% on the day and currently trading at $8,850. Altcoins are also largely in the red with most of them losing 4-6% on the day. One bucking the trend and pumping at the moment is OmiseGO.
Coinmarketcap is reporting a 26% price increase for OMG which has over doubled in value in the past three weeks. Currently trading at just under $21, OMG has climbed from $16.50 this time yesterday. Over the week OmiseGO has steadily climbed 40% from $15.25 this time last Thursday. The monthly picture for this altcoin is even more impressive with a jump of almost over 100% from $10 to its current trading level. Against Bitcoin OMG is up 37% today at 240000 satoshis from 175000 sats this time yesterday. On the week it is up almost 30% against BTC from 184000 satoshis on Thursday last week.
The big pump started about an hour ago when the announcement that OMG would be listed on Bithumb emerged online;
There will be an airdrop for Bithumb customers which has driven the momentum today in Asia. In addition to OmiseGO, Kyber Network (KNC) will also be listed on the South Korean exchange which has given that coin a lift.
As expected the majority of trade has been in South Korea on Upbit with 34% in KRW. Trade volume has surged from $166 million to $360 million today. Market cap has also been lifted to $2.1 billion which has pushed this altcoin further up the charts to 16th where it currently sits.
Total market capacity for all cryptos has declined over the past 24 hours, possibly due to the MEW hack on the Ethereum network. Currently at $395 billion the markets have fallen by around 4%. There are no other altcoins performing well this morning inside the top 25 but just outside of it is Ontology, Aeternity and of course Kyber Network which is up over 50%.
More on OmiseGO can be found here: https://omisego.network/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.
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