OmiseGo (OMG) is a rather unique asset that instead of having mass adoption as the main objective, its main goal is focused on creating a safer and more efficient ecosystem for collaboration and interconnection of fiat currencies and digital assets. In the last 30 days, OMG has gone through some losses in the market, however we can now see it recovering while going back up in the green, which makes it a perfect rebounding investment as well as making the public interested in what might be the case behind the latest bounce off on behalf of OMG in the market.
Unocoin Exchange Lists OmiseGo (OMG)
What might be one of the factors that pushed the price of OMG in the last couple of days is the fact that OmiseGo just got another listing.
It is the fact that anytime a coin gets listed in a new exchange, it gets more exposure as a consequence, so more often the coin gets an increased trading volume due to acquiring a new listing. This time, OMG was recognized as a valuable asset from the side of an Indian based exchange market called Unocoin.
Unocoin just announced that OmiseGo will now be available on their exchange market, which could lead OMG towards being used in the Asian market in a larger portion when compared to the trending of OMG in Asian market at the current moment.
So, it is probably the case that the trading volume of OMG got consequently increased, in a portion, due to the most recently acquired listing in the Asian market. Unocoin is one of the top exchanges in the Indian market, so it is most likely the case that OMG gained a boost due to this exchange listing.
OmiseGo and Hard Spoon
You have surely heard about hard fork as there are many popular forks available for trading in the market. Some of the most popular forks are ZClassic, Bitcoin Private, Bitcoin Cash, Bitcoin Gold, Ethereum Classic and other.
But, have you heard of hard spoon?
If not, you are going to hear about it now as OmiseGo is getting ready to have its first hard spoon ever. The hard spoon will take place between OmiseGo and Cosmos. Hard spoon, in oppose to hard fork is a process of minting two different digital assets.
As a result of minting, the balances of the two different coins become one, which further results in having one digital asset with one balance that shows market capitalization of both assets.
That is how the market capitalization of two different coins becomes one, which as a consequence increases the market cap of the newly created hard spoon which means that the initial product of the spoon can gain a higher ranking.
The balances of Cosmos and OmiseGo (OMG) will be merged on Tendermint chain. The initial project is already in the process for a couple of months now. The date when the hard spoon will take place is still not available, but it is unofficially stated that OmiseGo and Cosmos will turn into a new asset by the end of June.
Since this is a pretty big deal for OmiseGo, it is considered that the talked-about spoon ins again of the reasons for having OmiseGo spiking up against the dollar, having it rise up by 7% today, on June 3rd, while the latest increase got up to 2%.
OmiseGo and the Market
Although OmiseGo (OMG) has gone through a decrease of over 30% in the last 30 days, we can now see it going up against the dollar as the market is showing signs of a bullish return. OmiseGo has risen up by over 7% in the last 24 hours, while it gained additional 2.70% against the dollar. OMG is holding the 20th spot on the global coin ranking list with over 1.2 billion dollars in its market cap.
In addition to rising up against this fiat currency, OMG is going up in oppose to BTC by 1.52%, while it is dropping against ETH, which means that Ethereum is doing slightly better than OMG, which is not a strange case as the market is showing signs of a bullish return for the past couple of days.
Following the latest change in the market, OMG can currently be traded at the price of 12.03$ per one unit, with great odds to get back to its all-time high of around 26$ in the following months, while potentially acquiring more momentum on the new about the upcoming hard spoon that should take place by the end of this month.