The poor performance of bitcoin experienced this week has had the bitcoin and cryptocurrency enthusiasts watching with bated breath. They are quite nervous as they continue looking forward to seeing how matters play out in line with the performance of bitcoin. However, an industry shocker is pointing to a massive rise of one little –known cryptocurrency.
Bitcoin has remained the most outstanding drive of the cryptocurrency market for many years, impacting prices significantly. Matters don’t seem to be progressing well, considering that bitcoin has lately been trading sideways. There are reports that it rallied quite hard in April.
The cryptocurrency has surprised everyone by rising quite fast to take up one of the top 30 slots is said to have climbed up by almost 230% in a month. It is the OmiseGO, which happens to be an ethereum token powering the smart contract platform, and it has been trading as OMG.
Coinbase, which happens to be a bitcoin and cryptocurrency exchange based San Francisco, announced the plan to list the token. Market experts have pointed to the pronouncement by Coinbase as being the major cause for the sharp spike in the token.
The director of research at bitcoin, known as Larry Cermak, has spoken about the latest turn in events. He described the performance of the token as the resurgence of the Coinbase listing pump.
The smart contract platform of OmiseGO is in Bangkok, and the main reason for its development was to cater to the transfer of funds between the decentralized blockchains and most of the traditional payment systems. Ethereum happens to be one of the many good examples of the decentralized blockchains.
At the start of this month, market experts discerned the rise in the omiseGO price shortly after Coinbase pronounced the plan about the payments transfers. It was an announcement pointing to a new wave that would make it possible for the Coinbase Pro users to execute the inbound OmiseGo transfers. OmiseGO is at the moment associated with a market value of about $257 million.