Bye OmiseGO, hello OMG Network! The new name and brand new partnerships got all the investors curious about the future of the project. In this article, ChangeHero will round up relevant OMG news, give you ideas about OMG forecasts and a hint on how to buy OMG.
What are OmiseGo, OMG Network, and OMG?
OMG Network is a payment system built on the complimentary Ethereum layer. It sports the security of Ethereum and the speed and throughput of Plasma (Ethereum child implementation that lets transactions be processed off the main chain).
Previously known as OmiseGO, the project is an undertaking of a large South-East Asian payment processing company, Omise. Backed by an already successful enterprise, OmiseGO garnered a lot of trust from the investors, despite technically being in testnet mode for years. However, last June, the project was rebranded as OMG Network in time with the long-awaited mainnet launch.
You can read all the essential info on OMG Network in our Beginner’s Guide. Next, we’re going to cover the OMG news and go into detail on price movements and predictions. Read on until the end!
OMG Price History
OmiseGO price in 2017-2018
OmiseGO entered the scene in mid-2017, during very turbulent times for the market, as it was experiencing an incoming flow of investitions and an avalanche-like growth in the number of projects. The ATH for OMG’s price was recorded on January 8, 2018, when it hit $28.35 USD.
Later the same year, following the market trends, OMG was spiking two more times, but not reaching the early 2018 high. The second half of 2018 for OMG was signified by a downtrend which took the price down 95% from the ATH by the end of the year. Nevertheless, it stood out from the other cash-grab overnight projects and proved itself as a token with a real idea behind it.
OmiseGO/OMG Network Price in 2019-2020
Bear market of 2018 and crypto-winter of 2019 were not too kind to the prices, bringing it to a $1 level on average, but despite that OMG stood the test of time. In June and July of 2019, the price rebounded above $2, but the rest of the year was accompanied by a downtrend. By 2020, OMG was worth less than $1 again.
In June, 2020 OmiseGO rebranded the project to OMG Network and launched the mainnet. Not long before, the price doubled to $1.88. Most recently, OMG multiplied almost threefold after the news OMG Network will host Tether USD. The newest year-high was as high as $9.42, and the average for August, 24 was equal to $6.42. A pullback has already occurred under the selling pressure, but the price is still relatively high. At the moment of writing, a single OMG token is worth $5.21. OMG Network token ranks 29th on CoinMarketCap with a market cap of $731,078,679. Want to know how to buy OMG tokens? Keep reading to find out.
We only briefly touched upon the factors that contributed to price shifts in the past. But what can influence it in the future? Let’s see.
What influences the OMG Price?
Like it was previously mentioned, the value of OMG Network in the eyes of investors lies in its applications. As an Ethereum child chain, the assumption is that it can do anything Ethereum does. And Ethereum already proved itself as a trustworthy decentralized platform for apps and smart contract-powered projects.
The latest price pump was caused by the launch of Tether USD (USDT) on OMG Network. ERC-20 USDT is the most widely used stablecoin on the whole market, but increasing demand for stablecoins and DeFi tokens also drove the fees on Ethereum network up. OMG Network is a solution to make the usage of USDT less expensive and less prone to be influenced by network congestion.
OMG Network, as a child chain to Ethereum, fundamentally can perform the same tasks as the original, so building on the platform is also one of the ways it can develop. One of the actively developing applications of OMG Network right now is the Community Points Engine (CPE): a browser extension that lets users tip posters and commenters on Reddit. While the idea itself is not new, the CPE is aiming to be the app that will be the optimal choice for this purpose.
Parent Company Advancements
Some investors also pay close attention to the advancements of OMG Network’s parent companies, SYNQA and Omise itself. Recently, SYNQA announced a strategic partnership with Toyota Financial Services (TFS) Corporation, part of Toyota Group. As a part of this partnership, SYNQA will be assisting Toyota TFS with modernizing interaction with Toyota’s customers. It’s very likely that OMG Network might come into play in this particular use case.
Next, it is worth seeing what the community has to say about OMG news and forecasts. First, let’s check out the latest tweets and then pass on to the OMG prediction. Make sure to check them all out!
— Hawk / Trading Plex (@TheCryptHawk) August 25, 2020
A lot of coins are scoring gains lately, and so is OMG. Traders everywhere ponder whether the rally will persist. Some, like Hawk, even predicted levels of $4.6, $9.4 and $14.58 by the end of the month. Seems like this OMG prediction was made in a too optimistic spirit, though.
Toyota wallet intergrating Ginko Pay (GMO) – https://t.co/xz4cii7Bj3
GMO list OMG (FSA approved) – https://t.co/sIOBvndLEz
GMO build stablecoins on Ethereum – https://t.co/1czgWc2abr
— ScuttlΞ (@chainsandtrains) August 26, 2020
User Scuttle conveniently rounded up the OMG news the investors should be looking into. Not only the parent company of OMG Network is partnering with Toyota Financial Services, but in general, looks like the whole enterprise is moving into the Japanese market. It is a relatively regulated space with great potential for the near and far future.
Well, this one is holding a crucial support level and broke up even.
I’d prefer to see an HL on the movements here (in which green is crucial area).
If that occurs, potential new rally towards the red levels. pic.twitter.com/ES0nQr8Tm8
— Crypto Michaël (@CryptoMichNL) August 26, 2020
Another chart and another analysis, this time from trader Crypto Michael. On the OMG_BTC chart, he theorizes that in favorable conditions the OMG prediction is that the price can go up to the 0.0005641 and 0.0006298 BTC levels.
Let’s see now what other sources and media say, and look at the OMG prediction for the longer term.
OMG Price Analysis
What does the technical analysis say? According to WalletInvestor’s algorithm, based on the last 30 days, the outlook is 100% bullish:
Konstantin Kaiser of Cryptoticker gives the following analysis: the increase in the trading volume is surely a bullish sign. The correction hasn’t ended yet, and the OMG price might find the support at $3.9 level. However, a bounce back to $10 is quite possible.
In case you need instructions on how to buy OMG, read the article in full — there is plenty of useful information in the rest of it!
OMG Price Prediction for 2020
Previsioni Bitcoin: $18.60
A media outlet Previsioni Bitcoin gives an extremely bullish OMG forecast for 2020. They claim that in the next few months, the price will be boosted by mass adoption and increase in capitalization. By December, the price of a single OMG coin is predicted to be $18.60.
This website’s algorithm evaluates OMG Network token as a good short-term and mid-term investment. By the end of 2020, OMG token might peak at $8.53, and the closing price for 2020 will be closer to $6.75.
As the historical data suggests, in the year 2020 OMG token will close the year with 35% more profit to the current price. The DigitalCoinPrice’s OMG price prediction projects a brief downtrend in September when the price might rebound to $7.24. After that, though, a confident uptrend will push the price to $8.67 in November, and by December it will see a slight correction to $8.35.
OMG Price Prediction for 2021–2024
TradingBeasts: $4.13 in 2021, $4.81 in 2022, $5.75 in 2023
Not all OMG forecasts are unanimously bullish on OMG. TradingBeasts analytics predict that in the next few years, the price of the token will decrease. In 2021, the price will get down by 20% to $4.13135. By 2022, the decrease will stop, but the price will still be lower than today: $4.81620. Only by 2023, OMG will be in profit in comparison with today — $5.75606 on average in August 2023.
Gov.capital: $11 in 2021, $19 in 2022, $34 in 2023, $54 in 2024
In exactly a year from now, in this OMG prediction, it is projected that on average OMG will be trading at about $11.292. In two years, in 2022, it will almost double again, with an estimate of $19.775 per OMG token. In 2023, the same growth rate will persist and take the OMG price to $34.036. By 2024, it will be worth $54.807.
DigitalCoinPrice: $9 in 2021, $11 in 2022, $13 in 2023, $16 in 2024
In the next few years, DigitalCoinPrice predicts that OMG will hit $16.92 and even get close to a $20 mark. However, it looks like investors will have a rocky road to that goal. However, on average, the uptrend will still be prevailing, albeit with periods of volatility. In 2021, the average price for OMG will be equal to $9.28. The next year, it will grow to $11.06, then in 2023 to $13.15. The yearly average for 2024 is predicted to be around $16.59.
OMG Price Prediction for 2025
Another algorithmically produced OMG forecast, this one projects growth for OMG token price over several years. In 5 years from now, according to this OMG price prediction, each token will yield 453.37% profit and will be worth $28.5759.
Famously bearish on most altcoins, WalletInvestor forecast provider is surprisingly bullish on OMG. In 5 years from now, they predict a 764.8% increase in all OMG holdings, and generally give a favorable assessment for the OMG token as a mid-to-long-term investment. So, their OMG price prediction for 2025 is $44.840.
OMG Price prediction for 2030
The web portal cryptocurrencypriceprediction.com suggests the following OMG price prediction for the year 2030: the tokens will be traded for $68.75 to $78.51 in ten years from now. As a reason for this, they cite Vitalik Buterin endorsing the technology behind OMG Network, as well as the growing list of partners and integrations.
ChangeHero’s OMG price prediction
Let us now sum each of the experts’ OMG prediction to see what is expected for the OMG forecast in general:
This year, realistically the price can rise to $8. Optimistic OMG forecast would put it closer to the current ATH; With all these opinions and projections in mind, we can expect the following:
- In five years from now, OMG will be more widely adopted and utilized, meaning more capitalization. The price range of $28-$45 is pretty reasonable;
- In ten years from now, the crypto market will be dramatically different from what it is now. Still, if we are to assume everything proceeds smoothly and OMG stands the test of time, it can be worth 10 times more what it is worth now at the very least.
How to buy OMG token with ChangeHero
If you are convinced that you would like to invest in OMG Network, and are now looking for ways how to buy OMG, ChangeHero can help you with that! You can buy OMG with any other cryptocurrency from the list of supported coins:
- Choose your currency pair and provide an exchange amount. Pick a Best or Fixed rate;
- Next, provide an OMG wallet address and a refund address just in case. Double-check all the details in the transaction!
- Finally, send in a single transaction the exact sum you will be exchanging to the address generated by ChangeHero.
From there on, we will be taking care of the swap. A few minutes later the OMG tokens will be on the way to your wallet without you doing anything else! And if you need help, you can always reach our support on the website or by email: [email protected]
OMG Network is one of the many interesting and somewhat undervalued projects on the cryptocurrency market. It is still very early in its life cycle, and surely it will be intriguing to see what partners will manage to get on board or what will get built on the platform. For these reasons, nearly every OMG price prediction compiled is more or less bullish!
This article does not constitute financial or investing advice. No price prediction or forecast is guaranteed to provide exact information on the future price. Past performance is not indicative of future results.
When dealing with cryptocurrencies, remember that they are extremely volatile and thus, a high-risk investment. Always make sure to stay informed and be aware of those risks. Consider investitions in cryptocurrencies only after careful consideration and analysis and at your own risk.