OMG Token has rallied +12% the last 24HR despite most cryptocurrencies seeing minimal gains. OMG Token price continues to surge in 2020. The Ethereum token powers the OMG Network, and has experienced +366% growth the last year.
OMG Token Price
OMG Token is currently ranked the 30th largest cryptocurrency with a market capitalization hovering around $792M. Aside from the digital asset surging 230%+ the last month, OMG Token ( OMG ) continues to build positive momentum and has rallied +12% the last 24HR. With most of the cryptocurrency market seeing minimal gains, OMG Token has been one of the market outliers. Most recently, price accelerated off $5.00 support and tested $5.80 levels.
This year has been a rebound year for OMG Token, ever since bouncing off all-time lows ( $0.35 ) 6 month ago. OMG Token took off last week, which accounted for more than half of this years total gains. As Visionary Financial mentioned on Twitter, OMG rallied +183% last week on news that Tether planned to use the OMG Network for faster transactions. The Stablecoin and DeFi boom in 2020 has created all sorts of challenges for Ethereum, and OMG is pushing a layer 2 scaling solution which can reduce gas fees and congestion.
#Crypto weekly performance
— Visionary Financial (@VisionaryFinanc) August 22, 2020
What Is OMG Network?
The OMG Network is a layer 2 scaling solution for transferring ETH and ERC20 tokens globally. With its trustless and non-custodial framework, OMG Network has become one of the top value transfer networks for ETH and ERC20 tokens. Opposed to using the Ethereum network, OMG Network is believed to process thousands of transactions per second. In addition, OMG Network markets itself as the “only production ready scaling solution for the ethereum blockchain.”
What Is OMG Token?
The OMG ( OmiseGo ) Token is the Ethereum token that powers the OMG network of smart contracts. Through smart contracts, OMG network offers businesses and individuals the ability to transact on financial infrastructure for some of the following reasons:
Payments & Settlements
OMG Network layer 2 solutions create an environment where blockchain can be leveraged to configure automatic payments across a supply chain or customer base.
Rewards & Loyalty Points
Through the OMG Network, businesses across the globe can launch and oversee rewards and loyalty programs across their partner networks. Unlike traditional solutions, OMG Network can help businesses get to market quicker and significantly reduce operational costs.
Open Banking & Finance
Projects running on OMG Network are operating faster and cheaper without degrading the security of Ethereum. OmiseGo clients are leveraging this infrastructure to build out digital financial services. By creating these services, businesses are able to propose value-add solutions by connecting into third party providers.
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