A small currency below the top 30 most valuable cryptocurrencies takes center stage today as Bitcoin begins to trade sideways following its April rally. Looks like OmiseGo, an Ethereum token, is benefitting from the top cryptocurrency’s unprecedented sell-off.
OmiseGO (OMG) surged in price as the cryptocurrency exchange Coinbase announced it would list the token on its platform. It saw a 230% increase since the announcement.
The crypto coin’s Bangkok-based smart contract platform is designed to facilitate how funds move between traditional payment systems. It also has a platform especially for decentralized blockchains like Ethereum.
Earlier this month, the largest US bitcoin and crypto exchange said it would allow Coinbase Pro users to make transfers via OmiseGo. That’s when the corresponding price began skyrocketing.
It began jumping against Bitcoin earlier this week after Coinbase said it would fully list it everywhere aside from New York State. It currently has a market value of $257 million against Bitcoin’s $170 billion, which has a higher than 65,000% difference.
That said, the Ethereum token is still way below its all-time high of $30 per token, which was achieved in late 2017 alongside bitcoin and the overall crypto markets’ rising success around the world.