OmiseGo is an Ethereum-based platform that aims to decentralize payment networks and create an open, public financial system. Its goal is to provide the solution to the fundamental coordination problem among payment processors, gateways and financial institutions. OmiseGo uses an ERC-20 token, OMG, to power its platform.
OmiseGo is also building a decentralized exchange (DEX) called ODEX, as well as leading the development on Plasma implementation, a layer two scalability solution focused on Ethereum.
Coin type: Ethereum-based Proof-of-stake (PoS)
Market Cap Avg: $166,310,615 USD (43,032 BTC)
Volume Avg (24h): $38,139,570 USD (9,868 BTC)
Circulating Supply: 140,245,398 OMG
Additionally, OmiseGO ($OMG) has been in existence since 2017, and its use-cases and adoption have been growing ever since. The following are some of the exchanges on which OmiseGO is listed: Bithumb, Binance and Huobi.
Coin Correlation Analysis for Portfolios:
>OmiseGo (OMG-USD) has a strong and significant correlation of 0.94 with Bitcoin (BTC-USD) over the last 30 days, slightly decreasing to 0.87 over the last 2 weeks. OMG’s volatility has been on average around 8.67% daily, and only 1.55x higher than Bitcoin’s (5.6%).
>Overall: Preferred in any market condition. Good portfolio addition, as it follows BTC price trends, but has higher profitability potential. Due to the coin’s volume and volatility, the ideal portfolio allocation is medium-significant.