People who invested in Bitcoins and other popular cryptocurrencies are anxious after a sudden sell-off. Bitcoins determine the value of other currencies in the market, and its downfall is not good news for most cryptocurrencies.
However, a relatively unknown cryptocurrency that never made it to the list of top 30 cryptocurrencies is showing signs of growth. OmiseGo, a cryptocurrency based on the Ethereum token has soared by 230 percent over the last few weeks. The increase in its value came after Coinbase, a San Francisco based Bitcoin and altcoin exchange, revealed that it would list the token on its platform.
OmiseGo is a smart contract that is based in Bangkok. It was designed to allow an easy transfer of money between the regular payment systems and the decentralized cryptocurrency channels. Now, OmiseGo has a market of around $257 million, whereas Bitcoins have a market of $170 billion.
In its recent blog post, Coinbase mentioned that its customers can now buy, sell, convert, send, receive, or store OmiseGo. However, the rise in price over the past few weeks only brought OmiseGo to a point where it is going for $1.66 per token. In 2017, OmiseGo managed to reach its peak value when each token was worth around $30. As we know, 2017 was a time when the cryptocurrency craze swept over the globe, and all kinds of cryptocurrencies were showing tremendous growth. You can learn more about it while you are trading cryptocurrency like bitcoin from a well reputative bitcoin trading bot like Bitcoin Up.
However, over the past couple of years, things have normalized. Now, even the most popular cryptocurrency, the Bitcoin, is unable to reach its peak value from 2017. Still, smaller cryptocurrencies such as Chainlink and Tezos have managed to show tremendous growth in the recent months. The increasing demand for decentralized platforms is the driving force behind their growth. At the same time, people who invest in Bitcoins and other popular cryptocurrencies are keeping a close eye on the market after the sudden downfall in the supply of Bitcoins.
If you are not aware, Bitcoins underwent the third halving in May. Halving is a process through which the reward for mining a block is reduced by fifty percent after every four years. Before the latest halving, the reward for mining a block was 12.5 Bitcoins, and now it is 6.25 Bitcoins. As expected by analysts, the price of Bitcoins tanked a bit after the recent halving. However, this loss in its value is not permanent. Bitcoin value would stabilize after shortly. However, the people who invested in Bitcoins just before the halving faced tremendous losses.
Bitcoins are not the only cryptocurrency that undergoes halving. It is a trait shared by nearly all the cryptocurrencies. Bitcoins being the oldest cryptocurrencies, have undergone the most number of halving.