Here’s Why This Surprising Crypto Just Flipped Bitcoin Trading Volume on Coinbase
The vast majority of the crypto tokens that have been seeing parabolic runs as of late are relatively new, being launched on platforms like Uniswap where traders are apt to throw money at projects related to the DeFi sector.
One surprising “old” token that was popular in 2017 is now seeing parabolic momentum as well, with the cryptocurrency flipping Bitcoin trading volume on Coinbase and Bitfinex.
After being somewhat dead for over a year, OmiseGo (OMG) is now going parabolic, with its price surging from multi-day lows of under $2.00 to highs of nearly $10.00 that were set yesterday.
This massive momentum has been driven by news of Tether (USDT) going live on the OMG network’s transport layer, which appears to have revived the cryptocurrency.
It is unclear as to whether or not this single piece of news will be enough to justify the ongoing uptrend, which may ultimately be followed by a sharp selloff.
OmiseGo Price Explodes Following Tether Integration
At the time of writing, OmiseGo is trading up over 33% at its current price of $7.60.
Earlier this week, it was able to rally as high as $9.25 before it lost its momentum and plunged to lows of $6.00.
In the time since hitting these lows, bulls have stepped up and propelled it back up to its current price levels. It does appear that $8.00 is a new resistance level.
The piece of news that helped the crypto see this parabolic rise from its sub-$2.00 weekly lows was from stablecoin Tether, which has now launched on OmiseGo’s transport layer.
One popular crypto-focused economist spoke about this news in a recent tweet, saying:
“OMG +70% on this news and 2.5x in five days. Some traders knew and acted beforehand. Impressive turnaround for what used to be a total shitcoin.”
OMG Flips Bitcoin Trading Volume on Major Crypto Exchanges
This intense parabolic rally appears to have been driven primarily by a massive influx of trading volume across exchanges, with the sheer magnitude of buying pressure on Coinbase allowing the crypto’s trading volume to flip that of Bitcoin.
One analyst spoke about this, noting that it also flipped that on Bitfinex, and was on par with that seen on Binance.
“OMG has now flippened BTC volume on Coinbase, Binance, and Bitfinex. 4x on Coinbase, 2x on Bitfinex, and at par on Binance.”
Image Courtesy of Hsaka.
Unless Tether’s launch on the OmiseGo network drives massive traffic to the blockchain, this may end up being a “sell the news” event.
Featured image from Unsplash. Pricing data via TradingView.