OMG crypto price prediction: OMG Network valuation falls, will it ever go up again?
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OMG Crypto Price Prediction: OMG Network Valuation Falls, Will It Ever Go Up Again?

The OMG Network describes itself as the first production-grade layer-2 Ethereum scaling solution. The coin on Friday morning was trading at $13.03 (Rs 970.15).

OMG Crypto

Image: Shutterstock

The price of OMG Network cryptocurrency, formerly known as OmiseGO, fell by over 16% in the past 24 hours. The token, which is a value transfer network for Ethereum and any ERC-20 token, has been in the fall for a while. The coin on Friday morning was trading at $13.03 (Rs 970.15) with a market cap of $1.8 billion. Investors are eagerly waiting to see if the coin will ever rise again to match its all-time high of $28.35 from January 2018.

The OMG Network describes itself as the first production-grade layer-2 Ethereum scaling solution. The network aims to let people move money and a variety of digital values on the blockchain faster, cheaper, without a fall in security. It claims to be a quick and affordable solution to transfer Ethereum (ETH) globally. The coin recently caught global investors’ attention as it began rallying in price on 4 October 2021. OMG crypto price shot up to $16, which it had last achieved in 2018. However, the rally seems to have slowed down now.

OMG Crypto Price Prediction

Formerly known as OmiseGo, OMG is a value transfer network for ETH and is designed solely on the ETH platform. Thus, the OMG Network is directly reliant on the ETH demand for growth. However, people have recently been avoiding ETH with the introduction of ETH 2.0 as well as the entry of other similar and fast cryptos in the market. Coins like Solana and Cardano (ADA) have already claimed their titles as ‘Ethereum killers’ and are growing rapidly.

OMG coin began trading in July 2017 at $0.43 per coin. The token has since grown to achieve a top market capitalisation of over $2 billion. As of 26 October 2021, there were 140 million OMG tokens in circulation. The value of the coin has recently been falling but the base seems strong. Some analysts and platforms continue to remain optimistic about the OMG crypto price and say that it might continue its rally in 2021. However, this is a select group.

According to Digital Coin’s OMG crypto forecast as of October end, the cryptocurrency could end up at a price of $22.55 this year and reach $24.55 by the end of 2022. The market experts also claimed that the coin will reach $31.62 at the end of 2023. By 2025, the coin will reach a valuation of over $40, according to Digital Coin. However, many investors are still in doubt whether the coin will ever reach its previous high of $28.35.

(Image: Shutterstock)

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