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    Home » Market Updates » Market Watch: OmiseGO (OMG) Spikes 100%, Bitcoin Price Flat

    Market Watch: OmiseGO (OMG) Spikes 100%, Bitcoin Price Flat

    Author: Jordan Lyanchev

    Last Updated Aug 21, 2020 @ 07:27

    Bitcoin’s dominance declines as the asset stays stable while some altcoins skyrocket in value. OMG Network is up by more than 100% since yesterday.

    The cryptocurrency market has recovered from some of the losses it registered in the past few days. Bitcoin is up by 1%, while some altcoins are marking impressive double and even triple-digit gains with OMG Network leading the pack.

    Altcoins With Massive Moves

    The altcoin market became accustomed to significant fluctuations, and the past 24 hours don’t disappoint. One alt stands above all – OMG Network. OMG has exploded in value in the past few weeks and especially since yesterday, when the company announced that the most widely used stablecoin, Tether (USDT), will utilize its blockchain.

    OMG traded at $1.5 on August 12th and, in just nine short days, skyrocketed by more than 500% to its new two-year high of over $9 (on Binance). In the past 24 hours alone, the asset is up by 105%, even though it has retraced to $7.5 as of writing these lines.

    0x, Flexacoin, Status, Ampleforth, Qtum, ICON, and Lisk also surge in value, with somewhere between 30% and 50%. Lisk (25%), Balancer (25%), Bancor (25%), Looping (23%), Yearn.Finance (22%), Ontology (20%), THORchain (17%), Basic Attention Token (16%), Neo (15%), and Bytom (15%) are also some of the representatives of the double-digit price pump club.

    Cryptocurrency Market Overview. Source: coin360.com
    Cryptocurrency Market Overview. Source: coin360.com

    The situation among large-cap alts is much more stable. Ethereum has bounced off its yesterday’s bottom at $395 and is currently trading at $415. Ripple (1.5%), Litecoin (1%), BitcoinSV (1.6%), Cardano (3%), and Binance Coin (3.6%) have also recovered some ground.

    Interestingly, Chainlink has dropped by 7% since yesterday, while Bitcoin Cash gains 2.5%. Consequently, BCH has surpassed LINK as the 5th coin in terms of total market cap.

    Bitcoin Recovers Slightly but Loses Dominance

    The primary cryptocurrency has been on a downtrend for a few days, diving from its new yearly high of $12,450 to $11,600. However, the bulls took control at that level, which is the 50 EMA, and BTC has increased a bit to its current level of about $11,830.

    BTCUSD. Source: TradingView
    BTCUSD. Source: TradingView

    Should the asset fall even further, it can rely on $11,400, and the psychological level at $11,000 as support. Alternatively, if BTC overcomes decisively $11,800, it could challenge $12,000 again.

    With the lack of substantial price movements, while many altcoins surge in value, Bitcoin’s dominance suffers. The metric comparing BTC’s market cap against all other coins has dropped by 1% since yesterday to 58.7%.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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    Read more on: Bitcoin (BTC) Price Bitcoin Dominance Chainlink (LINK) Price Ethereum (ETH) Price

    About The Author

    Jordan Lyanchev View more posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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