Originally called OmiseGo, the OMG Network was launched by payment processing company Omise in 2017. It is a trustless, non-custodial Layer-2 scaling solution for Ethereum which enables the transfer of ERC-20 assets. Businesses can build apps on top of the OMG network and its Layer-2 architecture means that transfers are faster, cheaper, and greener than they would be directly on Ethereum – while retaining the security of a blockchain network.
The OMG utility token powers the network and is used to pay fees. Its price has made some dramatic changes since it first hit the market and if you want to know why then you’re in the right place. We’ve compiled everything you need to know about OMG’s price history, as well as the factors which influence it.
OMG Network Price History
Following a $25 million ICO, OMG hit the market in the summer of 2017 and began trading at around $0.58. After making strong gains in August, OMG price reached $12 at the start of September when its market cap surpassed $1 billion for the first time. The rest of September was fairly volatile and the next two months saw prices oscillating in the $7 to $10 range, apart from a dip to $6.20 around the start of November. There was an upward surge in December and OMG ended 2017 at $19.61, representing an increase of around 3,300% since its launch.
There was more upward movement at the start of January 2018, which saw OMG reach its current all-time high of $28.35. At that point, OMG’s market cap was over $2.5 billion. This was followed by a 60% crash which took prices below $10 in the first week of February. The next three months saw two more attempts to rally but OMG couldn’t find the momentum to break $20 again and from May onwards prices declined. By the end of the year, OMG was worth $1.40, which represented a more than 90% fall from its price at the start of 2018.
2019 didn’t bring much success either. After bottoming out at around $1 in February, OMG climbed steadily and reached $3 before the end of June. However, these gains were lost by September and OMG spent most of the rest of the year trading below $1.
There were some bigger price movements in 2020. OMG began the year with a value of $0.62 but had more than doubled by February. A crash followed which saw prices dip as low as $0.40 after a fall of more than 45% in a single day in March. OMG gradually recovered over the next two months before a 200% rally in May briefly took the price above $2. Prices were range-bound between $1.30 and $1.90 for the next 2.5 months before a 500% surge in August saw OMG peak at $9.82. There was then another crash and after some mostly sideways movement, OMG finished the year below $2.50.
The rally resumed in 2021 as OMG climbed to around $8 in February. There was then a pullback to about $4 before the end of March brought fresh momentum and prices climbed towards $10 in April. By the first week of April 2021, OMG had made gains of almost 300% year-to-date.
Analyzing OMG Network Price History
OMG’s price history can be analyzed with many of the same techniques as stock market analysis. Technical analysis (TA) involves using various indicators while studying price charts in order to make sense of previous price movements. With OMG, as with many other tradable assets, large price swings are often accompanied by spikes in trading volume, as a large number of users buy or sell their coins on exchanges.
Fundamental analysis (FA), on the other hand, looks at the finances and activities of a company, as well as the state of the wider market and economy. The OMG network was launched by payments processing company Omise. As such, the health, competition and markets of Omise, along with its parent company SYNQA, are likely considerations when determining the value of OMG. In December 2020, the OMG Network was acquired by Genesis Block Ventures, which will be using its relationships to accelerate the growth of OMG Network.
Broader market trends have also played a role in OMG’s price history. Its surge at the end of 2017 which continued into the start of 2018 wasn’t unique — the entire crypto market pumped around this time. Bitcoin was in the midst of a major bull run then, and with such strong market dominance, any significant price movement for Bitcoin often impacts other cryptocurrencies.
OMG’s huge single-day drop in March came as economies and borders were closing down around the world in response to the COVID-19 pandemic. The effect of this was felt by the whole cryptocurrency sector and the entire stock market, which experienced the biggest single-day crash since 1987.
The overall price trend of OMG tends to follow what’s known as a boom-and-bust cycle. This is a pattern in which a period of growing excitement leads to a surge in price before doubt and disillusionment set in and result in a crash.
Factors Influencing The Price of OMG Network (OMG)
A variety of different things can affect the price of OMG, including project news and developments, the flow of assets on exchanges, public sentiment, and emerging trends in the wider cryptocurrency and global economies.
OMG has a capped maximum supply of 140,245,398 OMG, all of which is already in circulation. This makes OMG a scarce asset like Bitcoin. There will be no increase in the supply of OMG, so any increase in demand for it is likely to push up the price.
The OMG token is used to pay the fees on the OMG Network, which is another driver of demand. As such, the level of adoption of the OMG Network and the amount of traffic it experiences should directly affect OMG price. The OMG Network has already integrated with Tether (USDT) and the Ledger hardware wallet, and the development team is forming strategic partnerships with Enya and the Universal Protocol Alliance. Future integrations and partnerships will likely supply upward pressure to OMG’s price as the more high-end projects that are on the network, the more demand there will be for OMG.
The OMG Network isn’t the only Layer-2 scaling solution for Ethereum, however. Optimism, zkSync, and Loopring (LRC) are among the sea of competitors also developing solutions. The price of OMG could be inversely correlated with the success of these other solutions, but only time will tell which Ethereum Layer-2 scaling solutions will dominate in the end.
Live OMG Network Value and Market Cap
The live price of OMG varies from moment to moment as it’s dictated by the balance of buyers and sellers on exchanges, which is in constant flux.
Given OMG’s volatility, its live price can change by a large amount in a very short space of time. The market cap of OMG Network is equal to the price of OMG multiplied by the number of OMG in circulation.
The current price of OMG is EUR. It has changed by EUR in the last 24 hours and has a 24-hour trading volume of EUR. OMG’s current Kriptomat ranking is , with a market cap of EUR. It has a circulating supply of and a max supply of 140,245,398 OMG.
OMG Network Price FAQ
What was OMG’s lowest price?
The value of OMG hit a low of $0.319 on 16 July 2017, shortly after its ICO.
What was OMG’s highest price?
OMG reached an all-time high of $28.35 on 8 January 2018, propelled by the 2017/18 bull run.
How is the price of OMG calculated?
OMG’s price at any given time is decided by the balance of supply and demand on exchanges. When more people are buying OMG than selling it, the price goes up, and when more are selling than buying, the price goes down.
Why is the price of OMG different on different cryptocurrency exchanges?
OMG’s price is based purely on trading as there is no standard global OMG price, so no one knows what it is “supposed” to cost. The trading volume and liquidity are different for each exchange and those differences are what affect the price.
What will OMG be worth in the future?
It’s impossible to make price predictions with any kind of absolute certainty, as a whole host of different factors could play a role in determining the future value of OMG. As OMG supply is fixed, any future price movements will be driven by changes in demand. Greater adoption of the OMG Network will likely increase OMG’s price, while the success of its competitors could have a detrimental effect.
The price of OMG has been on quite a journey, from being worth less than $0.32 after its ICO to reaching an all-time high of around $28 only six months later. Its price movements have rarely been smooth as OMG’s volatility has led to plenty of surges and crashes in its history.
Many different factors have played a role in determining the price of OMG, including its capped supply, new partnerships and integrations, and trends in the rest of the crypto market and wider economy. Its current valuation is derived from the balance of supply and demand in the markets and constantly changes.
If you want to get started with the most user-friendly trading experience on the market, register with Kriptomat today to begin your journey into the world of OMG Network and cryptocurrencies!