Forget Bitcoin, Ethereum, Cardano, BNB and XRP The price of this tiny cryptocurrency is slowly skyrocketing

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The price of bitcoin and other major cryptocurrencies have not advanced over the past month, although they got off to a good start in October.

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The price of bitcoin has been treading water since the same period last month, while the price of ethereum has lost nearly 15%. Ethereum rivals Binance’s cardano and BNB, now the third and fourth largest cryptocurrencies after huge rallies this year, which have lost 25% and 12% respectively since early September.

As the price of bitcoin and other major cryptocurrencies stagnates, OMG, the native Ethereum-wide OMG network token, has reached new heights since early 2018, with nearly 150% since early September.

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The price of bitcoin has been trending downward over the past month, as has the price of ethereum, … [+] cardano, Binance’s BNB, and Ripple’s XRP.

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The price of OMG surged with the larger bitcoin and crypto market at the start of the year, peaking at just over $ 13 as it was listed on the major US crypto exchange Coinbase. It then crashed to around $ 3, but has rebounded in recent months, hitting over $ 18 last night.

“The rise in OMGs appears to be due to the enthusiasm of investors in [layer-twos] and the announcement of the launch of the main network of boba network, [a layer-two] an optimistic balance sheet, as OMG token holders are eligible for an upcoming boba governance token drop, ”Martin Gaspar, research analyst at digital currency platform CrossTower, told Coindesk.

In June, OMG changed its name as part of its Layer Two to Layer Two pivot and partnered with the enya and boba networks, planning to reduce Ethereum gas fees, improve transaction speeds. and extend its smart contract functionality.

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The price of OMG coins has risen almost 150% in the last 30 days, even though the price of bitcoin … [+] slipped through struggling Ethereum, Cardano, BNB and XRP prices.

Coinbase

Other Ethereum-focused Layer Two projects have also garnered renewed interest in recent weeks, although the growing number of active polygon addresses has so far not resulted in an increase in the price of its matic coin. .

“The adoption rates of Ethereum’s layer two solutions continue to rise as the number of daily active polygons reversed Ethereums for the first time last week,” wrote Marcus Sotiriou, trader at UK brokerage firm. GlobalBlock digital assets, in a note.

“The Etherscan data form shows that the number of active polygon addresses has increased by 168% over the past 30 days, while the number of Ethereums has increased by a measly 0.6%. This increase in l adoption is mainly due to NFTs and games and may result in an increase in the price of the native token, matic, in the short term. “

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