OmiseGo Intro

OmiseGo is an Ethereum-based platform that strives to decentralize payment networks and create an open, public financial system. Its goal is to provide the solution to the fundamental coordination problem among payment processors, financial institutions, and gateways.

True to its motto ‘Unbank the Banked’, it aims to provide good financial services to all.

The project plans to offer a proof-of-stake based blockchain and a white-label software development kit (SDK) that can be used to create custom financial products for users.

OmiseGO aims to provide the underlying network which includes features like e-wallet services, a decentralized exchange, liquidity mechanisms, and clearinghouse services. Using these technologies the team hopes to allow developers to offer traditional banking services including payments, remittances, payroll deposits, business-to-business services, supply-chain finance, loyalty programs, asset management, and asset trading.

The company behind OMG is founded in 2013, Omise is a venture-backed payment services company operating in Thailand, Japan, Singapore, and Indonesia. 

OMG, as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, OMG can hope for one as well. Bitcoin usually has a cool-off phase after its mega bull runs and that is when the altcoins take over and have a field day with the bulls, often doubling or tripling their price within days.

With the pandemic breakout, the world was sent into hybernation for couple of months and it reflected negatively on the cryptocurrencies, sending bitcoin downhill as we witnessed even 40% daily losses. However, situation quickly stabilized and bitcoin as the flagbearer took the crypto market back up. We are in a major bull run since the summer and, if we are listening to the analytics from social media and journalistic desks, we are far away from its local zenith.

Read also: Best hardware wallets

What this means for Omisego price in 2021?

As long as bitcoin is in the main role and pulling upwards, there is little room for OMG to shine. It will, however, increase its USD denominated value thanks to the overall rise in crypto prices. Nevertheless, OMG to BTC ratio will probably slump, possibly to all-time lows. This means that it is best to keep your funds in bitcoin until it reaches its provisional peak, opening the doors for the altcoins to enter the scene. Omisego will not be among the top candidates to record big gains, as the money usually flows from bitcoin profits to bluechip altcoins and big cap coins before trickling down to the tier two projects, where OMG belongs nowadays. Even though it showed during the summer of 2020, that it still has some life and speculative value in it, OMG is a far cry from its once projected future. There has been an onslaught of newer, more promising projects that took its place and OMG is just a heavy bag and a sore regret for its holders (that can’t wait to get rid of it as soon as the price bounces back and they can sell at a swallowable loss.

The majority of projects will fail — some startups are created just to gather funds and disappear, some would not handle the competition, but most are just ideas that look good on paper, but in reality, are useless for the market. 

Vitalik Buterin, co-founder of Ethereum said:

“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”

However, not all projects have the same chance of failing (risk), nor do they have the same potential upside (reward).

As a result of ICO teams’ incompetence and lack of integrity, fueled by basic human instinct that is greed and crypto investors’ naivety, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will OMISEGO be among those 5%?

If you asked us this beginning last year, we would unequivocally say yes. But 2018 was a huge disappointment that hugely modifies that answer to its complete opposite – NO.

In theory, because of its parent company, Omise and its payment product, OmiseGO has a lot of high-profile strategic partnerships. Ethereum co-founders Vitalik Buterin and Gavin Wood are among its advisors, and it’s endorsed by the Thai Ministry of Finance and Bank of Thailand. Omise plans to use the OmiseGO platform to supplement its existing payment network, which is currently accepted by companies like McDonalds and Alipay.

However, the lack of proper communication and constant missed deadlines soured OMG holders and fostered a toxic community around the project. Check out this post for more information on that. When it comes to real, tangible results – OMG came out to one big nothing.

Recent events, or lack of them, have shown OMG has greatly overestimated themselves and underestimated what they are trying to build. There are no guarantees they will actually succeed in what they aim to build. The scope of this project already seemed big, it might just be too big. If they struggle to get an initial, basic iteration out like this, wait until things really get complex. Initial iterations will be so basic they are not even close to what the creators and investors have in mind. Staking is way out of sight and the team now refuses to put dates on things. That outlook is depressing.

The project is essentially running on fumes of old glory right now, with a group of miserable holders grouching at the sight of their deflated OMG bags.

All of this summed up means one thing: OMISEGO might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.

Price will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect OMISEGO will do them either. The price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership.

With the market being completely unpredictable, forecasting the cryptocurrency price is really more of a gamble and luck rather than a data driven guesstimate.

How is ENJ Future looking like?

Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the OMISEGO price, which will give us another point of view to consider:

Cryptoground.com is cryptocurrecy prediction algorithm that is moderately to overly bullish on most of coins, similarly on OMISEGO token as well. They forecast OMISEGO to climb up to $6.5 per token by EOY, which means a 4x increase in comparison to the current price.

Walletinvestor is a popular website that does technical analysis-based price predictions of various cryptocurrencies and traditionally has a skeptical outlook for most coins, but especially for OMISEGO. According to them, OMISEGO is expected to sink by more than 5x – from the current $1.57 to $0.27 by the end of the year.

Trading beasts is on a diametrically opposite side of Walletinvestor and sees a much more bullish future for OmiseGo token. Their algo forecasts that OMISEGO can ascend to around $3.71 within a year which means it will essentially grow 2.5x in value in the next year.

Another crypto prediction algorithm that is most conservative in its approach of the 4 we enumerated here – DCP usually predicts price to hover around the same level as the current state, forecasting a twofold increase or reduction for certain coins. OMISEGO is on the bullish side of their algo that sees it reaching $2.94 per coin by December 2020.

OMISEGO has been one of the most hyped crypto projects that was a true media darling even during the peak of 2017 crypto frenzy that spawned thousands of new coins. However, despite the big hype built behind it, there is a shroud of doubt around the token’s viability and general competence of OMG team to pull off the laid out plan. The only driving force for the OMG price is remnants of old hype machine that catapulted the project to the lists of most promising altcoins worldwide. Unfortunately, long-term OMG doesn’t seem to be a solid investment and price in 2023.

If OMG survives to see 2025, which is highly unlikely, the token would surely be at 10-100x of the current value which means it would be at $15 – $150 per token.

Again, should OMG survive to see 2030, which is highly unlikely, the token would surely be at 100x+ of the current value which means it would be at $150+ per token.

Predicting prices of novel, highly volatile and risky asset classes is a thankless task – best answer is no one knows. Educated guess is that realistic OMG price for the foreseeable future is somewhere between its current price and zero.

We don’t yet know which crypocurrencies will make it out of the crypto winter we’re wandering in right now. There are plenty of coins that stand a good chance of weathering the crypto storm and perhaps becoming more relevant as the market contracts and devours some of the weaker projects. However, there are even more of those projects who are already dead but no one noticed yet.

But, looking at things from this point in time and place, it’s reasonable to say that OmiseGo had its five minutes of glory but failed to seize the opportunity. The project is most likely going to die a slow death, leaking value month by month until an official shop closed announcement is released.

The post OmiseGo (OMG) Price Prediction 2020 | 2025 | 2030 – Future Forecast For OMG Price appeared first on CaptainAltcoin.

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