Key takeaways:
- The cryptocurrency market is up 2.6% in the last 24 hours and is close to surpassing the $2T psychological barrier
- Binance Coin has rallied by more than 10% since yesterday’s announcement of a new IEO project
- Renewed interest in OMG Network was spurred by the launch of Boba Network, OMG token is up more than 350% YTD
The cryptocurrency market is approaching $2T capitalization as it is slowly recovering from the losses accrued in the aftermath of China’s crypto ban. Bitcoin and Ethereum have managed to bounce off their support levels and are currently trading at $43,200 and $3,000, respectively.
The most interesting trading action in the last couple of days has taken place among exchange tokens. While Houbi’s HT suffered a big loss after the recent China news, decentralized finance (DeFi) tokens that facilitate trading protocols, namely dYdX and Uniswap rallied by 30% and 75% in the last four-day period.
Binance Coin surges after the latest IEO announcement
Binance Coin (BNB) has managed to gain more than 10% in the days after the Binance Launchpad announcement of Beta Finance (BETA). The excitement for the latest Launchpad project is understandable, as most previous initial exchange offerings (IEO) proved to be a great buying opportunity. For instance, the best performing asset that was ever launched via the Launchpad, Axie Infinity (AXS) is currently showing 761x USD ROI, when compared to its IEO price. Several other projects that launched via IEOs, such as Polygon and Elrond Gold, are also up hundreds of percent.
While tokens of centralized cryptocurrency exchange faced severe selling pressure following the Chinese crackdown, Binance’s BNB remained relatively unaffected. The reason for this was Binance’s decision to exit the largest Asian market way back in 2017, which has proven to be a savvy business decision given the latest developments.
OMG gains 15% and is today’s biggest gainer among the crypto ‘Top 100’
The main driver behind OMG’s impressive performance was the launch of Boba Network on September 22. The cutting-edge ETH Layer 2 scaling solution aims to deliver faster and cheaper transactions, while also providing an improved user experience for Ethereum users. Existing OMG holders will receive BOBA governance tokens via an airdrop later in the year. To find out more about OMG Foundation and Boba Network, check out our latest installment of the Coins to Watch series.
Since the start of the year, OMG has grown by more than 350%. While the token is still far from its all-time high that was reached in the bull run in 2018, the latest developments have brought renewed interest to the project. Given the current situation, and overall performance of altcoins in the market, OMG seems poised to reach new heights in the coming months.
