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OmiseGO (OMG) price prediction

What might happen to the price of OmiseGO in 2020 and beyond?

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OmiseGO is a payment platform based on the Ethereum network. OmiseGO (OMG) is also the name of its native token. It's designed to facilitate payments, trades and other financial transactions in both crypto and fiat currencies.

OMG prices reached their all time high price of around US$28 in January 2018, but by late 2019 and early 2020 they had dropped 98% from their peak, to around $0.5.

In May 2020, OMG prices briefly jumped back to around $2 as Coinbase announced that it would be listing OMG.

Whether it's on the way to a new upwards trajectory, or if it's destined to keep declining, depends on a range of factors.

Learn more Where to buy OmiseGO

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Quick facts

Coin nameOmiseGO token
SymbolOMG
Algorithm typeN/A
MineableNo
Launch date2017

OmiseGO price prediction

OmiseGO's open-source technology includes three main features:

  • A digital wallet Software Development Kit (SDK).
  • A decentralised exchange.
  • The OmiseGO Network, which is intended to be highly scalable with Plasma architecture.

Cryptocurrencies are not only volatile but also highly complicated. There are many factors that can have a positive or negative impact on the price of any coin or token, so you’ll need to carefully assess all those factors before deciding whether or not to make a purchase.

If you’re thinking of buying any OMG tokens, remember to consider the following.

What could drive OmiseGO’s growth?

  • Real-world uses. OmiseGO aims to offer a payment gateway that can be used for an extensive range of financial services, including peer-to-peer payments, international remittances, bill payment, top-up of debit cards and much more. It’s also designed to provide interoperability between different blockchains and payment networks.
  • Integrations. Integrating with major existing payment services could help bolster OmiseGO's growth.
  • Accessibility. OmiseGO aims to connect existing cryptocurrency wallets to a central OmiseGO blockchain, over which users can simply and quickly exchange cryptocurrencies.
  • Staking. OMG holders will be able to earn more tokens for validating transactions under the currency’s proof-of-stake model. This could increase demand for the token among those looking to earn a passive income.

What could hold OmiseGO back?

  • Lack of adoption. The value of OMG may be tied to the level of mainstream popularity that the OmiseGO network can achieve. If it fails to disrupt the existing payment platforms and systems in place across the financial services industry, this will affect demand for the OMG token.
  • Competition. OmiseGO is far from the only project working in this particular area, and it could face competition from any other cryptocurrency that's aiming for the payments space, including Bitcoin-related projects.
  • Ongoing development. OmiseGO is constantly evolving and aiming for new milestones. If its development stalls or if it encounters difficulties and delays, token prices could be impacted.
  • Complicated. OmiseGO is a complicated platform to wrap your head around, particularly if you’re new to cryptocurrencies. This factor could prove a stumbling block for those who only want to back projects which they understand. For a detailed rundown of exactly how OmiseGO works and the problems it aims to solve, check out the project’s official guide.
  • Scalability or decentralisation issues. OmiseGO achieves scalability by taking certain risks with decentralisation. If these risks don't pan out, OmiseGO could be in trouble.
  • Utility. The OmiseGO network could function unpredictably depending on how the token is used.

Where to buy OMG

1 - 5 of 13
Name Product Deposit methods Fiat Currencies Cryptocurrencies
Digital Surge Cryptocurrency Exchange
Bank transfer, Cryptocurrency, POLi, Osko, PayID
AUD

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An Australia-based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.
CoinSpot Cryptocurrency Exchange
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID
AUD

368
cryptocurrencies

CoinSpot lets you buy, sell and swap 100s of cryptos from its simple-to-use desktop or app trading accounts.
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
AUD, NZD

313
cryptocurrencies

Finder Exclusive: Receive $20 BTC on sign-up and verification.
Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
FTX Cryptocurrency Exchange
Bank transfer, Cryptocurrency, Wire transfer, PayID, Credit or Debit Card
USD, EUR, GBP, AUD, HKD, SGD, TRY, ZAR, CAD, CHF, BRL

276
cryptocurrencies

Sign up through Finder for a 5% discount on all trading fees. T&Cs apply.
FTX is an exchange built by traders for traders, with a range of derivatives markets such as options and futures with deep leverage, in addition to standard spot markets. Note: Not available for US customers.
Binance Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Osko, PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

371
cryptocurrencies

Earn up to USD100 in rewards by completing welcome offer tasks within 7 days of sign up. T&Cs apply.
Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
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Read our step-by-step guide to learn more about how to buy OmiseGO

OmiseGO’s competition

OmiseGO’s price could also be affected (either positively or negatively) by news, developments, launches and upgrades from its competitors. These competitors include other cryptocurrencies, as well as existing financial services companies, payment platforms and tech companies.

Similarly, emerging fields such as central bank digital currencies could vastly change OmiseGO's value proposition.

As the world of finance continues to evolve and become more technology-centric, OmiseGO could find itself with many more competitors from unexpected directions.

Beyond 2022: What does the future hold for OmiseGO?

As it stands, the payment processing industry is something of a mess. With services and systems fragmented across a wide range of centralised providers, it’s a financial sector that’s ripe for improvement. OmiseGO is one startup among many joining the rush to enter this space.

It's possible that OmiseGO's success or failure will be tied to the success or failure of the wider cryptocurrency world, and how effectively issues such as private key management can be addressed, or whether proof of stake models can prove themselves to be sustainable and robust.

Bottom line

The most important thing to remember about OmiseGO is that it will constantly be a work in progress, and it's one project among many in a tumultuous space. Whether or not it can actually realise the ambitions outlined in its whitepaper remains to be seen. There's also no guarantee that OMG token prices will rise even if it does achieve all its ambitions.

With this in mind, it’s essential to do your own research. Consider the technology behind OmiseGO, as well as the wider state of the cryptocurrency and finance industries, before deciding whether or not you should buy.


Images: Shutterstock

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

At the time of writing, the author holds IOTA and XLM.

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