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OmiseGO (OMG) price prediction

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

Updated

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

Name Product Deposit methods Fiat Currencies Cryptocurrencies
BPAY,Cash,POLi,PayID
AUD

168
cryptocurrencies

CoinSpot is an Australian-based exchange that allows you to easily buy, sell or trade more than 100 cryptocurrencies.
Bank transfer,POLi,Osko,PayID
AUD

130
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Interac e-Transfer,Wire transfer,Credit or Debit Card,SEPA,EFT
USD, EUR, CAD, GBP, JPY, AED

24
cryptocurrencies

Canadian-founded Bitcoin and cryptocurrency exchange available in 193 countries.
Bank transfer (ACH),PayPal,Bank transfer (SEPA),SWIFT,Xfers,Credit or Debit Card
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

64
cryptocurrencies

Get credit card crypto purchase fees waived when signing up for Crypto.com. T&Cs apply.
Buy 55+ cryptocurrencies at true cost, earn up to 8% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Credit card,Cryptocurrency,Debit card,Bank transfer (via third party)
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 23+ more

201
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Cryptocurrency,Electronic Funds Transfer,POLi,SWIFT,PayID
AUD, NZD, USD

15
cryptocurrencies

Trade AUD and other fiat currencies against a wide range of cryptos at competitive rates.
Bank transfer,POLi
AUD

49
cryptocurrencies

Easy Crypto is a simple way to buy and sell a range of cryptocurrencies, straight to and from your own crypto wallet.
Credit card,Cryptocurrency
USD, EUR, AUD, CAD, CHF, CZK, DKK, GBP, HUF, ILS & 20+ more

115
cryptocurrencies

Trade various coins through a global crypto to crypto exchange based in the US.
Cryptocurrency
USD, EUR, GBP, JPY

164
cryptocurrencies

Cryptocurrencies are a highly volatile investment product. Your capital is at risk.
Spot trade all of the major cryptos on this full-featured exchange and margin trading platform.
Electronic Funds Transfer,Wire transfer,Osko,PayID,Ethana Custody
USD, EUR, GBP, JPY, CAD, CHF, AUD

40
cryptocurrencies

Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

UK residents: In addition to normal crypto trading, Kraken offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
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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 2020: 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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