In summary:
- Friday’s crypto market opened in the red with Bitcoin dipping to as low as $11,600.
- Ethereum also dipped to the $400 support area with LINK continuing on its slow correction.
- OMG and ZRX are two digital assets in the green.
- OMG’s rise is due to Tether issuing USDT on its network.
- On the other hand, ZRX is reacting to positive technical factors.
Today’s crypto market opened in the red with Bitcoin once again testing the $11,600 support zone after falling from $11,800 price levels. Ethereum too had a rough start with ETH falling to as low as the $400 support from $416 levels. In the case of ChainLink, LINK is still in the midst of a slow correction that has the digital asset now trading slightly above $14. At the time of writing, LINK is trading at $14.72 -Binance Rate.
OMG Network (OMG) & Ox (ZRX) Thrive
However, the two digital assets of OMG Network (OMG) and Ox (ZRX) are on an upward path testing yearly highs of $9.85 and $0.96 respectively. In terms of daily gains, OMG has increased by 76% in a 24 hour period with ZRX gaining by 42%. Below is a screenshot from Coinmarketcap demonstrating this fact.
OMG Thrives on Tether Issuing USDT on the OMG Network
Key to OMG’s bullish momentum is Tether’s announcement of issuing USDT on the OMG Network transport layer. The announcement by Tether was made on the 19th of August and explained the shift to the OMG network, was geared towards reducing Ethereum congestion and gas fees.
USDt holders will obtain the benefits of transacting on the OMG Network, which is built to reduce Ethereum congestion and gas fees with improved transaction speeds. The integration will result in a reduction of confirmation times delivering faster payments while fees will be reduced without compromising on-chain security.
ZRX’s Thrives on Exchange Inflow Spikes
In the case of Ox, the bullish climb of ZRX was due to exchange inflow spikes as explained by the team at Santiment via the following tweet.
$ZRX has just hit a near 2-year high (last hit on Nov. 14, 2018) of $0.616, and the 45th ranked asset has climbed an impressive +18% in just 12 hours. Exchange inflow spikes have been good indications for #0x, and the most recent was a nice foreshadow.
https://t.co/8xqb5GhBWU pic.twitter.com/xrLx3l8kr0
— Santiment (@santimentfeed) August 20, 2020
Conclusion
Summing it up, altcoins such as OMG and ZRX have demonstrated impressive gains in the crypto markets thus providing more evidence of a crypto-wide bull market. With Bitcoin, Ethereum and LINK battling to find some level of equilibrium after impressive runs above $12k, $420 and $20 respectively, it might be time for altcoins to thrive as the focus is shifted towards crypto project developments and technical factors.