OmiseGo - a relatively small crypto with a market cap of $261 million - has been caught within the throes of a parabolic uptrend over the past several days.
Despite the magnitude of its recent uptrend, 94 percent of the cryptocurrency's investors are still underwater in their positions.
This statistic highlights just how far-reaching its multi-year decline has been, and also casts a shadow over the possibility that many altcoins will ever be able to revisit their previously established all-time highs.
OmiseGo has been going parabolic, posting a massive climb from its multi-week lows.
On May 13th, it began gaining some immense momentum as it rallied to highs of over $1.00.
Over the following week, OmiseGo rallied all the way to highs of over $2.00.
At the time of writing, OmiseGo is trading down marginally at its current price of $1.86.
In spite of OmiseGo's immense rally over the past couple of weeks, it hasn't been enough to make much of a dent in its macro downtrend.
The cryptocurrency is still trading down over 93 percent from its all-time highs of $28.35 that were set at the peak of the market-wide bull run seen in 2017.
This isn't unique to OmiseGo, as most major altcoins that pumped hard in 2017 are still trading down 90 percent or more from their highs.
Despite ongoing rally, OmiseGo would need to rally over 1,400% to reclaim highs
gepubliceerd op May 23, 2020
by Cryptoslate | gepubliceerd op Coinage
Vermeld in dit artikel
Industry investor identifies 10 clear reasons why Ethereum is on bull market footing
While ETH has been stagnating, the underlying Ethereum network is showing a confluence of signs that a bull market is near, according to Spencer Noon, the head of crypto-native investment fund DTC Capital.
Crypto Custodian BitGo Joins Race to Provide Prime Brokerage Services
Crypto custodian BitGo is moving into the prime brokerage space, announcing a fully integrated suite of services Wednesday to serve institutional traders.
First Mover: EOS Has Still to Prove Itself After Spiraling Down This Past Year
Over the past year, the EOS token's price is down 69%, the worst performance among digital assets with a market capitalization of at least $1 billion, based on Messari data.
'Focus on Retirement': Crypto Custodian Rolls Out Hybrid IRA Offering
Digital asset custodian Kingdom Trust is offering investors a single retirement account for traditional and digital assets.