At the moment, it seems that the cryptocurrency market is going through a period of stagnation, which replaced the summer euphoria caused by Bitcoin and altcoins having the most prolonged bull run since 2018. OmiseGO (OMG), a cryptocurrency that serves as a driving force behind the OmiseGO Network, has followed the short-lived upward movement, which brought it to the yearly high of $2,78 that occurred in the first days of June.
After the bull run was abruptly ended in mid-August, the entire cryptocurrency market has begun a gradual decline that took place in three stages, dropping by more than 10% at a time. OMG had followed the same scenario to the letter, and has even “beaten the target” by retracting by almost 50% in the middle of July.
In the following months, OMG continued its journey down south to the point where it is dangerously close to entering the all-time low territory.