Bitcoin and cryptocurrency watchers are nervously waiting for bitcoin to make another move after a sudden sell-off this week.
The bitcoin price, the main driver of the cryptocurrency market, had been more-or-less trading sideways after rallying hard through April.
Now, one small cryptocurrency that isn’t even in the top 30 most valuable tokens has suddenly soared—climbing a staggering 230% over the last month.
OmiseGO, an ethereum token that powers a smart contract platform and trades as OMG, was sent sharply higher after San Francisco-based bitcoin and cryptocurrency exchange Coinbase revealed it would list the token.
“The good ol’ Coinbase listing pump is back,” Larry Cermak, director of research at bitcoin and crypto news and analysis outlet The Block, said via Twitter, pointing to OmiseGO’s sharp rally since “it was announced that it’s listing on Coinbase.”
OmiseGO’s smart contract platform, based in Bangkok, is designed to facilitate the movement of funds between traditional payment systems and decentralized blockchains like ethereum.
The omiseGO price began climbing earlier this month after Coinbase, the largest U.S. bitcoin and crypto exchange, said it would allow Coinbase Pro users to make inbound OmiseGo transfers.
OmiseGO, which has a market value of just $257 million compared to bitcoin’s $170 billion, jumped again this week after Coinbase said it would fully list the minor cryptocurrency everywhere but in New York State.
“Coinbase customers can now buy, sell, convert, send, receive, or store OMG,” Coinbase said in a blog post on Thursday announcing the listing.
The OMG price is still heavily down on its all-time high of almost $30 per token set in late 2017 as bitcoin and cryptocurrency mania was sweeping the globe.
The likes of bitcoin and other major cryptocurrencies have also failed to return to their all-time highs, with the bitcoin price now trading around half its December 2017 high.
Meanwhile, the broader bitcoin and cryptocurrency market is closely-watching for price swings after bitcoin went through a supply squeeze earlier this month.
The number of bitcoin rewarded to those that maintain the bitcoin network, called miners, was cut by half, dropping from 12.5 bitcoin to 6.25 on May 11.
Some had warned the bitcoin price could crash in the aftermath of the third halving but most analysts seem confident the bitcoin price will climb eventually.