OneGram, the only Sharia Law-compliant cryptocurrency project that is also entirely backed by gold supplies, doesn’t seem to follow the BTC-centric price action. At press time, crypto exchange Huulk.com lists OGC at $303, which means that the coin has gained $261 in value in the past week alone. The amounts are the result of a conversion, as Huulk only presents prices in euro and the numbers are 262.24 and 226.18 respectively.
The market performance of OGC, a project which in late October has received an award for being the best Islamic fintech product, appears to defy the rest of the cryptocurrency market. While most of the market calls for capitulation while seeking means to cut losses, OneGram Coin shows strong and unexpected bullish tendencies.
This is even more good news for a project which seems to be on a winning streak: in the last couple of weeks, OneGram founder Ibrahim Mohammad has been awarded Fintech Leader of the Year, while The World Islamic Finance has bestowed the fintech product with the People’s Choice Award. Crypto Insider has covered both these accomplishments in a previous press release.
Whether or not the bull run will continue for OGC is only a matter of speculation. As always, you shouldn’t take good news as financial advice and make sure you only invest what you can afford to lose. However, it’s strange to see 2017 gains in 2018, after long months when all major cryptocurrencies bled. Can this be the merit of a gold-backed currency since it creates a greater sense of trust to investors? Guess only time will tell. Until then, we can only watch in awe how market trends get defied.
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