OMG Network Is Hitting 3 Year High: Good Buy?

While the broader crypto market is taking a breather, Ethereum’s native token, OMG, has reached its highest level in almost a year. Bitcoin was trading sideways on Monday, following a spike in its value on Friday. It had gained more than 10% in just one day. Bitcoin rose 11.7% last week after the Federal Reserve ruled against plans to ban virtual currency. It also received support from the US SEC Chairman.
Although hopes for a futures-based exchange-traded fund (ETF) are likely to keep the market in positive territory in the short term, any disappointment could bring selling pressure. A spike in crypto prices last July was triggered by the expectation that an ETF would be approved, which led to a rotation of funds into Bitcoin from alternative currencies, a prominent analyst said. The SEC has extended its review of several proposed exchange-traded funds by up to 60 days. The agency will make its decisions on these applications in late November or December.