- Olympus runs as a decentralized autonomous organization (DAO), and it aims to create a stable crypto asset.
- Olympus issues fully collateralized and free-floating tokens known as the OHM cryptocurrency.
- Olympus enables its users to bond different crypto assets, and in return, they receive newly minted and discounted OHM coins.
Bitcoin surged to an all-time high price of US$ 67,276.79 per token on October 20, and that has given rise to a fresh wave of an overall bullish momentum in the cryptocurrency market.
Amid the rising cryptocurrencies, one under-the-radar altcoin has caught the crypto investors' attention, and its name surfaced on the trending lists in Canada.
What is OHM crypto & what is its price prediction?
We are talking about Olympus (OHM) cryptocurrency, which surged by 9.5 per cent in the last 24 hours and was trading at US$ 977.22 per token, at the time of writing. According to CoinMarketCap, the cryptocurrency recorded an increase of about 40 per cent in the one-day volume and an increase to $ 114.3 million.
What is Olympus (OHM) crypto?
Olympus runs as a decentralized autonomous organization (DAO), and it aims to create a stable crypto asset. The decentralized finance (DeFi) protocol is governed by the community and is fully decentralized due to smart contracts.
Also Read: Is Rocket Bunny crypto real and is it a safe investment?
Although the real names are not public, it is believed that the Olympus protocol was founded by a group of people who go by the name of Wartul, Apollo, Zeus and Unbanksy.
The protocol issues fully collateralized and free-floating tokens known as the OHM cryptocurrency. This digital asset is often compared to a central bank because it uses reserve assets to manage the price and achieve stability.
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The OHM crypto stands apart from stablecoins like USDC because it is not pegged to a certain price and the treasury value, and a premium is added to the price of the OHM token.
Olympus DAO's objective is first to grow the supply of OHM tokens, and it has created a tokenomic system to attract new users.
Olympus enables its users to bond different crypto assets, and in return, they receive newly minted and discounted OHM coins.
Since the past few months, the OHM token has enjoyed a good run. After scoring an all-time low of US$ 162.79 per token, the crypto was up by 496.5 per cent at 6 AM EST.
However, the price of the OHM crypto remains highly volatile. On October 14, the digital asset had touched a high of US$ 1,344.26 apiece and on Thursday, October 21, it traded below the US$1000-mark.
In April, OHM token clocked an all-time high of US$ 1,415.26 and if the bullish momentum continues in the cryptocurrency market, this token could breach its ATH.
If you are interested in this cryptocurrency, you could research OHM crypto's price movements and protocol details before making an investment decision.