Over the past month, Bitcoin anchored a massive bullish swing for the market. The collective market pumped to levels not seen since the November 2018 bear market shaved over $100 billion in less than a month. During this time, multiple altcoins have had the opportunity to surge on a mixture of speculation and increased use cases.
Open Aurum Token (OA) is the latest altcoin to surge as Bitcoin trades sideways. At one point, OA was trading up over 36%, before its meteoric price rise stalled, bringing it down to its current price of $1.82.
At the time of writing, major alts like XRP and ETH were trading flat, down 1.9% and 1.2% respectively.
The factors behind OA’s price rise are a combination of its rapidly-growing community and speculation regarding liquidity injection from financial institutions in Europe into the Open Aurum Project.
Open Aurum Changing the Face of the Gold Industry
Open Aurum was established in 2017 with a mission to bring affordable and highly secure investments to the masses. The implementation of revolutionary, cutting-edge technology has allowed Open Aurum to have a unique and innovative business model for raising capital and in carrying out its operations.
This, in turn, has dramatically lowered entry barriers for the average retail investor when it comes to investing in gold while still allowing the investor to enjoy the security and stability that comes with investing in gold.
Liquidity Injection Speculation Contributes to Upward Momentum
One of the leading factors that contributed to the price increase would be speculations on possible acquisition on a sizeable stake in the Open Aurum gold mine project. The institution, which is said to be in one of the world’s top 500 largest in terms of Asset Under Management (AUM), is reportedly keen to participate in the gold mining industry through the acquisition of a stake in Open Aurum and to utilize its tremendous resources to bring about greater growth and improvements in the gold production and supply chain.
There is no indication yet regarding the size of stake and the sources from which the stake is to be acquired though there has been speculation that part of the stake may be acquired on secondary markets. According to expert’s analysis, price of OA could break the $3.00 mark if the acquisition were to take place.
About Open Aurum Project
Open Aurum is a gold mined backed token which aims to provide financing to Artisanal Small Gold Mines (ASGM) around the world, in exchange for a portion of their production. With thousands of tons of gold available for extraction within these mines, financing these neglected production areas leads to immediate wealth creation.