OKB price increased by 27% in the last 24 hours, reaching $20.60 and confirming a 30% increase in the past 7 days. The service token has grown on the back of the growth of the original OKX exchange, which has launched several new products in recent weeks and months, including group trading.
In addition to the new services, OKX also recently announced several new listings, including Aptos (APT) and Tamadoge (TAMA). It is also likely to benefit from the ongoing instability that the cryptocurrency market continues to experience, with tokens mostly acting as a relative “safe haven” for traders.
Why is this cryptocurrency rising today?
The current value of OKB indicates an increase of 30% over the past month, and the indicators are showing very strong momentum at the moment. In fact, the RSI (in purple) jumped from a value below 50 a few days ago to 75 today, which indicates a sharp increase in buying interest from traders.
At the same time, the 30-day moving average (red) has formed a golden cross with the 200-day moving average (blue), and this event can often indicate a breakout. Therefore, from a purely technical / graphical point of view, OKB had to go through an upswing sooner or later, especially after its lows in early September.
Looking at what’s happened recently, OKX has also enjoyed very strong organic growth over the past few weeks and months.
Besides being one of the largest exchanges in the world (in terms of volume), it has launched some new features and services. For example, the new block trading feature (which allows for large trades) launched in the summer and is now amassing some big volumes.
In recent weeks, it has also opened up new markets, new cryptocurrencies, including margin trading (and perpetual swaps) for TerraClassicUSD (USTC). There were also lists Popular new digital currencies Like APT and TAMA.
Overall, OKX benefited from the rebranding that occurred in January, when it changed its name from OKEx to OKX. This has coincided with a renewed focus on developing new products and features, while marketing deals (for example with Manchester City Football Club) have served to raise its public profile.
It should also be noted that exchange tokens such as OKB can see above-average gains, especially during times of market turmoil. Last week, for example, the market fell as the Federal Reserve raised interest rates again, and most of the major cryptocurrencies took losses.
Now that the market has recovered a bit, OKB could benefit disproportionately as traders feel the need to find safety. This is reflected in the fact that Binance Coin (BNB) is also up 22% in a week, comfortably outperforming the rest of the market.
Interestingly, BNB share price is only 49% down from its all-time high, while OKB share price is down 53% from its corresponding record. In contrast, non-exchange tokens such as Bitcoin (BTC) and Ethereum (ETH) are down 70% and 67% relative to their ATHs.
This highlights how tokens like OKB can provide more protection during times of instability. It also helps that exchanges like OKX are obviously one of the few in the cryptocurrency industry that are really seeing real growth and meeting real demand.
As such, OKB will likely perform better than other cryptocurrencies, some of which may not have found real use cases.
Certainly, OKB’s rally today does not correct the losses it (like every other cryptocurrency) has incurred over the course of the year. It will hardly be able to return to its track record until the global economy goes through a more positive phase.
Until then, investors looking for good short-term profits will likely have to look elsewhere. A good possibility is presented by new altcoins, which are currently in their pre-sale stages and which are expected to be listed for the first time in the coming months.
There are currently three cryptocurrencies of this type that look very promising, especially given their fundamentals and the speed with which they have already managed to attract many investors.
Dash 2 Trade (D2T)
First and foremost, Dash 2 Trade is a smart Ethereum-based trading platform that provides beginners and advanced traders with real-time analytics and social data, so that they can make better investment decisions.
It started selling the token about two weeks ago and has now raised over $4.7 million, while also confirming its first CEX listing on LBank.
Go to the Dash 2 Trade pre-sale
Another emerging project is IMPT, a carbon credit marketplace where users can earn – and trade – NFT-based carbon offsets for purchases with a wide range of green retailers.
Its use of blockchain technology to tokenize carbon credits as NFTs means that these balances can be tracked more transparently, helping solve many of the problems that have plagued carbon markets to date.
The IMPT pre-sale has already raised $12 million just weeks after its launch, making it one of the most popular pre-sales right now.
Go to IMPT Pre-Sale
The third project is a play-to-earn game that allows players to earn and battle using NFT-based trading cards. What sets it apart from other blockchain-based games is that users can play it without having to hold any cryptocurrency, something that could serve to make the title a way to introduce players to cryptocurrency i.e. USDT which is currently buying 40 RIA.
Go to the pre-sale in Calvaria