Why This Crypto Coin Is Riding High Today
The price of OKB has risen by 25% in the past 24 hours, reaching $20.35 and confirming a 30% increase in the last seven days. The utility token has risen on the back of the growth of its native OKX exchange, which has launched various new products in recent weeks and months, including block trading.
Aside from new services, OKX has also announced several new listings recently, including for Aptos (APT) and Tamadoge (TAMA). It’s also likely benefiting from continued instability in the wider cryptocurrency market, with exchange tokens often serving as a relative ‘safe haven’ for traders.
Why This Crypto Coin Is Riding High Today
OKB’s current level means that it’s also up by 30% in the past month, with its indicators showing some very strong momentum right now. Indeed, its relative strength index (purple) has jumped from under 50 a few days to 75 today, showing a strong surge in buying interest.
At the same time, its 30-day moving average (red) formed a golden cross with its 200-day average (blue), something which can signal a breakout. So in purely technical/chartist terms, OKB was due a rally sooner or later, especially after the lows of early September.
In terms of fundamental reasons as to why this has happened, OKB’s native exchange, OKX, has enjoyed some very strong organic growth in recent weeks and months.
Aside from simply being one of the biggest exchanges in the world (with regards to volume), it has launched some new features and services. For example, its new block trading feature (which enables large trades) was launched back in the summer, and is now amassing some significant volumes.
It has also opened new markets new coins in the past few weeks, including margin trading (and perpetual swaps) for TerraClassicUSD (USTC). There have also been listings for new popular altcoins like APT and TAMA.
More generally, OKX has benefitted from a rebranding that took place in January, when it switched its name from OKEx to OKX. This occurred in parallel with a renewed focus on developing new products and functionality, while marketing deals (e.g. with Man City FC) served to increase its public profile.
It’s also worth pointing out that exchange tokens like OKB can post above-average gains during periods of market turbulence. This past week, for instance, the market took a dip as the Federal Reserve raised rates yet again, with most major coins suffering losses.
Now that the market is recovering slightly, it’s possible that OKB is benefitting disproportionately as traders feel the need to find safety. This is reflected in the fact that Binance coin (BNB) is also up 21% in a week, comfortably outperforming the rest of the market.
Interestingly, BNB is down by only 49% compared to its all-time high, while OKB is down by 53% from its corresponding record. By contrast, non-exchange tokens like bitcoin (BTC) and ethereum (ETH) are down by 70% and 67% from their ATHs.
This highlights how exchange tokens such as OKB can provide a little more protection during periods of instability. It also helps that big exchanges such as OKX are obviously one of the few businesses in the cryptocurrency industry that actually experience real growth and serve an actual demand.
As such, OKB is perhaps likelier to perform better than other coins, some of which may not have found actual use cases yet.
Of course, OKB’s spurt over the past day still doesn’t go far enough in correcting the losses it has experienced (like every other major coin) over the course of the year. And it’s not likely to regain its record high until the global economy is on a much more positive footing.
Until then, investors looking for big gains in the short-term will potentially need to look elsewhere. One such source comes from new altcoins that are currently holding their presales and due for their first listings in the coming months.
As of writing, there are three such coins that look very promising, based on their fundamentals and on how quickly they’ve managed to attract early investors.
Dash 2 Trade (D2T)
First up, Dash 2 Trade is an Ethereum-based trading intelligence platform that provides beginner and advanced traders with real-time analytics and social data, so that they can make better investment decisions. It kicked off its token sale some two weeks ago and has now raised more than $4.7 million, while also confirming its first CEX listing on LBank Exchange.
Another Ethereum-based platform, IMPT is a carbon credit marketplace where users can earn — and trade — NFT-based carbon offsets for shopping with a wide range of eco-friendly retailers. Its use of blockchain technology for tokenizing carbon credits as NFTs means that such credits can be tracked more transparently, helping to solve many of the problems that have plagued carbon markets up until now.
Having only recently launched its presale, Calvaria (RIA) is a play-to-earn game that lets players earn and battle with NFT-based collectible cards. What sets it apart from other blockchain-based games is that users can play it without having to hold any cryptocurrency, something which could serve to make the title a gateway into crypto more generally.
Its presale has raised more than $1.3 million and has just entered its fourth stage, with 1 USDT currently buying you 40 RIA.