Why this crypto coin is going high today

The price of OKB has risen by 25% in the last 24 hours, reaching $20.35 and confirmed a 30% increase in the last seven days. The utility token has risen on the back of the growth of the original 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 is also likely to benefit from continued volatility in the broader cryptocurrency market, with exchange tokens often acting as a relative “safe haven” for traders.

Why this crypto coin is going high today

OKB’s current level means it is also up 30% in the past month, with the indicators showing very strong momentum right now. In fact, its relative strength index (purple) has jumped from below 50 a few days to 75 today, showing a strong increase in buying interest.

At the same time, its 30-day moving average (red) formed a golden cross with its 200-day average (blue), which could signal a breakout. So from a purely technical/chartist point of view, OKB was due for a rally sooner or later, especially after the downturns at the beginning of September.

In terms of fundamental reasons why this has happened, OKB’s native exchange, OKX, has seen very strong organic growth in recent weeks and months.

Apart from simply 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 enables large trades) was launched back in the summer and is now gathering some significant volumes.

It has also opened up new markets for new coins in recent weeks, including margin trading (and perpetual swaps) for TerraClassicUSD (USTC). It has also been listings for new popular altcoins like APT and TAMA.

More generally, OKX has benefited from a rebranding that took place in January, when it changed its name from OKEx to OKX. This happened in parallel with a renewed focus on developing new products and functionality, while marketing deals (eg with Man City FC) helped raise the public profile.

It is also worth pointing out that exchange tokens such as OKB can provide above-average gains during periods of market turmoil. Last week, for example, the market took a tumble when the Federal Reserve raised interest rates again, with losses for most major currencies.

Now that the market is recovering a bit, it is possible that OKB is disproportionately benefiting 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 only down 49% compared to the all-time record, while OKB is down 53% from the corresponding record. In contrast, non-exchange tokens such as bitcoin (BTC) and ethereum (ETH) are down 70% and 67% from their ATHs.

This highlights how exchange tokens like OKB can provide a bit more protection during periods of instability. It also helps that major exchanges like OKX are obviously one of the few businesses in the cryptocurrency industry that are actually experiencing real growth and serving an actual demand.

As such, OKB is perhaps more likely to outperform other coins, some of which may not have found actual use cases yet.

Alternatives

Of course, OKB’s spurt over the past 24 hours still does not go far enough in correcting the losses it has experienced (like all other major coins) during the year. And it is not likely to regain the record until the global economy is on a much more positive footing.

Until then, investors looking for big short-term gains will potentially have to look elsewhere. One such source comes from new altcoins that are currently holding their pre-sales and are due for their first listings in the coming months.

At the time of writing, there are three such coins that look very promising, based on their fundamentals and how quickly they have managed to attract early investors.

Dash 2 Trade (D2T)

First up, Dash 2 Trade is an Ethereum-based trading intelligence platform that provides novice and advanced traders with real-time analytics and social data to help them make better investment decisions. It started its token sale two weeks ago and has now raised more than $4.7 million, while confirming its first CEX listing on the LBank Exchange.

Visit Dash 2 Shop Now

IMPT

Another Ethereum-based platform, IMPT, is a carbon credit marketplace where users can earn – and exchange – NFT-based carbon offsets for shopping with a wide range of eco-friendly retailers. The use of blockchain technology to tokenize 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 until now.

IMPT’s pre-sale now has raised $12 million barely a few weeks after launch, making it one of the most popular sales in crypto right now.

Visit IMPT now

Calvary (RIA)

Recently launching its pre-sale, Calvaria (RIA) is a money-making game that allows players to earn and battle with 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, which could serve to make the title a gateway to crypto more generally.

The pre-sale has raised more than $1.3 million and has just entered its fourth phase, with 1 USDT currently buying you 40 RIA.

Visit Calvaria now