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.
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
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