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Crypto prices are green today in contrast with yesterday’s record. The market-wide rally has pushed the overall crypto market capitalization upward by 6.18%. The daily crypto price charts show OKB sustained its past week’s rally by a 28.73% weekly gain.
With its current 5.76% 24-hour price increase, OKB might be looking to mark new levels as it already has achieved the $50 level, currently hovering at $50.01. However, with the market sentiment still neutral, the coin’s next move is still unpredictable. But its recent listing of VELO, the utility token of an Optimism-based trading and liquidity marketplace, might spark more traction to the coin.
Factors That Might Propel OKB Above $50 In The Coming Days
OKX, the crypto exchange behind the OKB token, has been active lately, adding services and programs that can potentially boost trading activity on the platform. As OKX’s utility token, OKB would benefit from these programs since a boost in activity would mean more trading fees payment.
Related Reading: 74% Of Bitcoin Holders Are In The Money As Price Explodes Above $26,000
On March 16, the cryptocurrency exchange announced that it listed the Velodrome token (VELO) on its trading platform. Users can now access USDT/VELO and USDC/VELO spot trading on the OKX exchange. According to OKX’s Twitter post, the VELO spot trading would go live on March 17 by 8:00 am UTC.
That is not all. OKX announced yesterday that it is sponsoring a developers’ hackathon co-hosted with Google Cloud later in March. The hackathon will enable developers to build utility-focused mainstream decentralized applications (DApps) on OKx Chain. The registration for interested developers will run from now till March 23.
OKB’s Price Performance So Far
In the cryptocurrency market, investor sentiments often respond to current events and economic situations. That is especially true given the turnout of last week’s events and the uncertainty looming as people expect the Fed’s interest hike announcement. However, OKB’s price performance suggests the coin has ignored the fear and bearish sentiment and is moving with bullish momentum.
OKX has observed five green days this week, while most coins registered parallel losses. As of March 14, the token price gained over 10% and rose to $47.33 from $42.76. Data shows that OKB’s current price is more than double its 2022 closing price. OKB’s price has surged over 16% in the last month but has lost some of its gains in the last two weeks ago.
Related Reading: Bitcoin Blasts Past $26,500, Gearing Up For Another Bullish Weekend
At press time, OKB is trading at $49.84, with a 24-hour trading volume of ~$42.6 million. According to CoinMarketCap, the token is up 3,022.24% from its initial coin offering price, with a 3,840.31% price increase from its all-time low of $1.25.
However, OKB is 15.54% down from its all-time high of $58.46, recorded on February 18, 2023. This performance shows that OKB’s price has been increasing with bullish momentum since its launch and even more so this year.
According to technical indicators, OKB has a bullish sentiment from the community, even with the neutral Fear and Greed Index. The price might rally to cross the $50 mark, retracing its steps to recover the value lost since February. OKB price predictions suggest it might increase by 24.13% and reach $61.16 by March 22.
