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The cryptocurrency market is buzzing as OKB, the native token of OKX, skyrocketed over 50% in 24 hours, hitting a new all-time high of $195, according to FXStreet. Conflux (CFX) and GateToken (GT) trailed with double-digit gains, reflecting a bullish market recovery following the Federal Reserve’s recent meeting minutes.
OKB’s rally, extending 42% from Wednesday, is driven by OKX’s massive token burn of 65.26 million OKB, reducing its supply to 21 million tokens, mirroring Bitcoin’s scarcity model. Trading at $189, OKB eyes the $200 mark, with technical indicators like the Moving Average Convergence Divergence (MACD) signaling strong bullish momentum. Posts on X highlight OKX’s strategic upgrades, including zero-fee withdrawals and X Layer integration, boosting investor confidence.
Conflux (CFX) rose 6% on Thursday, adding to a 12% rebound from its 50-day EMA, trading near $0.1884. A breakout above this could target $0.2291, though a drop below the 50-day EMA risks testing $0.1390. Its Relative Strength Index (RSI) at 56 suggests growing buying pressure, per FXStreet.
GateToken (GT) gained over 6%, extending a 4.49% rise, fueled by a 380% trading volume spike to $47 million. Gate.io’s derivatives volume surged 50% in July, reaching $740 billion, driving GT to $21.26, close to its $25.95 peak, as noted by CoinEdition.
Analysts warn of volatility despite the bullish sentiment. Investors should monitor OKB, CFX, and GT for short-term opportunities but exercise caution due to crypto’s inherent risks. This rally underscores the growing influence of exchange tokens in the evolving digital asset landscape.
