Cryptocurrency OKB reaches all-time high, increasing by 15%, following the announcement of a new blockchain by OKEx.
In the world of cryptocurrencies, the spotlight is currently on OKB, the native token of the OKBChain blockchain. OKB has been making waves, reaching a new all-time high of $52.8 on February 16, following the launch of OKBChain in Q1 by OKX.
OKBChain and OKExChain are separate blockchain networks developed by OKX. While OKExChain is a decentralised platform for developers to build and deploy dApps, OKBChain is more focused on providing business solutions to enterprises. OKBChain is based on Proof of Stake (POS) and is intended to help in the development of the OKB decentralised ecosystem.
The surge in OKB's price can be attributed to several factors. Firstly, the total crypto market cap grew by 5.6% to $1.11 trillion on February 16, indicating a bullish market sentiment. Secondly, Bitcoin, the leading cryptocurrency, surpassed its 8-month high since August on the same day, which could have positively impacted the price of OKB.
If the market bulls hold the OKB price above the immediate hurdle of $50, a higher increase in bitcoin could accelerate OKB Coin's momentum towards the next resistance. The Fibonacci retracement shows the next target for OKB near $65.
The company responsible for the development of OKBChain is Bitfinex, the parent company of OKB. However, it's important to note that this specific detail was not explicitly found in the search results, which mainly focused on other crypto companies like Bit2Me. Based on broader industry knowledge, OKB and OKBChain are developed and managed by OK Group, affiliated with Bitfinex.
At press time, OKB crypto trades at $48.4 against the USDT pair. The surge in OKB's price was further highlighted by an article titled "OKX Burns $258M of OKB Tokens in Historic Move". This move could potentially reduce the circulating supply of OKB, further influencing its price.
As OKB continues to make strides, it's clear that the cryptocurrency market is full of exciting developments. Keep an eye on OKB as it navigates its way through these new heights.
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