Origin Protocol (OGN) soars 28% as Bitcoin taps $29.3k

• Origin Protocol price rose to $0.12 as bulls gained by 28% to lead top altcoin gainers.
• Elsewhere, Bitcoin price reached $29,328 as markets awaited Fed’s 25 bps rate hike.

The price of Origin Protocol’s native token OGN soared 28% to above $0.12 as a number of altcoins spiked ahead of Wednesday’s rate hike by the Fed. As markets awaited the 25 basis point interest rate jump by the US Federal Reserve, Bitcoin rose to $29,328 across major exchanges.

OGN had traded to lows of $0.10 earlier in the day, but the gains put its value 50% in the green to see it lead the likes of Compound (COMP), Convex Finance (CVX) and Solana (SOL).

Why is OGN price rallying today?

Most cryptocurrencies have seen uneventful action over the past 24 hours, and OGN’s performance amid this broader lull is somewhat of an outlier. 

However, while there’s hasn’t been a particular Origin Protocol event or news to trigger the massive gains, it appears today’s rally found legs on the back of increased interest in Ethereum liquid staking.

As staked ETH volumes have spiked since Ethereum’s Shapella upgrade, so has a new subsector liquid staking token finance (LSTfi). 

One of the leading platforms for this has been Origin Ether (OETH). The protocol offers a liquid staking yield aggregator that has seen its total value locked (TVL) surpass $84 million within two months of its debut in the market.

Origin Ether has integrated with multiple DeFi dApps, including Lido, Rocket Pool, and Frax. This has added to its access across wallets, DEXs, yield farms and analytics pages.