Optimism Price Bloats 25% – OP Seen Ballooning In Coming Days


Share post:

Optimism price registered a spike of 25% after its opening at $1.9890. The OP/USD pair currently trades at $1.9510, with a high of $2.2150 and a low of $1.9390.  The current price movement of Optimism is going with the flow as far as the Ethereum layer-2 protocol is concerned.

It makes use of rollups that enable quicker and low-cost Ethereum transactions. OP Labs of Optimism protocol has announced this week that the planned update will happen this quarter 4 of 2022. And when that happens, this will be a game-changer.

Early Friday, OP has spiked by 11.43% and the sentiments show that it will escalate further. But, the coin was not able to keep up and dropped by 1.59% overnight. As the demand for Optimism increases, the coin’s bullish recovery also continues.

The value of OP has risen to $2.2 which is the highest it has been since June 1, 2022. At present, the coin is now valued at $500 million as it increased by more than 421% from its all-time low.

What Is Optimism?

Optimism has a very ambitious goal as it seeks to solve a lot of Ethereum’s issues. It aims to speed up and also lower the costs of Ethereum transactions by enabling optimistic rollup. In the development of layer-two solutions geared for Ethereum, the network is looking to keep it minimal.

Optimism wants to dispel the complexity and speed up Ethereum transactions. The Optimism Foundation is on top of the project and governs the OP token that is used for voting on governance proposals.

On July 25, OP Labs launched Drippie that is native to Ethereum that aims to solve many pain points when it comes to blockchain automations.

Chart: TradingView.com

Optimism Sees Spike In Investor Interest

Optimism price is on a surge due to the increase in investor interest and positive sentiment around the network’s recovery. More so, its TVL has also targeted a new high and there is also that increased fear of missing out (FOMO).

Many people are optimistic that the bull run will continue especially after it has spiked by more than 400%. Investors are looking for another ATH or a price increase. More so, buyers are also excited with Optimism outpacing Polygon which currently has a TVL of more than $1 billion.

The OP/USDT pair is beginning to recover as it skyrocketed above 38.2% following the Fibonacci retracement level that stretches at $1.389. Currently, the pair is trading at $1.891 and resistance at $1.700. A dip below this figure will pump up the selling trend until it reaches $1.389.

Crypto total market cap at $1.07 trillion on the daily chart | Source: TradingView.com

Featured image from Crypto News, chart from TradingView.com

Original Source: https://www.newsbtc.com/news/optimism-price-bloats-25/

Author : Jet Encila

Related articles

Nasdaq Targets Mid 2023 For Crypto Custody Launch

Nasdaq Inc., one of the world’s leading financial institutions and the company behind the popular Nasdaq Stock Exchange,...

Dogecoin: Libdogecoin Update Released For DOGE

Dogecoin (DOGE), the beloved internet meme-turned-cryptocurrency, has once again caught the attention of crypto enthusiasts worldwide. This time,...

IMMUTABLE X (IMX) Sees Slow Growth as Price Struggles

Immutable X reclaimed $1.50 for the first time since May 2022 crypto crash. On-chain metrics show that declining...

Crypto-friendly Custodia Bank Faces Setback As Fed Denies Application For Supervision

The Crypto-friendly Custodia bank, founded by Caitlin Long, a well-known figure in the crypto industry, has been denied...