The price of optimism recorded a 25% jump after opening at $1.9890. The OP/USD pair is currently trading at $1.9510 with a high of $2.2150 and a low of $1.9390. The current Optimism price movement is adrift when it comes to the Ethereum Layer-2 protocol.
It uses cumulative packages that enable faster and cheaper Ethereum transactions. Protocol OP Labs of Optimism announced this week that the scheduled upgrade will happen in the fourth quarter of 2022. And when it does, it will be a game changer.
OP jumped 11.43% early Friday and sentiment suggests it will rise further. But the coin couldn’t hold on and dropped 1.59% overnight. As the demand for optimism increases, the bullish recovery of the coin also continues.
The cost of OP rose to $2.2, the highest since June 1, 2022. The coin is currently valued at $500 million, up over 421% from its all-time low.
What is optimism?
Optimism has a very ambitious goal as it aims to solve many of Ethereum’s problems. It aims to speed up as well as reduce the cost of Ethereum transactions through optimistic rollup. When developing second-layer solutions focused on Ethereum, the network strives to make it minimal.
Optimism wants to dispel complexity and speed up Ethereum transactions. The Optimism Foundation leads the project and manages the OP token, which is used to vote on governance proposals.
On July 25, OP Labs launched Drippie, native to Ethereum, which aims to solve many problems related to blockchain automation.
Optimism sees surge in investor interest
The price of optimism is rising due to increased investor interest and positive sentiment about the restoration of the network. Moreover, his TVL is also aiming for a new high, and there is also an increased Fear of Missing Opportunity (FOMO).
Many people are optimistic that bull run will continue, especially after it jumped more than 400%. Investors are waiting for the next ATH or price increase. What’s more, buyers are also thrilled that Optimism is outperforming Polygon, whose TVL is currently in excess of $1 billion.
The OP/USDT pair is starting to recover, rising above 38.2% after the Fibonacci retracement level of $1.389. The pair is currently trading at $1.891 with resistance at $1.700. A drop below that number will reinforce the selling trend until it hits $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
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