The Optimism market saw a 25% increase in price after it opened at $1.9890. Current OP/USD trades at $1.9510 with a maximum of $2.2150 but a minimum of $1.9390. With respect to the Ethereum layer-2 protocol, the current price movements of Optimism are in line with the market.
Rollups are used to enable faster and cheaper Ethereum transactions. OP Labs of Optimism has revealed this week that the update is scheduled for quarter 4, 2022. It will make a huge difference.
Early Friday saw OP spike by 11.43%. The sentiments indicate that the price will continue to climb. The coin fell 1.59% overnight, but it was unable keep up. As the demand for Optimism increases, the coin’s bullish recovery also continues.
The value of OP rose to $2.2, which marks its highest point since June 1, 20,22. The current coin value stands at $500,000,000. This is an impressive increase of 421% over its original low.
What is Optimism and How Does It Work?
Optimism has a very ambitious goal as it seeks to solve a lot of Ethereum’s issues. This network enables optimistic rollup to increase speed and reduce costs in Ethereum transactions. The network strives to make layer-two solutions that are optimized for Ethereum as simple and efficient as possible.
Optimism hopes to reduce the complexity of Ethereum transactions and increase speed. The Optimism Foundation oversees the project. It governs the OP token, which is used to vote on proposals for governance.
Drippie was released by OP Labs July 25th. It is natively Ethereum and aims to address many of the problems associated with blockchain automations.
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. Even more, the TVL of the network has reached an all-time high. There is also increased FOMO (fear of missing out).
People are hopeful that there will be no recession. Bull runIt will remain strong, especially since it has risen by over 400%. Investors want another ATH and a price rise. Buyers are even more excited by Optimism surpassing Polygon, which has a TVL greater than $1B.
As the Fibonacci retracement level of $1.389 was reached, 38.2% has been seen in the OP/USDT currency pair. The pair currently trades at $1.891 with resistance at $1.700. If the price falls below $1.700, it will increase the selling momentum until it reaches $1.389.
The daily market capitalization of crypto is $1.07 trillion | Source: TradingView.com Featured Image from Crypto News. Chart from TradingView.com