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- Optimism token OP rose 16% after Coinbase introduced the launch of its L2 platform on OP stack.
- OP worth hit highs of $3.10 on Coinbase, not removed from its all-time excessive of $3.19.
- Good points for the OP token paled compared to the staggering 250% spike for BASE, a token unrelated to Coinbase’s L2 Base.
Optimism worth surged double digits on Thursday after cryptocurrency alternate Coinbase introduced it had launched Base, an Ethereum Layer-2 community.
Like Arbitrum, Optimism is a L2 community that makes use of Optimistic Rollups to extend transaction pace and cut back fuel charges. Its scalable blockchain is likely one of the high chains within the Ethereum ecosystem.
Optimism worth surges 16% on Coinbase information
Sentiment throughout the OP group flipped bullish as response to Coinbase information pushed OP token increased.
In line with Coinbase, Base will provide “a safe, low-cost and developer-friendly” platform for folks to create, deploy or work together with decentralized apps. The challenge’s aim is to onboard the subsequent 1 billion or extra folks into the crypto area, the digital asset platform famous.
Base is constructed on Optimism’s OP stack, Coinbase introduced.
Whereas the information noticed one other unrelated cryptocurrency known as Base Protocol spike greater than 250% amid hypothesis, the value of Optimism additionally jumped. Nonetheless, the native token OP didn’t rip as a lot as BASE did, with its worth hovering roughly 16% on Coinbase.
OP surged to above $3.00 on most main exchanges that assist the cryptocurrency, together with $3.10 on Coinbase.
OP/USD worth chart on Coinbase. Supply: TradingView
Market exercise was additionally up, with knowledge from CoinGecko displaying buying and selling quantity rose practically 90% previously 24 hours to over $733 million. Alongside the spike in buyside quantity is the bullish flip of the relative energy index, which is upturned to recommend bulls are in management.
Optimism worth reached its all-time excessive of $3.19 in early February this 12 months, and with a optimistic technical outlook in place, it’s doubtless OP/USD might go on to hit a brand new ATH.
Crypto dealer and analyst HornHairs says that is doubtless if Bitcoin and Ethereum costs break above key resistance zones.
$OP every day RSI reset at 50 and reclaimed bullish MS… chain to profit probably the most from Coinbase announcement… ATH seems doubtless.
If BTC and ETH can break these huge resistance ranges I anticipate it to proceed to steer. pic.twitter.com/rTlLy0nJXZ
— HornHairs 🌊 (@CryptoHornHairs) February 23, 2023