- Optimism token OP rose 16% after Coinbase introduced the launch of its L2 platform on OP stack.
- OP value hit highs of $3.10 on Coinbase, not removed from its all-time excessive of $3.19.
- Positive aspects for the OP token paled compared to the staggering 250% spike for BASE, a token unrelated to Coinbase’s L2 Base.
Optimism value surged double digits on Thursday after cryptocurrency change 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 among the prime chains within the Ethereum ecosystem.
Optimism value surges 16% on Coinbase information
Sentiment throughout the OP group flipped bullish as response to Coinbase information pushed OP token larger.
In accordance with Coinbase, Base will supply “a safe, low-cost and developer-friendly” platform for individuals to create, deploy or work together with decentralized apps. The challenge’s aim is to onboard the following 1 billion or extra individuals into the crypto house, the digital asset platform famous.
Base is constructed on Optimism’s OP stack, Coinbase introduced.
Whereas the information noticed one other unrelated cryptocurrency referred to as Base Protocol spike greater than 250% amid hypothesis, the worth of Optimism additionally jumped. Nonetheless, the native token OP didn’t rip as a lot as BASE did, with its value 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 value chart on Coinbase. Supply: TradingView
Market exercise was additionally up, with knowledge from CoinGecko exhibiting buying and selling quantity rose almost 90% prior to now 24 hours to over $733 million. Alongside the spike in buyside quantity is the bullish flip of the relative power index, which is upturned to counsel bulls are in management.
Optimism value reached its all-time excessive of $3.19 in early February this 12 months, and with a constructive technical outlook in place, it’s doubtless OP/USD may 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 day by day RSI reset at 50 and reclaimed bullish MS… chain to learn probably the most from Coinbase announcement… ATH seems to be doubtless.
If BTC and ETH can break these huge resistance ranges I anticipate it to proceed to guide. pic.twitter.com/rTlLy0nJXZ
— HornHairs 🌊 (@CryptoHornHairs) February 23, 2023
