NOV 27, 2023
(Alpha) Weekly Altcoin Review: Optimism ($OP)
by Crypto Alpha, BXVb7rtP5dwgpuKWx3S1B78sdwibsPstuowsyzjpU1jE
Crypto Alpha is dedicated to providing you with a weekly altcoin alpha, consistently delivering valuable insights and opportunities in the dynamic world of cryptocurrencies. Stay ahead of the curve with our expert analysis and recommendations, ensuring you have the knowledge and tools to make informed decisions in the ever-evolving crypto landscape.
We are OPtimistic, are you?
Optimism (OP) is one of the biggest scaling solutions for Ethereum with over $500 million in TVL (Total Value Locked). $OP is a powerhouse that shelters approximately one hundred protocols, the biggest of them are Synthetix (SNX), a derivatives exchange, Uniswap (UNI), a DEX, and Velodrome (VELO), an Automatic Market Maker (AMM). This is clearly a very efficient, functional, and high-value blockchain, that is being utilized day in and day out for DEFI (Decentralized Finance) and other activities. We are quite OPtimistic that this project could rally to new highs if the crypto market continues to hold its bullish bias.
What is OPtimism?
OPtimism (OP) is a layer 2 scaling solution for Ethereum that can support all Ethereum applications. It utilizes optimistic roll-up technology to group batches of transactions to save on gas fees. $OP is its native token primarily used for governing the protocol. If you are interested in knowing more about this project or its past performance, click (Optimism price today, OP to USD live price, marketcap and chart | CoinMarketCap ).
Why are we OPtimistic?
OPtimism (OP) has been parabolic to the upside in the last 30 days, printing over 60% in return, boosting the confidence of the bulls to hold further for more potential returns. Price reacted to the resistance at $1.90, although a significant amount of $OP token was unlocked which totals about 24.16 million $OP which was an allocation to early investors and contributors. This event occurred on the 30th of October, which may stunt any further parabolic movement to the upside temporarily. Nonetheless, this is a token with good utility that will not only stand the test of time but contribute to crypto adoption all over the globe.
Please stay tuned for our comprehensive writeup on OP, as we prepare to show you the intricacies of the OPtimisim Blockchain and why it should be considered as an alpha come Bullrun.
Let’s get into the charts!
High Levels of OPtimism?
To continue reading this piece you'll need to support the author by logging in and connecting a wallet and locking ACS with them. By having an locked at least the minimum of 1,000 ACS locked, you'll be able to continue reading this piece.