- OP’s charges and income went down over the previous couple of days.
- Its value motion was bullish, as had been a number of of the on-chain metrics.
After a drop, Optimism [OP] as soon as once more grew to become the L2 market chief, beating Ethereum [ETH] in a key metric. The metric not solely put OP on the prime of the leaderboard but in addition recommended that L2’s adoption and community exercise had been once more choosing up tempo.
Learn Optimism’s [OP] Worth Prediction 2023-24
Whereas Optimism outshined others when it comes to community exercise, its value motion additionally seemed fairly promising.
Optimism is getting again on monitor
After a dip, Intotheblock’s latest tweet revealed that optimism as soon as once more grew to become the highest LE on Ethereum when it comes to lively addresses. This clearly revealed that the L2 witnessed a surge in utilization over the previous few days.
Optimism retook the lead as Ethereum Layer 2 this week with probably the most lively addresses.
🔗https://t.co/7K38CEsn33 pic.twitter.com/Y7Lz9wlG5v— IntoTheBlock (@intotheblock) October 29, 2023
Nevertheless, it was fascinating to notice that whereas OP’s lively addresses elevated, its day by day transactions selected to maneuver the opposite approach round. This was evident from Artemis’ knowledge, which identified that OP’s day by day transaction depend dropped during the last week.
Other than transactions, OP’s charges and income additionally moved southward within the latest previous, which seemed regarding.
Supply: Artemis
Curiously, although OP appeared to have been choosing up tempo when it comes to lively addresses, it continued to be behind one in all its main opponents, Arbitrum [ARB].
Notably, Artemis’ knowledge revealed that each ARB’s lively addresses and day by day transactions remained comparatively larger than these of OP. The same development was additionally seen when it comes to their DEX quantity.
Supply: Artemis
Optimism bulls are performing nicely
Whereas this occurred, OP’s value motion turned bullish due to the bullish market situation. As per CoinMarketCap, OP was up by greater than 7% over the previous week. In truth, in simply the final 24 hours, OP’s value surged by over 2%.
On the time of writing, it was buying and selling at $1.40 with a market capitalization of over $1.2 billion. A attainable purpose behind this might be OP’s improve in MVRV ratio over the previous couple of days.
Its community development additionally remained excessive, that means that extra new addresses had been created to commerce the token.
Sensible or not, right here’s OP’s market cap in BTC’s phrases
One other optimistic metric was Optimism’s Growth Exercise, which rose. This recommended that builders had been placing extra effort into bettering the blockchain.
Surprisingly, regardless of a hike in value, OP’s Worth Volatility 1w dropped within the latest previous. Its Social Quantity additionally fell, that means that its reputation within the crypto house declined during the last week.
Supply: Santiment
