Connect with us


Here’s where Optimism and OP are ahead of Bedrock’s release



Source: Unsplash

  • OP’s price registered an uptick and was one of the top gainers over the last 24 hours
  • On-chain metrics and market indicators supported the market’s bears too 

Optimism [OP] recently released a new update for its Goerli nodes. According to the said update, all nodes should be updated by 17 March before the Goerli Regolith hard fork happens.

How much are 1,10,100 OPs worth today

An update ahead of Bedrock 

The aforementioned update went on to say that the Regolith upgrade, named after a material best described as “deposited dust on top of a layer of bedrock,” implements minor changes to deposit processing. The upgrade was built based on data collected from the Sherlock Audit contest and findings made in the Bedrock Optimism Goerli testnet.

In fact, the new Regolith upgrade uses a L2 block-timestamp activation-rule and is specified in both the rollup-node and execution engine.

OP in the limelight

Here, it is interesting to note that while this upgrade was pushed, OP’s price also went up. As its price went up, OP made it to the list of the top gainers in the last 24 hours, something that caught the attention of many.  

However, the bull run was short-lived as, at the time of writing, OP’s growth momentum seemed to have slowed down. In fact, as per CoinMarketCap, OP’s price hiked by 1.83% over the last 24 hours and at press time, was trading at $2.44 with a market capitalization of more than $767 million. 

Bears continue to contribute

A look at OP’s daily chart suggested that several indicators have favoured the bears lately. For instance, OP’s Chaikin Money Flow (CMF) declined considerably. OP’s Relative Strength Index (RSI) was also resting below the neutral level – A major bearish signal.

The Money Flow Index (MFI), on the other hand, reacted differently as it registered an uptick. This suggested that OP could continue its price pump.

Source: TradingView

Realistic or not, here’s OP market cap in BTC‘s terms

Optimism’s key metrics declined too

Token Terminal’s data revealed that Optimism’s revenue fell significantly over the last seven days. The same trend was true for active addresses, which also went down on the charts. 

Source: Token Terminal

The decline in active addresses also affected OP network growth by pushing it down. As network growth reflects the amount of new addresses that transferred a given token for the first time, a decline in it represents decreased adoption and usage.

Surprisingly, despite pushing a new network upgrade, OP’s development activity plummeted. Also, OP’s one-week price volatility decreased over the last few days. This should minimize the chances of an unprecedented price surge in the coming days.

Source: Santiment

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.