Connect with us
Active Currencies 14908
Market Cap $2,458,995,116,222.70
Bitcoin Share 51.20%
24h Market Cap Change $-1.25

Optimism breaks the $4 barrier as it drags all holders into profit

2min Read

All Optimism addresses were in a profitable state at press time for the first time in history.

Optimism breaks the $4 barrier as it drags all holders into profit

Share this article

  • 1.06 million addresses holding OP are now holding at a profit.
  • OP volume goes over $1 billion for the second day.

Many cryptocurrencies have recently reached record highs. Optimism [OP] has also experienced an all-time high in the number of profit holders. In addition to the increase in profit supply, various key metrics have surged in the last 24 hours.

Optimism addresses go green

According to data from IntoTheBlock, all Optimism addresses were in a profitable state for the first time in history.

As of 5th March, a post from the data site revealed that 1.06 million addresses, constituting 100% of OP holders, were profitable. This implied that all addresses holding OP at various price levels could now capitalize on their investments. 

Optimism supply in profit

Source: Santiment

Further analysis of Santiment data showed that the total OP supply in profit approached 4.3 billion at the time of this report, indicating a nearly 99.9% share of the overall supply.

Examining the chart revealed a significant surge in the total supply in profit around November, and this upward trend has persisted, reaching the current historic high.

Optimism sees 100% 24-hour volume increase

A detailed analysis of Optimism’s volume revealed a record-setting performance on 5th March. The volume chart displayed a peak of $1.26 billion that day, marking the highest volume in months.

The last notable surge occurred in July, reaching $1.4 billion. However, at the time of this writing, the volume had continued to rise, reaching around $1.28 billion. 

Optimism volume

Source: Santiment

Notably, this marked the first time Optimism experienced consecutive volumes exceeding $1.2 billion in months, indicating a significant surge.

According to CoinMarketCap, the volume has witnessed a remarkable increase of over 100% in the last 24 hours.

OP breaks into $4 price range

An analysis of Optimism on a daily timeframe provides insights into why all addresses moved into profit.

On 5th March, the end-of-day trading saw OP surge by 15.43%, closing at over $4.5. This marked a notable daily increase, which had not been seen since December when OP experienced a surge of over 37% on 22nd December and over 14% on 27th December. 

Optimism price trend

Source: Trading View

Furthermore, at the time of this writing, OP was trading at around $4.4, reflecting a slight 0.8% decline in value.

Despite this dip, it maintained a strong bull trend, as evidenced by its Relative Strength Index (RSI) approaching 70 at the time of this writing.


 How much are 1,10,100 OPs worth today


Optimism buyers become more aggressive

On 5th March, Optimism buyers demonstrated heightened activity, as indicated by data from Coinglass. An examination of the OP funding rate showed a significant spike, reaching its highest level in over seven months at around 0.18%.

However, the funding rate has receded at the time of this writing. This suggests reduced buyer aggression, with the rate now around 0.02%.

Share

Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.