An Ethereum (ETH) scaling altcoin is surging in price while crypto markets continue to trade sideways on the day.
Optimism (OP), the layer-2 (L2) scaling solution for Ethereum, exploded in price by 78% in the past week, reflecting a general upward trend in crypto over the last seven days.
The OP native token soared from a low of $0.64 last week to a high of $1.14 this week. At time of writing, OP has retraced to $1.09 and has a market cap of $234.7 million.
Coinbase, the top US crypto change, listed OP for trading on May 31. With the announcement, OP soared from $0.79 to $1.92, a 143% increase.
Optimism’s price leap appeared to coincide with the upswing of the overall crypto market. Bitcoin (BTC) shot to a high of $21,013 this week from a low five days prior to $18,696, a 12% increase. At time of writing, Bitcoin is changing hands at $20,540. Ethereum increased from last week’s low of $1,255 to a high this week of $1,595, a 27% increase.
The price increase also followed Optimism’s announcement of “an eventful week.”
“Well nerds, it’s been a very eventful week here at Optimism! There’s a lot to get you caught up on, so let’s jump right into this week’s recap. First, we announced the OP Stack: a set of modular components ready to assemble into custom chains to fit any use-case.”
Optimism says they are a less expensive and more efficient blockchain for apps to operate on.
“Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers. Built as a minimal extension to existing Ethereum software, Optimism’s EVM-equivalent architecture scales your Ethereum apps without surprises. If it works on Ethereum, it works on Optimism at a fraction of the cost.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Quardia