What is making Optimism crypto rally?

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What is making Optimism crypto rally?

 What is making Optimism crypto rally?
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Highlights

  • Optimism crypto on 4 August as it witnessed a gain of over 16% and a volume gain of 91% at 11:25 AM (GMT+1), according to CoinMarketCap.
  • The Optimism rally is mainly on the back of the news of its Bedrock upgrade, which is expected to revitalise the protocol and serve as the model for rollup architecture.
  • This unique token on Thursday was trading at US$2.01 with a trading volume of US $88,70,24,486 in the past 24 hours, according to CoinMarketCap. 

Ethereum Layer-2 scaling solution, Optimism (OP) crypto, has recently been on a bullish trend. The OP crypto over the past month or so has seen a rally of over 254% and over 89% over the past week itself. The momentum seems to continue even on 4 August as it witnessed a gain of over 16% and a volume gain of 91% at 11:25 AM (GMT+1), according to CoinMarketCap. 

Optimism crypto takes advantage of the superior security of the Ethereum mainnet thereby allowing OP crypto to scale up its operations. Through this feature, the OP crypto can also ensure that all the transactions done on the Optimism protocol are in a trustless and secured manner. Optimism is designed to maximise its potential from the consensus mechanism of Ethereum in order to scale the network. Layer-2 doesn't have any mempool, allowing the transactions to be finalised.  

Why is Optimism crypto rallying?  

The Optimism rally is mainly on the back of the news of its Bedrock upgrade, which is expected to revitalise the protocol and serve as the model for rollup architecture. 

The Bedrock announcement, announced earlier this year, is dubbed one of the fastest and most advanced rollup architecture. The upgrade would allow Optimism crypto to function as a four-fold mechanism which would reduce the deposits from Layer 1 to Layer 2. This has had an impact on the market performance, as well as it was witnessing an upward swing on Thursday. 

Image credit: Trading View 

The development has pushed Optimism crypto's momentum upwards. The MACD of the Optimism indicator showed the MACD line creating a significant gap between the signal line. With the momentum getting more robust, it will be interesting to see for how long optimism crypto can maintain this run.  

Even from the RSI perspective, the recent rallies have brought market interest, with the RSI standing at 72.09 at the time of writing.  

How is Optimism crypto faring?  

This unique token on Thursday was trading at US$2.01 with a trading volume of US $88,70,24,486 in the past 24 hours, according to CoinMarketCap. The crypto was enjoying a market cap of US$ $47,11,76,130 with 23,47,48,364 OP coins in circulation.  

While the rallies have been pretty impressive, market participants would do well to ensure that they do their market research properly. It's pivotal that they do this because any decision taken without doing research may result in financial losses. 

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Ethereum Layer-2 scaling solution, Optimism (OP) crypto, has recently been on a bullish trend. The OP crypto over the past month or so has seen a rally of over 254% and over 89% over the past week itself. The momentum seems to continue even on 4 August as it witnessed a gain of over 16% and a volume gain of 91% at 11:25 AM (GMT+1), according to CoinMarketCap. 

Optimism crypto takes advantage of the superior security of the Ethereum mainnet thereby allowing OP crypto to scale up its operations. Through this feature, the OP crypto can also ensure that all the transactions done on the Optimism protocol are in a trustless and secured manner. Optimism is designed to maximise its potential from the consensus mechanism of Ethereum in order to scale the network. Layer-2 doesn't have any mempool, allowing the transactions to be finalised.  

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