The worth of the Optimism token, OP, reached the $1.3 mark for the primary time since November 2022, when the insolvency of crypto change FTX led to a market crash. On the best way to the native prime, OP has proven an increase of 27% within the final 4 days, and within the final eight days, this rise has been as large as 40%.

What are causes for this OP efficiency?

Optimism’s current successes on the cryptocurrency market will not be restricted to the expansion of the native token forward of the market, but additionally to the achievements of the community itself.

So, demand for Optimism as a Layer 2 resolution for Ethereum was clearly demonstrated by setting a every day transaction document, 690,700, and by the corresponding investor curiosity within the token of this much-sought-after community. In line with Token Terminal, the surge in exercise on the Optimism community resulted in a 42.81% improve in charges collected and a 71.38% improve in protocol income.

One other key motive for the rise in OP quotations is a form of post-Santa rally that all of a sudden emerged on the crypto market within the first weeks of the brand new yr. The combo of Bitcoin’s declining dominance and nailed down altcoin costs has offered a form of respite for the market through the ongoing crypto winter.