• Coinbase announced the launch of its L2 platform on OP stack, causing the Optimism token (OP) to surge 16% and reach highs of $3.10.
• Base Protocol, an unrelated cryptocurrency, saw a staggering 250% spike as speculation rose.
• With trading volume up nearly 90%, Optimism price could go on to hit a new all-time high of $3.19.
Coinbase Launches L2 Platform on OP Stack
Coinbase recently announced the launch of its Layer-2 network Base on Optimism’s OP stack, causing the Optimism token (OP) price to surge 16%. As a result of this news, OP reached highs of $3.10 on Coinbase, not far from its all-time high of $3.19. On the flip side, Base Protocol – an unrelated cryptocurrency – saw a staggering 250% spike amid speculation after this announcement was made.
Bullish Sentiment Across OP Community
Reaction to Coinbase’s news pushed optimism higher among the community surrounding OP token, leading to bullish sentiment across the board. According to Coinbase, Base will offer „a secure, low-cost and developer-friendly“ platform for people to create or interact with decentralized apps in order to onboard more people into the cryptospace overall.
Increased Trading Volume and Bullish Technical Outlook
With increased market activity due to this news, data from CoinGecko showed that trading volume rose nearly 90% in the past 24 hours alone with over $733 million in buyside volume recorded; this is indicative of bullishness amongst traders as well as investors in OP token given that it is usually associated with buying pressure when trading volume rises significantly like this time around. Additionally, technical indicators such as relative strength index also upturned which further corroborates bullishness within the market regarding Optimism’s outlook going forward.
All Time High ATH Within Reach?
Optimism price reached its all-time high (ATH) at $3.19 back in early February 2021 and given the current positive outlook that has been seen across multiple metrics since then it seems likely that Optimism will be able to reach and possibly beat its ATH soon again if these trends continue in a similar manner going forward too.
In conclusion, Coinbase recently announced their launch of their Layer 2 network Base running on top of Optimistic Rollups technology provided by Optimism’s OP stack which subsequently caused Optmimsm’s native token (OP) price to surge 16%. This increase was much smaller than what was seen amongst other cryptocurrencies such as BASE which jumped by more than 250%, but nevertheless trading volumes still increased significantly which is often seen as a sign for potential future growth within any asset class including digital assets such as cryptocurrencies too; additionally technical indicators have also upturned towards bullishness too so it looks like there’s good potential for Optmimsm’s price reaching new heights soon too!