Optimism (OP) Soars Above $3 on Coinbase News, BTC Choppy at $24K: Market Watch

By akohad Feb24,2023


Bitcoin continues with its indecisive price performance and its inability to successfully overcome $24,000 as it sits inches below that level right now.

Most altcoins are also slightly in the red today, with the most notable losses coming from Avalanche, VeChain, MATIC, Polkadot, and others.

Bitcoin Beneath $24K

The primary cryptocurrency went through a rollercoaster at the end of last week, surging from $21,500 to above $25,000 in a day before retracing by $1,500 in hours. It initiated two more attempts to overcome $25,000 but was stopped in its tracks both times.

The second rejection, which came at the start of this working week, saw BTC slipping to $23,500 once again. However, bitcoin bounced off rather immediately and spiked to over $24,500 yesterday.

As concerning news regarding certain accounts on Binance’s Australian branch came out, the cryptocurrency fell once again by around $1,000.

It has reclaimed some ground now but still struggles beneath $24,000. Its market cap has declined to $460 billion, and its dominance over the altcoins has taken a slight hit and is down to 42.2%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

OP Soars Above $3

Perhaps the most significant news in the cryptocurrency space from yesterday was the launch of a layer-2 ETH network from Coinbase. The largest US-based exchange tapped Optimism for its new service, which had an immediate effect on the latter’s native token.

OP shot up by 6% minutes after the news broke and kept climbing in the following hours. As such, it broke above $3 and tapped a multi-week high at $3.2.

OP is among the very few altcoins in the green today. The rest of the market stands in the opposite corner. Ethereum, Binance Coin, Ripple, OKB, Dogecoin, Shiba Inu, Litecoin, and Tron have all lost up to 2% of value on a daily scale.

MATIC, Cardano, Polkadot, Avalanche, Lido, NEAR, and VET have declined by somewhere between 3% and 7% in a day.

The total crypto market cap has shed around $20 billion in a day and sits slightly below $1.1 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.


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By akohad

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