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While the price of Ethereum (ETH), which scales altcoins, has surged, the crypto market continues to trade flat for the day.
Ethereum’s Layer 2 (L2) scaling solution, Optimism (OP), surged 78% in price last week, reflecting the cryptocurrency’s overall upward trend over the past seven days.
The OP native token surged from last week’s low of $0.64 to this week’s high of $1.14. At the time of writing, the OP is back at $1.09 with a market cap of $234.7 million.
On May 31, US cryptocurrency leader Coinbase listed OP. The announcement caused the OP to surge from $0.79 to $1.92, a 143% increase.
The optimistic price spike appeared to coincide with the overall rise in the cryptocurrency market. Bitcoin (BTC) surged 12% this week from his five-day low of $18,696 to his high of $21,013. Bitcoin is trading at $20,540 at the time of writing. Ethereum has risen 27% from last week’s low of $1,255 to this week’s high of $1,595.
Rising prices also followed optimism publication of “an eventful week”.
Geeks, it’s been a very eventful week here at Optimism! It’s a set of modular components ready to be assembled into custom chains to fit your use case.”
optimism To tell A cheap and efficient blockchain for apps to work on.
Optimism is a fast, stable, and scalable L2 blockchain built by Ethereum developers for Ethereum developers. It scales Ethereum apps without surprises: if it works on Ethereum, it will work on Optimism at a fraction of the cost.
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Featured Image: Shutterstock/Quardia
