Optimism (OP) price spikes after Coinbase news

  • Optimism token’s OP rose 16% after Coinbase announced the launch of its L2 platform on the OP stack.
  • OP price hits all-time high of $3.10 on Coinbase, not far from all-time high of $3.19.
  • OP token gains pale in comparison to Coinbase’s L2 Base unrelated token BASE’s staggering 250% spike.

Optimistic prices surged by double digits on Thursday after crypto exchange Coinbase announced Launched Base, a layer 2 network on Ethereum.

Similar to Arbitrum, Optimism is a L2 network that uses Optimistic Rollups to increase transaction speeds and reduce gas bills. Its scalable blockchain makes him one of the top chains in the Ethereum ecosystem.

Optimistic Price Surges 16% On Coinbase News

Sentiment across the OP community turned bullish as reactions to the Coinbase news boosted the OP token.

According to Coinbase, Base is a “Safe, low cost and developer friendlyA platform for people to create, deploy, or operate decentralized apps. The goal of the project is to bring the next billion people into the crypto space, said the digital asset platform.

Base is built on Optimism’s OP stack, Coinbase announced.

While the news saw another unrelated cryptocurrency called Base Protocol surge over 250% amid speculation, Optimism’s price also jumped. However, the native token OP did not rip as much as BASE, and its price on Coinbase rose by about 16%.

OP has crossed $3.00 on most major exchanges that support cryptocurrencies, including $3.10 on Coinbase.

Coinbase’s OP/USD price chart. sauce: TradingView

Market activity has also been brisk, with trading volume increasing nearly 90% in the past 24 hours to over $733 million, according to CoinGecko data. Alongside the surge in buy-side volume is a bullish reversal in the Relative Strength Index, which is pointing upwards to suggest the bulls are in control.

The optimistic price hit an all-time high of $3.19 in early February of this year. With a positive technical outlook in place, the OP/USD could reach a new ATH.

Cryptocurrency trader and analyst Horn Hairs said that would likely be the case if Bitcoin and Ethereum prices break out of key resistance zones.

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