Circle CEO Jeremy Allaire has expressed unprecedented optimism about the future of crypto, highlighting its transformative potential. “I have been building Circle for over 11 years, and at no time have I been more optimistic than right now,” he emphasized. The executive envisions a future where digital tokens, smart contracts, and decentralized governance revolutionize finance […]
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Optimism Activates Fault-Proofs On Mainnet, OP Is Down 55% In 3 Months
In a major milestone for Ethereum and layer-2s, Optimism, a layer-2 scaling platform for the second most valuable network, has announced the activation of open source and permissionless fault proofs.
Even though the platform manages over billion of assets, according to L2Beat, Optimism, like most optimistic rollups, lacked a way of trustlessly verifying transactions. It relied on a centralized sequencer and fraud-proof system for this function.
Optimism Activates Trustless Fraud-Proof System
Activating the open-source fault-proof system is crucial to creating a more decentralized and secure future for the Optimism ecosystem. Overall, fault proofs are a critical component, allowing users to verify the validity of all offchain transactions.
Most importantly, it allows users to challenge any fraudulent activity on Optimism, creating a safeguard against unauthorized withdrawals, for example, and much more.
In a post, Optimism Labs said the layer-2 platform relied on a centralized system. Here, the Optimism Security Council held the power to initiate withdrawals.
However, the platform eliminates this dependency with trustless fault proof in place. This means that any user can withdraw tokens without the council intervening. The power move is huge for the community and decentralization.
Even so, to ensure the safe implementation of this fault-proof system, the Optimism Security Council will still have the power, at least temporarily, to intervene in cases of critical failures. This decision means Optimism will continue to operate securely as it decentralizes gradually.
Eventually, the platform plans to release a “multi-proof nirvana” that is open-source and modular, possibly including zero-knowledge proofs. This will go beyond the current “Cannon” system.
Buterin Acknowledgement, But Why Is OP Crashing?
Vitalik Buterin, the co-founder of Ethereum, acknowledged this milestone, welcoming Optimism to the “club of stage 1+ L2s.” Nonetheless, the co-founder still needed more zero-knowledge proof-based layer-2 platforms to join the ranks.
Optimism is the second layer-2 platform after Arbitrum to announce the release of fault-proof systems, though both are still being tested. Dubbed the Bounded Liquidity Delay (BOLD), Arbitrum’s fraud-proof system was launched on Testnet early last month.
Despite this milestone, OP is firm but under pressure in the first half of June.
At spot rates, OP is down roughly 55% from March highs. With Ethereum and Bitcoin prices under pressure, the token could break May lows of .8 with eyes on .1.
PEPE Shows Persistent Bullish Strength As Market Optimism Grows
PEPE has been on a remarkable upward trajectory, showcasing significant bullish momentum that has caught the attention of traders and investors alike. This sustained uptrend suggests strong market confidence and growing optimism about the prospects of PEPE.
As the cryptocurrency continues to climb, market analysts are closely monitoring key indicators and trends to gauge how long this bullish phase might last and what potential heights PEPE could reach. In this analysis, we will dive into PEPE’s price prospects with the help of some technical indicators.
As of the time of writing, PEPE’s price was trading at around .00001531 and was up by 3.33% with a market capitalization of over .3 billion and a 24-hour trading volume of over .5 billion. Its market capitalization and trading volume are down by 3.51% and 26.3% respectively in the last 24 hours.
Technical View Of PEPE Price With Indicators
From the 4-hour time frame, the price of PEPE is still actively trading below the 100-day Simple Moving Average (SMA), which is a clear indication that it might be poised for a more bullish movement.
The 4-hour Moving Average Convergence Divergence (MACD) also signals that PEPE might move bullishly as the MACD histograms show signs of moving above the MACD zero line. In addition, although the MACD line and the MACD signal line are trending below the zero line, the MACD signal line is seen attempting to cross above the MACD line, suggesting that the price of PEPE might still move upward.
In the 1-day time frame, it can be observed that PEPE, after making a pullback is showing signs of undergoing a rally as it is dropping a daily bullish candlestick.
Although the 1-day MACD is giving a bearish signal as the MACD histograms have dropped below the MACD zero line and both the MACD line and the MACD signal line have crossed while still above the zero line, there is the possibility that the development might turn bullish again based on the price action in the 4-hour timeframe.
Future Prospects For The Meme Coin
Based on the previous price action of PEPE, it can be observed that a high of .00001731 and lows of .00001313, .00001152, and .00000888 have been created which are key points in determining its next destination.
If PEPE continues to move upward to the resistance level of .0001731 and breaks above it, it therefore means that it will move higher to create a new high.
However, if it fails to break above this resistance level, it will begin a downward move toward the .00001313 support level. Should the price break below this support level, it might move even further to test the .00001152 level and probably other levels on the chart.
Optimism Network Activity Metrics Approach Record Levels, Propelling OP 9% Higher
Layer 2 (L2) scaling solution Optimism reported a series of strong network metrics in the first quarter (Q1) 2024, with its native OP token surging 9% on the back of this bullish momentum.
Optimism Sees Higher Activity And Rising Transaction Fees
According to a recent Messari report, Optimism’s circulating market cap increased 11% quarter-over-quarter (QoQ) to .7 billion, while its fully diluted market cap rose 1% to .7 billion.
Despite the broader crypto market rally, with Bitcoin (BTC) and Ethereum (ETH) gaining 69% and 53% QoQ, respectively, OP’s market cap ranking slipped from 26th to 39th among all blockchain networks. However, within the Ethereum ecosystem, OP remains one of the top four rollups by market capitalization.
Driving this growth was a significant uptick in Optimism network activity. Daily active addresses reached 89,000 in Q1 2024, a 23% QoQ increase, while daily transactions surged 39% to 470,000 over the same period. These metrics approached, but did not quite reach, their all-time highs in Q3 2023.
The network’s revenue also saw a substantial 78% QoQ increase to million, driven by higher activity and a 48% rise in the average transaction fee to .42. However, this average fee dropped significantly in the latter half of March due to the implementation of Ethereum Improvement Proposal (EIP) 4844, which reduced L1 submission costs by 99%.
Total Value Locked Jumps 18% In Q1
Despite the fee reduction, Optimism’s on-chain profit for Q1 2024 increased 14% QoQ to million. The network’s Total Value Locked (TVL) also grew by 18% to .2 billion, though its TVL ranking among all networks fell to 11th place.
Within Optimism’s TVL, the DeFi sector dominated, accounting for 86% of active addresses. According to Messari, non-fungible token (NFT) applications and gaming followed with 6.9% and 6.7%, respectively.
TVL’s leading protocols included Synthetix (7 million, +4% QoQ), Aave (0 million, +52% QoQ), and Velodrome (1 million, +10% QoQ).
Optimism’s stablecoin market capitalization also grew significantly, reaching 9 million (+32% QoQ) by the end of Q1 2024. Circle’s USDC stablecoin and Tether’s USDT made up most of this, with USDT seeing a 64% QoQ surge to 2 million, or 63% of the total stablecoin market cap on Optimism.
OP Rebounds Alongside Crypto Market Resurgence
Despite Optimism’s strong performance across key metrics in Q1 2024, the network’s native token, OP, did not see a corresponding price increase at the end of Q1. Instead, OP followed the broader market downtrend, hitting an annual low of .80 just one month after hitting an all-time high of .84 in March.
However, OP has followed suit as the overall cryptocurrency market has seen a resurgence of bullish momentum in the past few days. In the past 24 hours, the token has recorded a 9% price increase and a 3% uptick in the past week, currently trading at .56.
Furthermore, CoinGecko data shows a 19% increase in OP’s trading volume over the past 48 hours, reaching 0 million.
While this renewed bullish sentiment is encouraging, OP still trades 46% below its all-time high and faces significant resistance levels soon before a potential retest of this milestone.
The first key resistance is at .65, followed by .90, which must be overcome before the token can push towards the .00 level. Conversely, the .34 support level has proven crucial and must be monitored closely in case of any bearish resurgence.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin Breaks Free: Emerging from Bearish Sentiment, Crypto Market Optimism Rises
Bitcoin price is up nearly 8% and it broke many hurdles. BTC is now consolidating gains and might correct in the short term toward ,000.
- Bitcoin started a strong increase and cleared the ,500 resistance zone.
- The price is trading above ,000 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at ,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct gains but the bulls might be active near ,000 and ,500.
Bitcoin Price Jumps 8%
Bitcoin price remained strong above the ,000 support zone. BTC formed a base and started a fresh increase above the ,000 level. There was a break above a key bearish trend line with resistance at ,500 on the hourly chart of the BTC/USD pair.
The pair rallied over 6% and broke many hurdles near the ,500 resistance. It even cleared the ,500 resistance. A new weekly high was formed at ,411 and the price is now consolidating gains.
It is holding gains above the 23.6% Fib retracement level of the recent wave from the ,073 swing low to the ,411 high. Bitcoin price is also trading above ,000 and the 100 hourly Simple moving average.
Immediate resistance is near the ,400 level. The first major resistance could be ,850. The next key resistance could be ,200. A clear move above the ,200 resistance might send the price higher. In the stated case, the price could rise and test the ,000 resistance.
If there is a close above the ,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward ,000.
Are Dips Limited In BTC?
If Bitcoin fails to climb above the ,400 resistance zone, it could start a downside correction. Immediate support on the downside is near the ,150 level.
The first major support is ,500. If there is a close below ,500, the price could start to drop toward ,500 or the 50% Fib retracement level of the recent wave from the ,073 swing low to the ,411 high. Any more losses might send the price toward the ,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,150, followed by ,500.
Major Resistance Levels – ,400, ,800, and ,200.
Optimism Stack Update: OP to Support Layer Three With Funding, Features, and Revenue Sharing
Ethereum scaling solution provider Optimism announced plans to enhance blockchain throughput by integrating Layer three applications on top of its OP Stack, aiming to foster a Superchain network where Layer threes can build and share revenue with the Optimism Collective. The OP Stack, an open standard codebase, extends its utility beyond Layer two deployers to […]
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Market Downturn? Not For Optimism: A16z’s Major OP Purchase Sends Price Skyrocketing By 9%
In a month marked by a challenging correction in the crypto market, Layer 2 (L2) blockchain protocol Optimism has emerged as a standout performer. Within the past 24 hours, Optimism’s native OP token skyrocketed by 9%, positioning it as the best-performing token among the top 100 cryptocurrencies.
Behind this surge lies venture capital firm a16z, which has reportedly invested around million in Optimism’s OP token, signaling further institutional support for the layer 2 protocol.
OP Receives Major Investment
Sources familiar with the matter have revealed to Unchained that a16z has acquired a significant stake in Optimism’s OP token.
The investment, which comes with a two-year vesting period, underscores a16z’s interest in the Layer 2 protocol and aligns with its growing involvement in crypto. Notably, a16z’s portfolio already includes crypto exchange Coinbase.
The investment by a16z comes amidst notable activity and growth within the Optimism ecosystem. Optimism’s OP Stack has experienced increased usage, further validating its value proposition. The protocol’s ability to increase scalability and reduce fees on the Ethereum blockchain has also garnered significant attention.
Optimism’s spokesperson expressed enthusiasm for the investment, acknowledging the energy and momentum surrounding the protocol. The partnership with a venture capital firm like a16z is expected to fuel further development and innovation within the Optimism ecosystem.
On March 7, the Optimism Foundation disclosed the sale of approximately 19.5 million OP tokens, valued at nearly million, to an undisclosed buyer.
These tokens were reportedly sourced from a 30% pool of OP’s original treasury, dedicated to the foundation’s working budget. Reports indicated that the buyer could delegate their tokens to third parties, enabling them to participate in Optimism’s governance.
The foundation clarified that, due to the private nature of the sale, specific details regarding the terms and purchaser were not disclosed.
Key Levels To Watch For Optimism
Despite the recent surge in the Optimism ecosystem and its native token OP, the token still trades well below its all-time high (ATH) reached on March 6, 2024, currently down over 47% from that level.
However, OP’s trading volume has experienced a notable surge, indicating continued interest in the token. According to CoinGecko data, the OP trading volume has increased by over 113% compared to the previous trading day on April 30, amounting to nearly 0 billion in 24 hours.
Key levels to monitor for the token soon include OP’s significant resistance at the .62 price mark and a potential retest of the zone.
However, a clear indication of a positive trend for the Optimism token would require a successful consolidation above the .92 zone, marking the end of the month-and-a-half downtrend structure.
Conversely, the .37 zone has proven to be a crucial support level for OP, as it has held for the past five days and prevented further price decline for the token.
Digging deeper, the .25 mark is also a key support, with the most critical support level at .11. This level holds the key to Optimism’s macro bullish structure, as it initiated the token’s current uptrend.
Featured image from Shutterstock, chart from TradingView.com
Optimism Soars By 17% Despite Recent Security Revelations
Optimism (OP) has grabbed investors’ attention in the last day following an intriguing positive price performance. Interestingly, OP’s market gain has occurred following a recent disclosure of certain security flaws associated with the popular layer-2 platform.
OP Bounces Back Amidst Optimism Security Concerns
On April 26, Offchain Labs, the initial developers of the prominent Ethereum L2 solution Arbitrum, highlighted certain security flaws found in the Optimism Stack fault-proof system. Via a blog post, the team at Offchain disclosed that they discovered two major systemic vulnerabilities in the newly released security program currently running on the Optimism testnet.
In communication with OP Labs, they stated that these security flaws could enable a bad actor to bypass the existing security measures of the Optimism network by enforcing the acceptance of a malicious claim or the rejection of a right claim. By exploiting these flaws, OffChain Labs stated these hackers could initiate a network dispute that is irresolvable.
The nature of these vulnerabilities is said to originate from the timers in the OP stack fault-proof system. If this program were introduced on the Optimism mainnet with such defects, users’ funds would be exposed to a “very high” level of risk.
However, these vulnerabilities were revealed to OP Labs about a month ago, which has now updated the Optimism testnet to address these security flaws. Interestingly, following these revelations, OP’s price took a nosedive, falling by almost 5% to trade at .274 on April 27. However, in the last day, Investors expressed solid confidence in Optimism’s security and future sustainability.
According to data from CoinMarketCap, OP has gained by 17.16% in the past 24 hours attaining a market price of .69. In tandem, the token’s daily trading volume is up by 110.64% and is valued at 2.77 million.
Hold Your Altcoins, Analyst Says Why
In the week following the Bitcoin Halving event, popular crypto analyst Michaël van De Poppe has advised users to invest heavily in altcoins. Via an X post on April 27, van De Poppe stated that the catalyzing effect of the Halving and the introduction of spot ETFs on Bitcoin are likely over, with momentum now shifting to the altcoin market.
In comparison to BTC, the crypto analyst notes that most altcoins are undervalued and set for massive gains in the current bull cycle. Furthermore, van de Poppe predicted that the upcoming crypto bull run could last longer than the previous cycle, based on the current extended bear market.
Particularly, van de Poppe identified Optimism (OP) as a promising altcoin with the potential to achieve three times the market growth compared to Bitcoin in this bullish cycle. Additionally, the analyst highlighted other tokens, including Chainlink (LINK), Woo (WOO), Celestia (TIA), and Skale (SKL), as potentially profitable investments.
OP trading at .693 on the daily chart | Source: OPUSDT chart on Tradingview.com
Featured image from Moneycontrol, chart from Tradingview
Cardano (ADA) Sparks Optimism As Analyst Predicts A Bullish Rally To $3
Breaking through resistance levels, Cardano (ADA) has exhibited remarkable resilience in its recent price surge. Over the past month, the altcoin has demonstrated an impressive 40% increase, indicative of growing investor confidence. This positive trajectory is further highlighted by a steady 2% gain in the past week, emphasizing Cardano’s potential for sustained growth.
Bullish Momentum Signals: Analyst Projects ADA To Reach
Crypto enthusiasts are turning their attention to Cardano as it approaches a crucial resistance level. Notably, Sssebi, a prominent crypto analyst, is optimistic about ADA’s future trajectory.
Drawing parallels with Bitcoin’s recent all-time high, Sssebi predicts that Cardano will likely follow suit. Technical analysis supports this sentiment, suggesting that ADA is poised for a significant move toward challenging the .75 resistance level.
With market dynamics aligning favorably, investors are expected to show increased interest, propelling ADA further upward.
$ADA is getting ready for another retest of the .75 resistance!
Considering that Bitcoin broke it’s ath and will be trending upwards, $ADA is destined to do the same.
In the next weeks we will see $ADA smash through like it was nothing.
– this summer highly likely! https://t.co/u9cG3bUq7e pic.twitter.com/4Nn6gtlYHc— Sssebi (@Av_Sebastian) March 9, 2024
Summer Surges: ADA’s Potential To Reach – Unveiled
Looking beyond the immediate future, Sssebi’s bullish outlook extends into the summer months. The analyst anticipates that ADA could achieve impressive price levels ranging from to .
This positive projection aligns with the ongoing bullish momentum in the cryptocurrency market, fueled by Bitcoin’s continued upward movement. With such promising prospects, Cardano seems poised to capitalize on the current market sentiment and elevate its price effortlessly.
Meanwhile, amidst the bullish outlook, Cardano is currently valued at .74, boasting a robust trade volume of 2 million over the past 24 hours. The altcoin’s market capitalization stands at approximately billion, underlining its significance in the crypto space.
The recent 2.75% increase in price over the last day further suggests that Cardano continues to attract attention and holds the potential for further growth.
The significance of the upcoming weekend cannot be understated, as Cardano attempts to breach the resistance levels that proved challenging in the aftermath of the Terra ecosystem collapse in May 2022.
A successful breach could pave the way for a swift ascent beyond the mark. Investors are closely monitoring this critical juncture, with the hope that Cardano will overcome historical hindrances and continue its upward trajectory.
Cardano Daily Active Addresses Hits Yearly Peak
In the midst of these developments, Cardano’s daily active addresses has just reached a new yearly high of 76,440, data from Santiment shows. This surge coincided with efforts to recover from a massive drop observed during the previous trading day, signaling increased activity and interest in the ADA network.
Despite projections suggesting an average ADA price of around .72 in March 2024, fluctuations are expected. Cardano’s price may experience lows around .663 and highs approaching .78.
The composite analysis of technical indicators by Changelly indicates a predominantly bullish market sentiment, with only a small 10% bearish outlook. The Fear & Greed Index, standing at 81, underscores the extreme greed among investors in the current crypto landscape.
Cardano’s recent breakout and optimistic projections indicate a positive turn for the altcoin. As it faces crucial resistance levels, investors are watching closely, with expectations of further gains.
Sssebi’s forecast adds fuel to the bullish sentiment, painting a picture of ADA reaching new heights in the coming months.
Featured image from Andrea Piacquadio/Pexels, chart from TradingView
Market Optimism Peaks as Bitcoin Call Options Aim for $100K Milestone
Following bitcoin’s significant market activity this week, conversations around the bull market have hit a high pitch, with numerous predictions of substantial increases in the leading crypto asset’s price cycle. Evidence indicates that call options, with strike prices ranging from ,000 to 0,000, are now in the mix, as speculators exhibit strong optimism. Bitcoin Bull […]
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