The ongoing bull rally in the crypto ecosystem has pushed the price of Optimism (OP) to an All-Time High (ATH) of $4.53 with 100% of holders now in profit.
While memecoins have become the biggest beneficiaries of the price rally fueled by Bitcoin (BTC), Ethereum L2s are also not left behind. Of these, Optimism’s impressive rally has helped push the token from a low of $1.06 in the past year to a new $4.53 ATH.
With OP breaching the ATH, it is now in the price discovery region with the cliff hard to predict.
OP Joins the 100% Profitability Club
Per data from the crypto analytics platform IntoTheBlock (ITB), the 1.06 million OP addresses have entered profit. The last batch of holders to enter profitability equates to 15,400 addresses that acquired a total of 3.11 million OP between $3.95 and $4.01.
Optimism broke its all-time high and 100% of holders are now in profit! pic.twitter.com/Mfy1GWvIG0
— IntoTheBlock (@intotheblock) March 5, 2024
At the start of the month, the story was different. The profitability as of March 1 was pegged at 981.07K addresses or 92.73%. At the time 22.4K addresses or 2.1% were witnessing losses, with a total of 54.73K addresses or 5.17% at break-even price.
The unprecedented rally has added Optimism to the 100% profitability club. Other digital currencies in this league include Bitcoin (BTC), Mantle (MNT), and Starknet (STRK).
Optimism in the L2 Scene
Besides the price outlook, Optimism is also thriving as an Ethereum-based Layer-2 protocol. Powered by the Optimistic Rollups stack, Optimism has also served as the major tech behind newer highly performant protocols like Coinbase-backed Base.
Amidst this boom, OP’s price and market cap are now up by 11.35% to $4.35 and $4,376,871,386 as trading volume jumps 173.11% to $844,734,811.
