Should You Be Watching Today’s Big Crypto Earner Optimism (OP) after 29% Gain?
The majority of the cryptocurrency market isn’t doing very much today, with limited movement across most of the board. Bitcoin (BTC) is up just 0.72%, with Ethereum (ETH) doing a little better with its 1.69% gain. Not every crypto coin in the market is acting sluggish today, though. Optimism (OP), the number 101 ranked crypto coin, is up 29.09% today.
What to Know about Optimism
The OP rate has soared to $1.51 (OP/USD) with a trade volume of $1.063 billion over the last 24 hours. Its trade volume has shot up 149% in that time period, making it one of the most active crypto coins right now when comparing change from yesterday.
This crypto token operates on the Ethereum network as a two-layer blockchain. All transactions of OP coins are recorded on the Optimism network but then secured through Ethereum. Optimism works as a scaling solution, and it’s one of the biggest of its kind on Ethereum. Thirty-five different protocols call Optimism home.
This crypto has only been around since May of this year, so its rise to stardom and its high ranking overall has been cause for suspicion. There are fears of crypto manipulation and concern that the coin is at the first stage of a pump and dump scheme.
Should You Invest in Optimism?
The OP rate is continuing to increase today, and it could easily reach as high as a 35% boost for the day. Going into the weekend, we are likely to see the rate go even higher, unless those investing in it decide to cash out while the price is high.
How does today’s rate of $1.511 compare to recent performance? This is actually the highest we’ve seen the Optimism rate in about two months. That could mean this coin is destined for longevity, but it could also be the beginning of price crash.
With a little more time, it will be easier to tell if Optimism is worth investing in. Right now, we would recommend that investors play it safe and consider cashing out before the price plummets. There’s no guarantee that Optimism’s rate will get back up to this point in the near future. We could very well be seen an aberration or a blip on the radar that isn’t likely to be repeated.
Because of the high trade volume, however, there’s chance for Optimism to go much higher and bringing incredible returns over the next few days and even weeks.
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