- Optimism token OP rose by 16% after Coinbase launched its L2 platform on the OP stack.
- Coinbase’s OP price hit a high of $3.10, which is not far from its previous record of $3.19.
- Gains for the OP token paled in comparison to the staggering 250% spike for BASE, a token unrelated to Coinbase’s L2 Base.
After Coinbase’s cryptocurrency exchange, Optimism saw a double-digit increase in its price on Thursday announced It had launched Base, an Ethereum Layer-2 network.
Optimism, like Arbitrum is a L2 network. It uses Optimistic rollups to speed up transaction speeds and lower gas fees. Its scalable blockchain makes it one of the most popular chains in the Ethereum ecosystem.
Coinbase news: Optimism prices rise 16%
The sentiment across the OP community flipped to bullish after Coinbase news pushed OP token higher.
According to Coinbase, Base will offer “a secure, low-cost and developer-friendly” platform for people to create, deploy or interact with decentralized apps. The project’s goal is to onboard the next 1 billion or more people into the crypto space, the digital asset platform noted.
Base is built on Optimism’s OP stack, Coinbase announced.
The news reported that Base Protocol, a different cryptocurrency, saw its price rise more than 250% amid speculation. However, the price for Optimism also increased. The native token OP didn’t go as wild as BASE, though its price soared roughly 16% on Coinbase.
OP rose to over $3.00 on all major exchanges that support cryptocurrency, including Coinbase’s $3.10
Coinbase OP/USD chart. Source: TradingView
Market activity also increased, with CoinGecko data showing that trading volume rose almost 90% over the past 24 hours to $733 million. The bullish flip in relative strength, which indicates bulls are in charge, was also evident.
Optimism price reached its all-time high of $3.19 in early February this year, and with a positive technical outlook in place, it’s likely OP/USD could go on to hit a new ATH.
HornHairs, a crypto trader and analyst, says that this is possible if Bitcoin or Ethereum prices surpass key resistance zones.
$OP daily RSI reset at 50 and reclaimed bullish MS… chain to benefit the most from Coinbase announcement… ATH looks likely.
If BTC or ETH can break this massive resistance level, I expect it will continue to lead. pic.twitter.com/rTlLy0nJXZ
— HornHairs 🌊 (@CryptoHornHairs) February 23, 2023
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