Is Optimism Going to Zero? OP Price Drops 4%, While Experts Are Stocking Up On This New GambleFi Token
The native token for Ethereum Layer 2 scaling solution Optimism (OP) has fallen 4% in the last 24 hours amidst a market-wide pullback that has hit Layer 2 tokens the hardest.
Optimism currently trades at a price of $2.39. This is down about 1% in the last hour. It also represents a 3.7% dip both in the last 24 hours and in the last seven days, according to data by CoinGecko.
The token is 7.2% more valuable than it was this time last week. However, today’s price represents a steep drop of 35% from a month ago.
Zooming out to the rest of the market, crypto’s total market capitalization today is a lofty $2.39 trillion, which represents a fall of about 1.6% in the last 24 hours.
As usual, the market is tracking the price movements of its leading coins. Original cryptocurrency Bitcoin (BTC) is the only cryptocurrency with a market cap above $1 trillion ($1.2 trillion, to be precise). In the last 24 hours, it fell 0.8% and currently trades at $61,760.
It’s closest competitor, the most commercially-important cryptocurrency, Ethereum (ETH), faced markedly heavier losses. ETH fell 3.8% overnight and currently changes hands at $3,050.
Optimism’s heavier depreciation is matched by other leading layer 2 solutions today. Polygon (MATIC) fell 4.3% overnight to trade at $0.6735. Stacks (STX) dipped 2.1% to $2.33, Mantle (MNTL) shed 5.4% to $0.9762, and Arbitrum (ARB) lost 3.9% to $1.02.
The risk-off attitude kickstarting this week could be down to investors’ jitters over this week’s Federal Reserve meeting. The U.S. central bank has given indications that it may keep interest rates higher for longer, which means investors are more likely to take risk-averse positions to speculative investments like crypto.
Optimism’s trading chart for the
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