Optimism

Spot

In a landmark victory, the SEC dropped its case against Ethereum, setting the stage for ETH Spot ETFs’ approvals. The date slated for the first approvals is the 2nd of July.
How will the launch of ETH Spot ETF affect the price of Ethereum, Optimism (OP), and the overall cryptocurrency market?
We examine this in detail and look at a coin that is taking advantage of the growing interest from TradFi into DeFi, and vice versa.
<h2 class="wp-block-heading" id="a-a-will-eth-spot-etfs-be-the-catalyst-for-the-growth-of-l2s-and-beyond"><a></a>Will ETH Spot ETFs be the catalyst for the growth of L2s and beyond?</h2>
With the SEC giving the green light to Ethereum, and both candidates for the US elections showing their support for cryptocurrency, things look bullish for ETH.
Currently, the price action of Ethereum is depressed in comparison to Bitcoin. Bitcoin reached a new ATH and rallied by 55% from $45k to $70 after the announcement of the approval of BTC Spot ETFs.
If the ETH Spot ETFs cause a similar scenario for Ethereum, that’s a potential price of $5425.
But there’s more.
Vitalik Buterin famously said that Layer 2 blockchains built on Ethereum are the future – in terms of scalability, and also culture. And, in a recent tweet, Buterin listed the Layer 2s that he’s most excited about, naming Optimism (OP) specifically.
<figure class="wp-block-image size-full"><img fetchpriority="high" decoding="async" width="1019" height="743" src="https://www.cryptotimes.io/wp-content/uploads/2024/06/Vitalik-Buterin-listed-the-Layer-2s.png" alt="Vitalik Buterin listed the Layer 2s" class="wp-image-185616" srcset="https://www.cryptotimes.io/wp-content/uploads/2024/06/Vitalik-Buterin-listed-the-Layer-2s.png 1019w, https://www.cryptotimes.io/wp-content/uploads/2024/06/Vitalik-Buterin-listed-the-Layer-2s-800x583.png 800w, https://www.cryptotimes.io/wp-content/uploads/2024/06/Vitalik-Buterin-listed-the-Layer-2s-768x560.png 768w, https://www.cryptotimes.io/wp-content/uploads/2024/06/Vitalik-Buterin-listed-the-Layer-2s-860x627.png 860w" sizes="(max-width: 1019px) 100vw, 1019px">
</figure>
Given VanEck’s bullish predictions of Ethereum reaching $22,000 in six years after the launch of the ETH Spot ETFs, this is an exciting time for the blockchain. As well as for all of the other coins, chains, and projects linked to the Ethereum ecosystem.
<h2 class="wp-block-heading" id="a-a-optimism-op-has-teeth-according-to-ethereum-creator-vitalik-buterin"><a></a>Optimism (OP) ‘has teeth’ according to Ethereum creator Vitalik Buterin</h2>
L2 (Layer 2) blockchain Optimism is widely regarded as having some of the best tech, known as the Optimism (OP) stack. The OP stack is best thought of as a sophisticated but easy-to-use, open-source collection of tools enabling developers to contribute and build.
Among other things, it streamlines the process of creating Layer 2 blockchains. Big names such as Coinbase, Open AI’s Worldcoin, and Binance have used Optimism’s OP stack to build their L2s.
According to <a href="https://collectiveshift.io/optimism/optimisms-op-stack-crushing-its-rivals-how-how-it-affects-ops-price/" target="_blank" data-type="link" data-id="https://collectiveshift.io/optimism/optimisms-op-stack-crushing-its-rivals-how-how-it-affects-ops-price/" rel="noopener noreferrer nofollow">experts at CollectiveShift.io</a>, this narrative is very bullish for Optimism’s OP token. And so the same logic follows with the effects of the ETH Spot ETF approvals on its most popular Layer 2s.
TA expert <a href="https://www.tradingview.com/chart/OPETH/uJ4zKyZS-Optimism-Best-ETH-beta-play/" target="_blank" data-type="link" data-id="https://www.tradingview.com/chart/OPETH/uJ4zKyZS-Optimism-Best-ETH-beta-play/" rel="noopener noreferrer nofollow">TV288 recently shared</a> their analysis of the price potential of Optimism (OP). They explained that as Optimism (OP) has just touched a new low relative to the ETH price, a 200% rally is likely, due to historical data.
A note of caution though, the Ethereum and Optimism (OP) community was unimpressed this March, when the Optimism Foundation announced they were selling 19.5 million Optimism (OP) tokens to a private buyer. That’s approximately $33.5 million in USD at today’s price.
Still, those looking for short-term gains can relax in the knowledge that these tokens are locked for 2 years until March 2026, meaning that sell pressure for Optimism (OP) will come later rather than sooner.
On the other hand, since only 26% of the total supply of Optimism (OP) has been unlocked, with vesting occurring regularly, increases in price are likely to come with a large amount of profit taking.
<h2 class="wp-block-heading" id="a-a-new-defi-project-has-the-potential-for-much-bigger-gains-than-ethereum-eth-and-optimism-op"><a></a>New DeFi project has the potential for much bigger gains than Ethereum (ETH) and Optimism (OP)</h2>
ETH Spot ETFs are going to have a positive effect on not just L2s but potentially all of DeFi. Why? Because Ethereum smart contracts make decentralized finance possible.
One way to benefit from the news is to look for a DeFi project built on Ethereum. Preferably one that is brand new and so doesn’t have a large number of investors waiting to dump on the price.
And that’s what’s making <a href="https://dtxexchange.com?utm_source=cryptotimes&amp;utm_medium=Lou&amp;utm_campaign=00" target="_blank" rel="noopener noreferrer nofollow">DTX Exchange</a>, a hybrid model trading platform, (and a new token in presale), a bullish choice for investors looking to maximize their gains.
DTX Exchange will offer the kind of functionality seen with CEXs such as Coinbase, Kucoin, and BitMEX, and TradFi platforms like Vanguard, Charles Shwab, and Fidelity.
And the best bit? Unlike all of the platforms above, DTX Exchange is decentralized, meaning that no KYC is required as it is on the blockchain.
What this means in practice is that traders will be able to access crypto, but also things like shares, forex, futures, and tokenized assets (RWA) such as gold and real estate, with high leverage.
As institutional investors and asset managers show their interest in cryptocurrencies, – the ETH Spot ETFs being a perfect example – conversely, many crypto traders are keen to get involved in traditional finance.
Current solutions are unwieldy. Traders would have to log into various platforms to do this. Worse still, many are excluded from participation in traditional finance due to regulations and geographical restrictions.
That’s why investors in the know are feeling very bullish about the DTX Exchange presale.
DTX is currently listed at $0.04 and will launch at a minimum price of $0.12 – a 200% gain. Then if we assume that the project becomes popular and DTX reaches $1 in the short to medium term, that’s a 2400% gain – something that neither Optimism (OP) nor Ethereum (ETH) will be able to achieve, due to their already high market capitalizations.
<a href="https://dtxexchange.com?utm_source=cryptotimes&amp;utm_medium=Lou&amp;utm_campaign=00" target="_blank" rel="noopener noreferrer nofollow">Visit the DTX presale</a>

Can Optimism Match Ethereum’s Growth After ETH Spot ETF Goes Live? Experts Share Thoughts

Table of Contents

The Crypto Times

Other articles published on Jun 21, 2024

Kraken-CertiK $3M saga, zkSync airdrop wallets dumping tokens: Finance Redefined

Top AI Altcoins Most Investors Will Overlook, but Could Yield 20-30X Returns

Best Crypto to Buy Now June 21 – Sui, Fantom, KuCoin Token

Ryoshi is Behind Omikami and RyuJin and Must-Have Memecoins in Your Portfolio

$LISTA Surges 37% Post-Airdrop and CEX Listing

Is Bitcoin Miner Capitulation Essential for Its Long-Term Growth?

Join our free newsletter for daily crypto updates!