Cryptocurrency

Optimism

Bedrock

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/optimism-in-the-cryptocurrency-market-despite-downturn/" data-wpel-link="internal">Optimism in the Cryptocurrency Market Despite Downturn</a><br></p>
<p style="text-align: justify">At the beginning of this week, there was a decrease in the overall market capitalization of cryptocurrencies from 1.6 trillion dollars to 1.5 trillion dollars; this could indicate a daily drop of over 5%. This retreat in the market also affected the native token of the <a href="https://en.coin-turk.com/seasoned-crypto-analyst-donalt-predicts-upward-trend-for-ethereum-xrp-and-dogecoin/" data-wpel-link="internal">Ethereum</a>-based Layer-2 Optimistic Rollup network, OP.</p> 
<h2 id="positive-developments-in-optimism">Positive Developments in Optimism</h2> 
<p style="text-align: justify">Despite the broader market downturn, OP experienced a weekly loss of over 20%. Nevertheless, a significant number of token holders maintained their profitable positions. According to the latest analysis by Intotheblock, more than 80% of OP token holders fall into this category. Such a trend is seen positively for the cryptocurrency and could demonstrate the resilience of long-term investors who guide the market through its volatility. This could also underline investors’ confidence in sustainable growth in the future.</p> 
<p style="text-align: justify">The Layer 2 scaling solution, closely following its competitor Arbitrum, witnessed significant growth last year. A major turning point for Optimism was the implementation of the Bedrock hard fork on June 6 of the previous year. The Bedrock upgrade was part of a comprehensive set of proposals aimed at creating a “Superchain” consisting of multiple blockchain networks sharing the same software for enhanced security and interoperability.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-306942 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/01/po.jpg" alt="" width="558" height="147"></p> 
<h2 id="volume-rising-in-op">Volume Rising in OP</h2> 
<p style="text-align: justify">The primary goals of the Bedrock upgrade were to increase the network’s security while reducing deposit times and fees. Following the hard fork, there was a notable increase in Optimism transactions, and the volume followed suit. A deeper look at Intotheblock’s data shows that Optimism has recorded a significant number of large transactions in recent weeks. This figure rose to 421 on January 12, a level not seen for almost a year. Additionally, the total number of addresses holding some balance surpassed one million for the first time.</p> 
<p style="text-align: justify">In the last three months, the rate of consistent new address creation remained above 1,34 thousand. This increasing user activity could present a positive and upward-looking outlook. A similar trend is observed on the network side, with Optimism’s increasing development activity reflected in its entry into the top 10 crypto assets with notable GitHub commitments in December.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/optimism-in-the-cryptocurrency-market-despite-downturn/" data-wpel-link="internal">Optimism in the Cryptocurrency Market Despite Downturn</a></h5>

Optimism in the Cryptocurrency Market Despite Downturn

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