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  • Optimism token OP hits all-time high Bedrock upgrade news

    Optimism token OP hits all-time high Bedrock upgrade news

    • OP has rallied over 30% in the past 24 hours, reaching a new all-time high of $2.97 on Coinbase
    • Optimism is outperforming major coins even as cryptocurrencies rally on Thursday.
    • Gains for Optimism comes amid buying pressure after news of an upgrade proposal planned for activation on 15 March.

    Optimism is rallying again as excitement around the Ethereum layer 2 scaling solution increased following a major news announcement.

    As shown on the 4-hour chart below, OP reached a new all-time high of $2.97 on Coinbase. As of 11:20 am ET on 2 February, the platform’s native token OP was trading at $2.91, still up by more than 32% in the past 24 hours.

    Chart showing Optimism price rally to new all-time high on Coinbase. Source: TradingView.According to data from CoinGecko, the OP token price is up 205% in the past 30 days, outshing major coins. About 75% of the gains have come in the past two weeks as platform’s market capitalization steadily rose to currently stand around $625 million.

    Why OP token price is surging

    Optimism’s gains in the past few hours have come as buying pressure ramped up ahead of what promises to be groundbreaking network upgrade.

    On Wednesday, the Optimism Foundation released a proposal seeking to deploy an upgrade to the protocol’s mainnet. According to the proposal, the upgrade targets improving network performance via the Optimism Collective: Bedrock.

    It is the first major upgrade to the Optimism protocol and brings a rollups architecture to the protocol, with  transaction batching one of the main features highlighting the huge impact the upgrade could have for the blockchain’s performance.

    “This upgrade offers a new level of modularity, simplicity, and Ethereum equivalence for Layer 2 solutions, providing unprecedented performance and functionality,” the Optimism Foundation wrote.

    Improvements set to be added via the Bedrock release include reduced transaction fees, high throughput and improved sync speeds.

    According to the team, the upgrade will not impact most users as the Optimism mainnet is “already EVM-equivalent.” However, some users including those running full and archive nodes have to take action in preparation for the upgrade.

    The Bedrock proposal is expected to go through a two-week voting period, with deployment to the mainnet scheduled for 15 March if it passes.

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  • Bitcoin hits $18,200 as 13% more of of BTC supply in profit

    Bitcoin hits $18,200 as 13% more of of BTC supply in profit

    • Bitcoin price jumped more than 5% on Thursday to hit levels above $18,400.
    • According to on-chain data from Glassnode, the price rally has helped return 13% more BTC into profit; now 60.5% of circulating supply is in profit.
    • Only 47%-48% of BTC had been in profit between November 2022 and the start of January, 2023.

    Bitcoin’s breakout to prices above $18,200 has seen 13% more of circulating supply return into profit, on-chain data from Glassnode says.

    Per the platform, the sharp surge in percentage of supply in profit amid the latest crypto rally confirms a buy the dip scenario as prices fell in late 2022. Indeed, the metric suggests a large volume of the benchmark cryptocurrency was acquired at prices between $16,500 and $18,200.

    Bitcoin supply in profit jumps amid BTC rally

    Bitcoin price hit lows of $15,600 in November 2022 after a violent market reaction to the collapse of cryptocurrency exchange FTX. The price bounced to above $18,000 in mid-December before bulls hit resistance and BTC tumbled to below $17,000.

    The supply in profit or supply in loss metric considers the on-chain history of a coin, determining the price at which it last moved. Coins are in profit if the price at which they last moved is lower than the current price of BTC, while the percent in loss is when the current price of BTC is higher than the value of the coins when they last moved on-chain.

    According to Glassnode, more than half of Bitcoin circulating supply fell into loss between November and January this year. Approximately 47%-48% of BTC supply was in profit during the period.

    However, with 2023 starting positively for cryptocurrencies and BTC’s push to highs of $18,420 on 12 January, the percentage of circulating supply on profit has increased to 60.5%.

    As of writing, Bitcoin price is 5.2% up in the past 24 hours and data from CoinGecko shows the flagship cryptocurrency has rallied nearly 9% in the past week.

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  • ApeCoin (APE/USD) hits resistance after a weekly surge

    ApeCoin (APE/USD) hits resistance after a weekly surge

    • ApeCoin has returned 18% in a week.

    • The launch of an NFT marketplace and expected staking feature is boosting the token.

    • Further recoveries will depend on whether a breakout will occur at $4.2.

    ApeCoin (APE/USD) has risen by double digits in the past few days. As of press time, the cryptocurrency was up 18% in a week. APE has now lost an intraday 0.78% as it hit a crucial resistance. The recent launch of an NFT marketplace has been fueling gains alongside an expected staking interface.

    Staking allows users to lock their crypto tokens to a protocol to earn rewards. By staking, users contribute towards the stability of the ecosystem. Beginning December 05, APE staking will go live and pave the way for a pre-deposit. APE holders will start to earn rewards on December 12. The announcement, made on November 23 by Horizen Labs, however, raised criticism over the locking out of users in some territories, including the US. Regulatory concerns were cited as the reason for blocking them.

    Nonetheless, investors could be accumulating APE ahead of the crucial December date. Should this turn out to be a bullish trigger, APE would break out and overcome a prolonged downside. It is still too early to speculate, as we have seen cryptocurrencies reacting ahead of major developments. With that in mind, keeping a tab on the technical side of APE trading would help.

    APE meets resistance and descending trendline

    APE/USD Chart by TradingView

    The long-term technical outlook is bearish for APE. The token’s price is testing the resistance at $4.2, and momentum has weakened slightly. The resistance lies in the same zone as the long-term descending trendline.

    The MACD indicator has turned bullish and shows momentum is building for APE. The RSI is above the midpoint, indicating that the buyers remain in control. 

    Should you buy APE?

    A breakout at $4.2 or the descending trendline would be needed before buying APE. A successful breakout would take the token to $5 and potentially above $6.

    If the breakout fails at $4.2, APE could witness consolidation below the crucial resistance.

    Where to buy APE

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy APE with eToro today

    Nexo

    Since 2018 Nexo has strived to bring professional financial services to the world of digital assets. Leveraging the best of the team’s years of experience in FinTech along with the power of blockchain technology, Nexo empowers millions of people to harness the value behind their crypto assets, shaping a new, better financial system.


    Buy APE with Nexo today

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  • The Sandbox SAND/USD prediction as token hits a new low in the year

    The Sandbox SAND/USD prediction as token hits a new low in the year

    The Sandbox (SAND/USD) crashed by nearly 5% on Monday, extending its losing streak in the bear market. The loss took the token to a yearly low of $0.52 before recovering slightly. As it stands, the token of the Metaverse platform is under the control of bears.

    It is not only SAND that is under pressure. Metaverse peers feel the heat of a very calm virtual reality space amid a prolonged crypto winter. This year’s activity is below par for a sector that was expected to witness unprecedented growth.

    Take the case example of Horizon Worlds, the flagship metaverse for tech giant Meta. As of October, reports indicated that Horizon had amassed less than 200,000 monthly active users. Unless a miracle happens, Meta is unlikely to hit 500,000 MAUs by the end of the year, as initially projected.

    As to whether the low activity in the metaverse is connected to the crypto winter, time will tell. At the moment, the metaverse is simply underperforming. The Sandbox token has, therefore, been in a prolonged downturn owing to fewer entities entering the nascent sector. Will the token set a new low?

    SAND heading to $0.40 next?

    SAND/USD Chart by TradingView

    On the weekly chart, there is no clear bottom price for the Sandbox token. However, the area around $0.4, when SAND started to turn bullish, should remain of interest. That implies that SAND could fall by up to 30%. Nevertheless, looking at the candlestick price pattern, the bear market has been cooling.

    When to buy SAND

    SAND price is bearish and not attractive for a buy. Nonetheless, significant price declines are unlikely, and SAND could begin a reversal if the RSI hits the oversold levels. Still, the prevailing crypto sentiment should guide ascertaining a bullish reversal for the cryptocurrency.

    Where to buy SAND    

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SAND with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy SAND with Bitstamp today

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  • Dogecoin and Shiba Inu Surge as Big Eyes Presale Hits $9 Million – Which Coin will be Victorious?

    Dogecoin and Shiba Inu Surge as Big Eyes Presale Hits $9 Million – Which Coin will be Victorious?

    As Big eyes coin hits $9million in presale, there is a surge in other cryptocurrencies like Dogecoin and Shiba Inu at the crypto market.

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