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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

OP Plummets 7% As Optimism Postpones Hardfork

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
dYdX Sees Sudden Decline

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Weeks after its recent bedrock upgrade, aimed at enhancing network performance via Optimism Collective, Optimism (OP) is still thriving to stay relevant among the competitive Layer 2 network markets.

On Monday, Optimism announced its upcoming upgrade dubbed “Regolith Hardfork” set to take place on March 17. The upgrade was aimed at enhancing deposits on the Optimism network. The network GitHub post wrote:

The Regolith upgrade, named after a material best described as “deposited dust on top of a layer of bedrock”, implements minor changes to deposit processing, based on reports of the Sherlock Audit-contest and findings in the Bedrock Optimism Goerli testnet.

Though the upgrade seemed like a crucial update the network could need urgently, the L2 network eventually announced earlier today the postponement of the Hardfork, citing “received reports of issues.” Optimism noted in a Twitter post:

Yesterday we requested that infra providers update op-geth to a new version in advance of the March 17 Optimism Goerli hardfork. We’ve received reports of issues with this latest version and have pulled the repository while we resolve these issues.

Optimism added, saying no action is required now and an updated version will be shared soon. Meanwhile, Optimism’s native token OP has been facing a downward trend along with the rest of the crypto market. OP has fallen from a high of $2.8 as of March 3 to trading below $2.5 today. 

Optimism Plummets By 7%

Over the past month, Optimism has been doing well in the chart following its gaining traction among the crypto community. The layer 2 network has had several partnerships and integration, mainly in the DeFi ecosystem, boosting its recognition. 

Last week, one of the largest crypto exchanges, Coinbase, announced the launch of its own layer 2 network called Base on the Optimism’s OP stack, an open-source modular approach for building blockchains. This update spiked OP’s price by nearly 20%, pushing its price to trade above $3.

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However, just as retrace always comes after a significant rally, OP has seen a bearish trend ever since, plummeting from a high of $3.2 seen on February 24 to trading for $2.45, at the time of writing down by 7% in the past 24 hours.

Optimism (OP) price chart on TradingView
Optimism (OP) price is moving sideways on the 4-hour chart. Source: OP/USDT on TradingView.com

In contrast, OP’s trading volume has also slowed in recent weeks, signaling a weak upward momentum. The token’s volume has fallen from more than $960 million seen late last month to $251 million in the last 24 hours. 

Notably, OP still ranks #62 among the largest crypto assets by market cap after a significant rally of over 2x since the beginning of the year. OP has moved from its trading price below $1, seen late last year, to record a new all-time high of $3.22 late last month. 

Global Crypto Market Suffers Bearish Trend

Furthermore, OP hasn’t been the only crypto asset suffering a bearish trend over the past week, Bitcoin and other altcoins such as Ethereum (ETH), Polygon (MATIC), Binance coin BNB, and Cardano (ADA) have also been in a downward trend following several circulating negative news in the industry.

The king of crypto, Bitcoin, has declined 5.1% in the past seven days falling from on high of $23,829 as of March 1 to trading for $22,349 at the time of writing down by 1% in the last 24 hours.

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ETH and MATIC have also been in a bearish trend over the past week, with assets down by 4.3% and 7.1% in the last seven days, respectively. ETH currently trades at $1,563, while SOL is at $1.14 at the time of writing.

BNB has also plummeted 5.6%% in the past week, just as ADA has been in a bearish trend, down by nearly 10% over the same period. BNB currently trades just below the $290 mark, while ADA trades below a dollar with a market price of $0.38.

Featured image from istock, Chart from TradingView.

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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