ITB: All OP holders are making profits as OP breaks all-time high

The token has gained 44% in the past month and 82% for the year, with 24-hour trading volume reaching $782 million.

According to data shared by crypto market intelligence platform IntoTheBlock, more than one million addresses holding OP, including the wallet that purchased the token for $4.01, are currently making profits. This achievement occurred when OP price broke above $4.50, surpassing February’s record high of $3.54.

100% of OP holders are making profits

Optimism was established in 2019, but its OP protocol was not launched until May 2022, and part of the supply was airdropped to qualified users. Optimism uses roll-up technology to package large amounts of transaction data into easy-to-process batches, making it more cost-effective and efficient than Ethereum.

OP has seen significant growth in recent months, becoming one of the best-performing currencies among the large-cap altcoins. As of mid-January, when Bitcoin was worth $39,500 and Ethereum was worth $2,200, media reported that approximately 83% of OP holders were in the black. Interestingly, the token price fell by 20% in the week before the report was published.

In addition, Optimism’s number of large transactions and the number of addresses holding a certain balance have both shown significant growth. The growth rate of new addresses remains high, indicating that user activity continues to be active.

OP has set an all-time high, with its market value soaring to US$4.48 billion, ranking the 27th largest crypto token. The token is up 44% in the past month and 82% for the year, with a 24-hour trading volume of $782 million.

Altcoin season is coming?

Additionally, developer activity on the Optimism Network is increasing. In December, the network became one of the top ten crypto assets in terms of GitHub commits, alongside Cardano, Polkadot, and Avalanche.

Notable is the release of Optimism Network’s Bedrock hard fork, which enables the creation of a superchain composed of multiple blockchain networks that share the same software for improved security and interoperability.

Meanwhile, the latest surge in OP value confirms analysts’ speculation that the crypto market may be ushering in the start of altcoin season.

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