Altcoin Surges Almost 250% Since the Beginning of the Year – What to Expect?
Ethereum (ETH) scaling altcoin flashes a bullish signal after +244% YTD, according to Santiment data.
According to Santiment, a company specializing in crypto analytics, Optimism (OP), an altcoin that scales Ethereum (ETH), is exhibiting bullish signals, even though it has already experienced significant growth since the beginning of the year.
Santiment highlights the social dominance indicator as a positive signal for the layer-2 (L2) scaling solution for Ethereum’s blockchain, Optimism (OP).
OP’s native token has risen by over 244% since the start of the year, from $0.92 to $3.17 at the time of writing.
Recently, Coinbase announced the development of Base, a layer-2 scaling solution on the blockchain, which resulted in a surge in Optimism’s value.
Santiment notes that the number of large Bitcoin addresses has remained stable, suggesting that the price will remain in the $23,000 to $25,000 range unless there is an increase in whale addresses.
READ MORE: Bitcoin: Analyst Who Predicted The Bottom, Shares Warning
“If the 1,000-10,000 BTC addresses begin to rise the way the 10-100 and 100-1,000 BTC addresses have in the past three months, it would be a breakout sign.”
Santiment warns investors to be cautious as Bitcoin is beginning to show signs of being overbought, despite short-term returns.
At the time of writting Bitcoin (BTC) is trading at around $23,000 with a 3.2% price decline in the past 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
