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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
