- Optimism’s Bedrock update may have played a big part in increasing the number of active addresses.
- OP’s daily chart was painted green and market indicators were bullish.
Optimism [OP] witnessed a huge surge in adoption over the past month, as Polygon [MATIC] went the other way. This happened weeks after OP released its highly anticipated Bedrock update. Is the increase in adoption and use due to Bedrock, or were other factors involved?
Read Optimism [OP] Price prediction 2023-24
Optimism shines as Polygon floats away
That revealed the tweet from Polkadot Insider ON registered a growth rate of 77% in terms of daily active users. Meanwhile, Polygon’s daily active users dropped 23% last month. A similar one tendency was also seen in daily transactions.
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🥇 @optimismFND:… pic.twitter.com/jaJGVDqEKi— Polkadot Insider (@PolkadotInsider) June 19, 2023
In addition, Artemis’ data pointed to other positive measures of optimism. For example, OP’s daily transactions increased, reflecting higher usage of the network. OP’s DEX volume was also high, which was also an optimistic signal.
Source: Artemis
The basis of the optimism fueling this rise?
One possible reason for this uptick could be the launch of the Thorough update. This theory was compounded by OP’s rising price chart as its value rose.
For the uninitiated, Bedrock lowers rates on the network and removes all gas costs associated with EVM execution when submitting data to L1. As transaction costs fell, new users joined the network, increasing the number of daily active addresses.
How did OP react
The aforementioned performance is also visible in OP’s price chart as the price has been moving up in the past 24 hours. According to CoinMarketCap, the price of OP is up 5% in the last 24 hours. At the time of writing, it was trading at $1.17, with a market cap of over $753 million.
Positive sentiment around OP was also dominant in the market, as evidenced by Santiment’s chart. In addition, the MVRV ratio also recovered significantly.
Source: Sentiment
Realistic or not, here it is OP market cap in BTC‘s conditions
Will the bull rally continue?
A look at OP’s daily chart gave more reasons to be excited as the MACD showed a bullish crossover. ONThe Relative Strength Index (RSI) also registered an uptick and moved towards the neutral boundary, further increasing the likelihood of a sustained upward trend.
However, Optimism’s Money Flow Index (MFI) fell, which could be a cause for concern.
Source: TradingView