Every holder of OP, the native token of the Ethereum-based layer-2 scaling solution Optimism, is currently in profit following the asset’s surge past its all-time high.
According to data shared by crypto market intelligence platform IntoTheBlock, over one million addresses holding OP, including wallets that acquired the token at $4.01, are currently in the money. The feat comes as OP surges past $4.50, crushing a high of $3.54 recorded in February.
Optimism was founded in 2019, but OP was launched in May 2022 with a portion of its supply airdropped to eligible users. Powered by roll-up technology, Optimism bundles large amounts of transaction data into digestible batches and is cheaper to use compared to Ethereum.
OP has seen significant growth in recent months, staying afloat as one of the top performers among large-cap altcoins. As of mid-January, when bitcoin (ETH) and ether (ETH) were worth $39,500 and $2,200, respectively, CryptoPotato reported that roughly 83% of OP holders were in profit. Interestingly, the token had witnessed a 20% price decline in the week leading to the report.
In addition, Optimism has recorded a significant uptick in its number of large transactions and addresses holding some amount of balance. The rate at which new addresses are created remains high, indicating strong user activity.
Amid the setting of a new all-time high, the market cap of OP has increased to $4.48 billion, making it the 27th largest by this metric. The token has seen a 44% increase in the past month and a yearly rise of 82%, with a 24-hour volume of $782 million.
Furthermore, the Optimism network is witnessing increased developer activity. In December, the network became one of the top ten crypto assets with significant GitHub commits, alongside Cardano, Polkadot, and Avalanche.
One notable development on the Optimism network is the release of its Bedrock hard fork, which enables the creation of a superchain comprising multiple blockchain networks that share the same software for increased security and interoperability.
Meanwhile, the latest surge in the value of OP substantiates analyst speculations that the crypto market may be at the onset of an altcoin season.