ITB: As OP breaks out to new all-time highs, all OP holders are making profits

The token has risen 44% over 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 a million addresses holding OP, including wallets that acquired the token for $4.01, are now in profit. This feat occurred when OP broke above $4.50, beating the high of $3.54 recorded in February.

100% of OP holders are in profit

Optimism was founded in 2019, but OP is launching in May 2022, with a portion of the supply being airdropped to eligible users.Optimism uses roll-up technology to bundle large amounts of transactional data into digestible batches and is cheaper to use compared to Ether.

OP has seen significant growth in recent months, becoming one of the best-performing currencies in the broader cottage industry. As of mid-January, when Bitcoin was worth $39,500 and Ether was worth $2,200, some media reports claimed that about 83 percent of OP holders were in profit. Interestingly, the week before the report was published, the token’s price fell 20 percent.Bitcoin Miner

Additionally, Optimism has seen significant growth in the number of large transactions and the number of addresses holding a certain balance. The growth rate of new addresses remains high, indicating more active user activity.

While hitting an all-time high, OP’s market capitalization has grown to $4.48 billion, making it the 27th largest crypto token by market capitalization. The token is up 44% in the past month and 82% for the year, with 24-hour trading volume reaching $782 million.

Is cottage-coin season around the corner?

Additionally, developer activity on the Optimism network is increasing. Last December, the network became one of the top 10 crypto assets in terms of GitHub commits, alongside Cardano, Polkadot and Avalanche.Bitmain Miner

Of note was the release of the Optimism network’s Bedrock hard fork, which enables the creation of a superchain of multiple blockchain networks that share the same software for increased security and interoperability.

Meanwhile, the latest spike in OP’s value confirms analysts’ speculation that the crypto market may be ushering in the start of the cottage coin season.