The price of OP jumped 22% and was followed by a number-one spot in social interaction. Traders opened multiple long positions despite mild circulation. According to Lunar Crush, Optimism [OP] ranked as the highest asset with the most social activity as the market shoved itself into bullish dominion. The native token of the layer two […]
As a result, OP became one of the best-performing cryptocurrencies in the last 24 hours. At press time, the token was up by 22.02%.An assessment of the derivatives market showed that traders were taking advantage of the uptick. First, Coinglass dataThe OI represents the number of futures contracts held by market participants during a trading day. With double-digit increases in this regard, it means that traders were solidly behind the OP price action.
The metric computes the average profit or loss of an asset within a daily timeframe. So, the spike OP holders, on average had made substantial gains and investor capitulation was not a near option.In addition, the OP price rise resulted in a rise in its Market Value to Realized Value Z score. The MVRV Z score is used to evaluate if an asset is undervalued or overvalued. And, this metric considers the difference between market capitalization and realized capitalization.
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