Ethereum Classic (ETC) and Optimism (OP) have emerged as clear winners in the last 24 hours as the digital tokens witnessed a phenomenal growth, gaining more than 30 per cent and 46 per cent, respectively. Let us analyze the catalyzing factor driving this exponential surge.
Cryptocurrencies seem to have picked up as the digital assets rallied for the second consecutive day. The global crypto market cap gained 3.90 per cent over the past 24 hours to $1.10 trillion. A swift and stable recovery among the top tokens helped the crypto market climb above the $1 trillion threshold for the first time since June 13. The total crypto market volume zoomed past 17.11 per cent over the past day to $108.25 billion.
ETC is Riding the Wave
According to CoinMarketCap, Ethereum Classic (ETC), the non forked version of Ethereum, seized 29.01 per cent in the last 24 hours to currently trade at $42.80. Over the past week, ETC noted a dramatic rise of more than a whopping 63 per cent. The digital currency skyrocketed to achieve 18th position in the crypto market. ETC printed a streak of green candles that positioned the altcoin above the 50 per cent Fibonacci level exbhiting a bullish momentum.
Recently, AntPool, the mining pool affiliated with mining rig giant Bitmain, invested $10 million to support the Ethereum Classic ecosystem. While, the Ethereum Network, which is gearing up for one of its biggest upgrade called the Merge, will convert to a proof-of-stake (PoS) model, Ethereum Classic is slated to remain proof-of-work (PoW). Charles Tan, CMO of digital asset company, Atato tech, said,
“Ethereum’s latest upgrade has sparked investor interest and the announcement that Ethereum will be moving towards a more energy-efficient proof-of-stake mechanism which may have contributed to a rally.”
Let’s support the ETC ecosystem and incubate high-quality PoW projects together！ https://t.co/AHft6WfGES
— ANTPOOL (@AntPoolofficial) July 27, 2022
What is Triggering OP?
Meanwhile, Optimism (OP) is up by almost 46 per cent in the last 24 hours to hover at $1.62. As per data from CoinMarketCap, OP, increased more than 100 per cent in the past 24 hours as cryptocurrencies recovered some lost ground amid a devastating bear market that erased more than $2 trillion in value and led to several bankruptcies.
Experts believe that OP’s dramatic growth comes as a result of renewed interest in the protocol, as reflected by the increasing total value locked within various DeFi projects building on Optimism. As per, DeFi Llama, the total value locked (TVL) in Optimism has exceeded $500 million, with Velodrome Finance, a central trading and liquidity marketplace, seeing an increase over 53 per cent in TVL, exceeding $100M.
We had such a great time vibing with the wonderful Ethereum community in Paris last week at @EthCC.
If you weren't able to make it to Paris don’t worry—we've written a recap of everything OP in Paris to catch you up to speed:https://t.co/IkV7QZdAce
— Optimism (✨🔴_🔴✨) (@optimismFND) July 28, 2022
Analysts have also suggested that since developers have signaled continued progress towards the Merge, Ethereum and related cryptocurrencies, including layer-2 solutions, exploded. In a recent conference, Optimism, revealed its plans for adopting Proto-Danksharding or EIP-4844 sustainably and efficiently. News of on-track development and community events fueled a bullish sentiment among investors.