Optimism is up within the crypto market at present, in additional methods than one, because the Fed introduced its smallest charge hike in a 12 months.
Optimism (OP), can be the identify of considered one of crypto’s main “layer 2” scaling blockchains for the Ethereum ecosystem. So, uh, you see what we did there? Anyway, with a +30% improve it’s main 24-hour positive factors within the high 100 by market cap proper now.
Other surging altcoins on the time of writing embrace Synthetix (SNX) and ImmutableX (IMX). That may all change fairly shortly, natch, but it surely’s a very good begin to the day within the Aussie finish of the Cryptoverse.
And, for a change, we’ve Jerome “Suddenly a Decent Bloke, Almost” Powell to thank. The US Federal Reserve boss introduced what the markets had largely been anticipating – one other charge hike, however its smallest in a 12 months: 25 foundation factors.
Yeah, he dribbled out some barely “hawkish” statements after the statistical reveal. Markets clearly ain’t shopping for it at present, although.
“Inflation has eased somewhat but remains elevated,” stated Powell, including that “ongoing increases” can be acceptable because it seeks to convey costs down and that the Fed has “more work to do”.
And you’d wanna hope so, give the salaries they’re paid.
Top 10 overview
With the general crypto market cap at US$1.12 trillion, up about 3.3% since this time yesterday, right here’s the present state of play amongst high 10 tokens – in accordance with CoinGecko.
Mild stablecoin fluctuations apart, it’s a inexperienced day within the majors. Apart from you, Dogecoin – sustain, would you? Guess you had a reasonably good day put up Musk-commentary yesterday.
What’s the Crypto Fear & Greed Index telling us at present, then? Ah sure, all you grasping so and sos appear to be rubbing your arms collectively barely quicker than yesterday. Will it final? Not positive, however can’t deny it’s fairly good to be again on the precise aspect of this dial for a change.
Meanwhile Michael “Big Short” Burry, returned to Twitter with one phrase final evening: “Sell”. Well, he was significantly early on calling the GFC, so if he’s proper and extra doom and gloom is on the horizon, then possibly the bulls can have some enjoyable first.
Some merchants most likely did promote primarily based on that tweet, and in addition upon listening to that CNBC’s Jim Cramer reckons we’re again in a bull market. Confusing occasions.
— Inverse Cramer ETF (Not Jim Cramer) (@CramerTracker) February 1, 2023
Cramer’s not the one one calling a bull market, although. Bitcoin’s not there but but when it retains going the way in which it has been at present, it may properly hit a six or seven-month excessive earlier than too lengthy. Probs greatest not get forward of ourselves, although.
I’ll say it once more:
This is a bull market till confirmed in any other case.
The burden of proof lies with the bears.
— Dr. Jeff Ross 🔥🐂🔥 (@VailshireCap) February 1, 2023
Uppers and downers: 11–100
Sweeping a market-cap vary of about US$9.4 billion to about US$462 million in the remainder of the highest 100, let’s discover among the largest 24-hour gainers and losers at press time. (Stats correct at time of publishing, primarily based on CoinGecko.com information.)
• Optimism (OP), (market cap: US$594 million) +30%
• Arweave (AR), (mc: US$633 million) +21%
• Synthetix Network (SNX), (mc: US$843 million) +19%
• Loopring (LRC), (mc: US$496 million) +17%
• ImutableX (IMX), (mc: US$647 million) +12%
Just a reminder, what’s Optimism once more? It’s an “optimistic rollups”-tech-employing layer 2 scaling resolution for Ethereum and a blockchain in its personal proper.
Layer 2s are persevering with to form as one of many buzziest crypto narratives, which we’ll discover slightly bit extra in one other article we’re aiming to publish at present. (Note, many different distinguished layer 2 tasks, reminiscent of Arbitrum and zkSync, are but to launch tokens.)
Optimism is thought to be one of many main new wave of tasks which have not too long ago poked their heads via the door on this sector. Its OP token has been performing significantly properly as layer 2 adoption grows.
“2023 is shaping up to be the year of layer 2s,” famous Marc Arjoon, Ethereum analysis affiliate at CoinShares, not too long ago, including:
“For years Ethereum has been struggling to scale effectively while preserving decentralization and security and layer 2s have seemingly solved this trilemma.”
• LEO Token (LEO), (market cap: US$3.2 billion) -3%
• BitDAO (BIT), (market cap: US$610 million) -1%
• Flare (FLR), (mc: US$478 million) -1%
Around the blocks
Some pertinence and randomness that caught with us on our morning strikes via the Crypto Twitterverse.
Hmm… the Crypto Twitter herd is unquestionably leaning bullish…
“Hospital emergency rooms are about to fill up with #Bitcoin bears getting cardiac arrest” – @meatportmusic #BTC 🌙
— Kevin Svenson (@KevinSvenson_) February 1, 2023
Bears are shortly changing into an endangered species.
— Omar Bham (Crypt0) (@crypt0snews) February 1, 2023
I’m anticipating greater upside strikes 🚀
— Eunice D Wong (@Eunicedwong) February 1, 2023
But there’s bullish, after which there’s Cathie Wood.
JUST IN – Cathie Wood’s Ark Invest reaffirms $1 million #Bitcoin prediction:
“Bitcoin will scale into a multi-trillion dollar market” pic.twitter.com/y95wbZ9fhJ
— Bitcoin Magazine (@BitcoinMagazine) February 1, 2023
‼️ CATHIE WOOD’S #BITCOIN PRICE TARGETS
– by 2030
Bearish case: $258,500
Bullish case: $1.48 Million
Minimum ~11x in 7 years.
Keep stacking SATS… 🤑
— Bitcoin Archive (@BTC_Archive) February 1, 2023
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