- •After experiencing a boom in the trading activities, optimism (OP) experiences a considerable fall of 31.97% over the past 24 hours.
- •The amount of trading has increased 290.7 percent and it is a good indicator of more interest in the market that is not followed by a price rise.
- •The proportion of OP tokens held back is high which may cause a rise in the volatility of the market and future price.
Optimism (OP) has been very volatile in the last 24 hours. The token price was decreased by 31.97, and it was at 0.4919. Although the trading volume has increased by a huge percentage, the fall in price is sharp.
The market capitalization of Optimism is at 874.92 million which is almost reduced by almost 32 percent in a single day. This reduction is a reflection of the decrease in the unlocked market cap which stands at $1.08 billion. This may be the reason why the price pressure is high, and investors are at risk of oversupply due to the large percentage of the total supply in circulation.
Trading Volume Surge Amid Decline
Optimism has seen its trading volume increase by 290.7 percent, to a high of $688.7 million of the last 24 hours. This shows an increase in the market activity which is probably as a result of speculation or major news items. Even though this upsurge was witnessed, the negative price trend is indicative of the bearish mood in the market.
Source: CoinMarketcap
The supply side of optimism, as well as the sudden increase in trading activity, indicates the growing volatility. The supply of 4.29 billion OP is divided into the circulating supply of 1.77 billion OP, which is almost 41 percent. This percentage indicates that a huge percentage of the total supply is still in store, which may have further implications on the forthcoming price trends.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.