Optimism And Immutable Price Rally Continues, Note Monthly Gain Of Over 75%

The crypto market has been experiencing a bearish trading session lately. However, two cryptocurrencies have stood out owing to their impressive gains. Optimism (OP) and Immutable (IMX) have been rallying forward with their significant price hikes. Both cryptos have emerged as one of the top performing digital currencies recently by locking a 1-month gain of over 75% each.

About Optimism And Immutable

Optimism serves as a layer-two blockchain solution based on the Ethereum network. It enhances the scalability of the Ethereum ecosystem by employing optimistic rollups, a technique ensuring transactions are recorded on Optimism with trust, yet ultimately secured on the Ethereum mainnet. It is worthy to note that Optimism’s prominence as a substantial scaling solution for Ethereum, boasts a Total Value Locked (TVL) exceeding $500 million.

On the other hand, Immutable is the first layer-two solution for scaling NFTs based on Ethereum. It aims to fix Ethereum’s issues like slow speed, not-so-great user experience, lack of money flow, and slow work for developers. Instead, users get quick trading, a lot more room to grow, and no fees for making or trading NFTs—all without risking the safety of users or assets. For this, Immutable uses STARK zk-rollups, a tech that Vitalik Buterin, Ethereum’s co-founder, fully supports.

Also Read: Crypto Prices Today: Bitcoin, BONK Retreat While Pepe Coin, Optimism (OP) Surge

Optimism And Immutable Price Rally

As of writing, the Optimism crypto price was up by 8.21% as the crypto traded at $3.19 on Saturday, while its market cap stood at $2.9 billion, up by 8.36%. The day’s high was recorded at $3.52, which is also the new 1-month high.

Moreover, the 24-hour trading volume surged by 61.50% to $1.01 billion. In addition, the past month saw OP’s value increase by over 75%. Whilst, the 7-day returns stood at a whopping 48%.

Whilst, the Immutable price was up by 11.12% as it traded at $2.50 at the time of writing. Meanwhile, the crypto noted a high of $2.56 in the last 24 hours.

The IMX’s market cap was recorded to be $3.2 billion, indicating an increase of 11.13%, and its 24-hour trade volume spiked by 57.73% to $204.50 million. Moreover, in the past month, IMX registered a massive gain of 76%, while the 7-day returns were over 13%.

Also Read: Here’s What Happened To Bitcoin & Crypto Market In 2023

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.