- 1.06 million addresses holding OP are currently in surplus.
- Operating profit exceeded $1 billion for the second day.
Many cryptocurrencies have recently hit all-time highs. Optimism (OP) also reached an all-time high in the number of profit holders. In addition to the increase in profit supply, various major indicators have surged in the last 24 hours.
Optimism addresses turn green
According to data from Into the BlockAll Optimism addresses were in a profitable state for the first time in their history.
As of March 5, a post on the data site showed that 1.06 million addresses, equivalent to 100% OP holders, were profitable. This means that any address holding operating profits at various price levels can now leverage their investment.
Source: Santiment
Further analysis of Santiment data shows that at the time of writing this report, the total operating profit supply by profit amounted to KRW 4.3 billion, accounting for almost 99.9% of the total supply.
Looking at the chart, it appears that total supply and profit increased significantly around November, and this upward trend has continued, currently reaching an all-time high.
Optimism sees a 100% increase in trading volume in 24 hours.
A detailed analysis of Optimism’s trading volume shows that it achieved record performance on March 5th. The trading volume chart hit a record high of $1.26 billion on this day, the highest trading volume in several months.
The last notable surge occurred in July, reaching $1.4 billion. However, as of this writing, trading volume continues to increase, reaching approximately $1.28 billion.
Source: Santiment
Notably, this marks the first time Optimism has experienced consecutive trading volumes exceeding $1.2 billion in as many months, representing a significant surge.
According to CoinMarketCap, trading volume has increased significantly by more than 100% in the last 24 hours.
OP enters the $4 price range
Analysis of optimism on daily time frames can provide insight into why any address has turned to profit.
On March 5, intraday operating profit surged 15.43% and closed above $4.5. This is a notable one-day increase not seen since December, when operating profit surged more than 37% on December 22nd and 14% on December 27th.
Source: Trading View
Moreover, at the time of this writing, EBIT was trading at around $4.4, reflecting a slight 0.8% decline in value.
Despite this decline, it has maintained a strong bullish trend, as evidenced by the Relative Strength Index (RSI) nearing 70 at the time of this writing.
How much is 1,10,100 OP worth today?
Optimistic Buyers Become More Aggressive
As data from Coinglass shows, Optimism buyer activity picked up on March 5th. Looking at the OP funding ratio, it appears to have increased significantly, reaching about 0.18%, the highest in over 7 months.
However, at the time of this writing, funding rates have retreated. This means that buyer aggression has decreased, with the current rate being around 0.02%.