We can say that the cryptocurrency market kept its upward momentum and many altcoins surged today. Everything is going too nice in the crypto space right now and I am sure the eye-catching gains flashing on the television media will be attracting a lot of people to the market. This rally, surely is a gift for the people who survived the last drop in the market. In this article, we will compare yesterday's crypto market with today and see what things have gone in the favor of the market and what things are not. So let's dive into it!

Overview Of Crypto Market

Yesterday after the FED announcement of the interest rates the surge of the cryptocurrency started and it is still in the upward momentum. Few altcoins have surged tremendously like FORTH & PORTO has surged more than 100% in the last 24 hours and a coin WING surged more than 350% in the last two days, that is crazy money flowing around the altcoins.

At the time of writing this article, the price of Bitcoin is at $23,641 up by 2.31% in the last twenty-four hours. Even though the price of Bitcoin has not shown many reactions to the FED thing but the entire crypto market apart from a few coins is in great times.

As we have been looking from the last week the dominance of Bitcoin is holding around 40.xx% range, it is currently at 40.31%. You can see the clear rollercoaster ride of Bitcoin dominance, which is the result of dominance testing the support and bouncing back from that level a few times a day. As I already said, the breakout from this level will bring altcoins rally, and things are happening already! The Fear and Greed Index of Bitcoin is currently, at 39. Seems like the cryptocurrency market is getting out of the Fear zone and riding towards the Greed zone, which will be great for the traders or investors who bought strong coins in a time of fear.

And as you can see in the rightmost part of the picture, is the comparison of long and short positions on various exchanges like Binance and Kraken. This shows us how the leveraged traders have positioned their entries and how they are playing the game. Currently, there are 44.72% of long positions while 55.28% of the short positions. A few days ago we saw the complete opposite picture where long positions were dominating and now after a few days shorts are dominating.

Related Statistics of Cryptocurrency Market (24 H)

Market Cap: $1.13 Trillion (+4.80%)

24h Volume: $2.04 Trillion (+25.13)

Exchange Reserve: 2,270,778.38 (No Change)

Exchange Netflow Total: -103.1966 (-94%)

Trending Coin Of The Day

In this section, we go through the coin that is on the trending coins list of CoinMarketCap. We look into its basics and dig enough into them to get an overall understanding of the project.

Optimism (OP)

Optimism is one of the leading layer 2 blockchain solutions for solving the Ethereum scaling problem. Optimism conducted an Airdrop on the 31st of May 2022 which brought Optimism to the radar of the mainstream crypto media and crypto communities. Optimism adopts the governing layers of Ethereum, as Ethereum is founded & led by a non-profit foundation similarly Optimism is also led by the non-profit Optimism foundation.

OP is the native token of Optimism and it can be utilized in the Optimism ecosystem for multiple purposes. At the time of writing this article, the price of OP token is $1.57% up by ~35% in the last twenty-four hours. Even though the project is relatively new in the space, looking at the total value locked and the amount of community gathered around the project is incredible.

Optimism uses the Optimistic Rollups for providing secure and scalable layer two solutions for Ethereum. Another feature of the Optimism blockchain is that the transactions are recorded on the Optimism chain but they actually are stored on the Ethereum blockchain. An important feature that makes the Optimism project unique from others is that they have mentioned they will have layer 1 fault proofs by the end of 2024.

Conclusion

Looking at the market and the data related to it, my personal opinion is the market is overhyped and there will be a pullback in some time from here. So do not try to catch the ride to the moon, get in only if you are sure otherwise it will be very risky as some people might end up buying at local tops of this rally. But if you're ready to take risks then do your own research and bet on it!

Talking about Optimism, it is a relatively newborn project in the crypto space and there is no activity on GitHub but the way it has been integrated with the existing ecosystem like it is integrated with Uniswap, Synthertix, and many other well-established DeFi platforms in a very small period of time. If you are thinking of investing in Optimism then go through their documentation and understand the mechanism of the project and then only invest. Since it is in its early stages I will rate it as a risky long-term investment but hey that's my personal opinion.

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