Optimism

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The bulk of the cryptocurrency market entered 2023 with a great deal of optimism, as the majority of its crypto assets began showing good outcomes on charts spanning several timeframes.
In the final days of January, we pick these top 5 cryptos that have a strong potential to increase by double-digits, or even more. Prices are all based on Coingecko monitoring.

Top 5 Cryptos For January Final Week
Aptos (APT)
Aptos (APT) has gained 127% over the past week and 440% over the previous month. This obscure and relatively new token is currently trading at $17.93, which is remarkable given that it was valued less than $4 a month ago.

Aptos, which debuted in October 2022 amid much fanfare and criticism, has a market capitalization of slightly over $2 billion, making it the 35th most valuable cryptocurrency network.
Multiple signs imply that a great deal of market observers did not anticipate Aptos’s market success. Nonetheless, APT established itself as one of the market’s top performers, with further price growth likely as February begins.
Bitcoin (BTC)
The price of Bitcoin is currently over 36% higher for the month of January, fueled by increased optimism surrounding the leading cryptocurrency.
At the time of writing, BTC is trading at $22,946, an increase of roughly 9% over the previous week. As anxieties of FTX contagion and rising interest rates dissipate, the quick bounce in BTC/USD pushed prices above $22,000 before they stabilized.

Using historical precedent as a reference, BTC could be poised for a significant price increase, as the recent uptrend resembles the mid-2019 bullish resurgence that saw the price grow by about 250%.


Cardano (ADA)
Third on our top 5 cryptos list is Cardano. At the time of writing, ADA was trading at $0.3791, up nearly 12% in the last seven days. Despite the asset’s price being down 88.33%, many are confident that the debut of Djed stablecoin next week would provide the necessary bump to $1.
The update to Cardano’s blockchain is the latest in a long line of enhancements that have made it one of the most competent layer-one networks in the cryptocurrency industry.

While technicals alone show that ADA (along with the majority of the market) has been overdue for a significant comeback for quite some time, its underpinnings also point to continuous price increases this year.
ApeCoin (APE)
The controversial ApeCoin, which received a great deal of negative press during its inception and throughout 2022, has posted a 32% gain over the past week.
APT is currently trading at $6.35, representing a 4.7% price rise over the previous 24 hours.

The price of ApeCoin has fluctuated between $5.35 and $6.0 since January 23. However, APE surpassed the range and touched $6.40 after BTC crossed $23.5K.




Fantom (FTM)
We round up our top 5 cryptos with Fantom. The value of Fantom and its native token FTM has increased by nearly 51% during the past week.
This growing spurt is related to the Fantom Foundation’s recent revelation that Axelar will enable interchain connectivity for the platform and its broader Web3 ecosystem.

Fantom welcomed 2023 by instituting frequent pricing rallies. In the previous month, the price has climbed by 90% to $0.3871.
Around middle of this month, the value of FTM fell and appeared to be reversing course, but it has since recovered and trading volume has surged.
Featured image from Freepik


The bulk of the cryptocurrency market entered 2023 with a great deal of optimism, as the majority of its crypto assets began showing good outcomes on charts spanning several timeframes. In the final days of January, we pick these top 5 cryptos that have a strong potential to increase by double-di...

bitcoinist.com

Top 5 Cryptos Seen Making Double-Digit Gains In The Final Days Of January

Xrp moved to a multi-month high on Jan. 23, as market optimism grew regarding a lawsuit between Ripple and the United States Securities and Exchange Commission (SEC). Following comments last week from Ripple CEO Brad Garlinghouse, many have bought the token in anticipation of the lawsuit ending in the coming months. Dogecoin was another notable gainer on Monday.
XRP
XRP, formerly ripple, was one of Monday’s notable gainers, as the token rose to a three-month high in today’s session.
XRP/USD hit an intraday high of $0.431 to start the week, coming off the back of Sunday’s low at $0.3979.
As a result of today’s surge in price, XRP has risen to its strongest point since November 8.

Looking at the chart, the move took place following a breakout of a ceiling at the $0.410 resistance level.
As of writing, XRP is still trading above this point, however earlier gains have eased, with price now at $0.420.
Momentum has eased, with traders seemingly securing gains as the 14-day relative strength index (RSI), which is tracking at 68.64, nears a ceiling at 69.00.

Dogecoin (DOGE)
In addition to XRP, dogecoin (DOGE) started the week stronger, with the meme coin hovering close to a key resistance level.
Following a low of $0.0861 on Sunday, DOGE/USD raced to an intraday peak of $0.09289 earlier today.
This surge saw dogecoin briefly break out of a resistance point at $0.09200, closing in on a six-week high in the process.

As can be seen on the chart, this breakout was not sustained, with the meme coin now trading below $0.09000.
One of the reasons behind the afternoon’s decline is the fact that price strength has encountered a hurdle of its own.
Currently the RSI is tracking at 63.51, which is slightly below a ceiling at the 64.00 mark, and seems to have panicked earlier bulls.
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Do you expect dogecoin to move beyond this resistance level this week? Let us know your thoughts in the comments.



Xrp moved to a multi-month high on Jan. 23, as market optimism grew regarding a lawsuit between Ripple and the United States Securities and Exchange Commission (SEC). Following comments last week from Ripple CEO Brad Garlinghouse, many have bought the token in anticipation of the lawsuit ending i...

news.bitcoin.com

Biggest Movers: XRP Jumps to 3-Month High as Crypto Markets Consolidate on Monday 

Token Unlock, a platform that uses on-chain data to track vested tokens and inform users of upcoming unlock events, issued a 2022 annual report today showing the highest estimated locked value tokens per the current market price.
The report shows 15 tokens (such as XRP, Filecoin, Optimism, Chainlink, BitDao, ApeCoin, STEPN, Hedera, Axie Infinity, dYdX, ENS, Kadena, Curve DAO, PancakeSwap, and GALA) account for over 75% of the total illiquid tokens.
Of the top 15 largest estimated unlocks, two are relatively equal to $1 billion while seven are worth more than a billion, and six remain below $1 billion in value, as indicated in the figure below.


According to the report, XRP is currently the highest-valued token locked. The report shows about $17.9 billion worth of XRP still locked in the XRPL protocol. The report indicates that such tokens will be released over time at fixed intervals.
As per the report, Filecoin and Optimism are the second and third tokens with the highest estimated locked value tokens after XRP, each holding $4.9 billion and $3.7 billion locked value, respectively.
The report also ranked Chainlink, BitdAO, ApeCoin, and STEPN above the $1 billion mark, with Hedera and Axie Infinity at around $1 billion worth of tokens locked up, as the above figure shows.
The report identified that December 2022 ended with $102.1 billion worth of tokens locked, with a $468 billion market cap and a $57.8 billion Fully Diluted value (FDV). The report further mentioned that 82.1% of all tokens with fixed supply are ready to circulate freely in the market.
Crypto Tokens To Be Unlocked In 2023
The annual report identified XRP as the token with the highest unlock potential this year. Since XRP has a $17.9 billion value locked in tokens, which are set to enter the market, it will unlock over four times more tokens than the second-ranked token, Filecoin.
The report expects Filecoin to unlock $4.9 billion in tokens in 2023. The report shows the potential of various projects to unlock their tokens to the market this year. The document projects an influx of tokens to enter the market, estimating that $102 billion worth of tokens will be unlocked in 2023.
These unlock have a potentially harmful effect on XRP, FIL, and similar tokens. Investors can sell more assets with more tokens in circulation, effectively capping any upside potential. In particular, XRP has several bullish events upcoming throughout the year, but sellers could take the upper hand with more tokens in circulation.

Why Does TVL Matter In Crypto? 
Besides market indicators like circulating supply, trading volume, and market capitalization, total value locked (TVL) is a major crypto indicator popular among investors to examine the overall value of assets – in any fiat currency or US dollar– deposited across all crypto protocols.
TVL reached almost $2 billion globally in 2022, rising from $400 million in the past two years. TVL has become a vital indicator for investors who need to assess if the entire ecosystem or a particular protocol is healthy and worth investing in.
Whenever the TVL of a particular increases, it is accompanied by a rise in liquidity, usability, and popularity. Such factors contribute to the success of the project. A higher TVL means more funds are locked in crypto protocols, with users enjoying more benefits and yields. A lower TVL means lower availability of funds, resulting in lower profits.

Meanwhile, the global cryptocurrency market capitalization has made some significant moves over the past few days and currently sits above $1 trillion at the time of writing.



Token Unlock, a platform that uses on-chain data to track vested tokens and inform users of upcoming unlock events, issued a 2022 annual report today showing the highest estimated locked value tokens per the current market price. The report shows 15 tokens (such as XRP, Filecoin, Optimism, Chainl...

XRP Tops the Largest Estimated Locked Value With $17.9 billion

A red-hot Ethereum (ETH) scaling solution has seen its recent price surge matched by an all-time high in daily transactions.
The crypto research firm Delphi Digital notes that Optimism (OP) hit 691,000 daily transactions on January 7th, its best-ever number.

The firm adds that Optimism has seen a steady increase in transaction count since last March, despite the ongoing bear market.
Optimism’s native token, OP, is trading at $1.72 at time of writing and is up roughly 88% since the start of 2023.
Delphi Digital also notes that Optimism and fellow Ethereum layer-2 network Arbitrum were only 16,000 daily transactions short of Ethereum’s total daily transactions on January 7th.
Source: Delphi Digital
Additionally, Optimism successfully upgraded its testnet last week.
Explains the project,
“First thing’s first: the Optimism Goerli Testnet was successfully upgraded to Bedrock! This is a crucial step in the Bedrock rollout and the result of the tremendous efforts of the protocol team at OP Labs. Next stop: Optimism Mainnet!
Which projects will thrive on Optimism with Bedrock as the foundation? With retroactive public goods funding, you have a say in the matter. Get your picks ready, because the nomination window for RetroPGF Round 2 opens next week!”
After its massive price surge in 2023 thus far, OP is only about 22% down from its all-time high of $2.21, which it hit in August. The OP token launched in May 2022.
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The post Ethereum Scaling Solution That’s Nearly Doubled Year-to-Date Hits All-Time High in Transactions: Delphi Digital appeared first on The Daily Hodl.


A red-hot Ethereum (ETH) scaling solution has seen its recent price surge matched by an all-time high in daily transactions. The crypto research firm Delphi Digital notes that Optimism (OP) hit 691,000 daily transactions on January 7th, its best-ever number. The firm adds that Optimism has seen a...

dailyhodl.com

Ethereum Scaling Solution That’s Nearly Doubled Year-to-Date Hits All-Time High in Transactions: Delphi Digital

Arbitrum and Optimism raked millions in profit despite the extended bear market that hammered decentralized finance (DeFi) activities and Ethereum (ETH) valuation in 2022.
Arbitrum And Optimism Win Big
Per on-chain data shared on Twitter, Arbitrum, and Optimism, general-purpose Ethereum layer-2 platforms, made 2,906 ETH and 2,086ETH, respectively. In USD terms, it translates to around $4.6 million and $3.3 million for each protocol.

L2s are amazing businesses
Arbitrum made 2,906ETH ($4.6M) of profit in 2022
Optimism made 2,086ETH ($3.3M) of profit in 2022 pic.twitter.com/ViOkPA0Juv
— Kofi (@0xKofi) January 17, 2023

Based on user activity and the number of dApps launched on Ethereum, solid statistics show that developers prefer the first smart contracting over competitors. Since launching, the network has become a hub of activity, spearheading exciting innovations in decentralized finance (DeFi), NFTs, metaverse, and gaming. 

Trackers in mid-January 2023 state that the total value locked (TVL) in Ethereum stands at $26.88 billion, representing more than half of the assets locked across DeFi. The drop in TVL mirrors the fall in ETH prices in 2022.


In essence, Ethereum dominates with DeFi activity over the Binance Smart Chain (BSC), trailing at less than a quarter of the TVL of the leading platform, at $4.65 billion.
Despite this dominance, Ethereum’s scaling problem directly impacts Gas fees. As demand picks up, Gas fees fluctuate, leading to as much as $50 on this blockchain to post a simple transaction. Deploying smart contracts cost much more, sometimes upwards of $80, when the network is congested. As an illustration, the average transaction fees on Ethereum stood at $0.63 on January 17. However, on May 1, 2022, this figure stood at over $23.

Ethereum layer-2 protocols are part of the scaling attempts made by developers to relieve the mainnet. By routing transactions off-chain, layer-2 solutions can help scale Ethereum but, most importantly, reduce Gas fees by several magnitudes. 
In Ethereum’s layer-2 realm, Arbitrum and Optimism dominate. According to L2Beat statistics, Arbitrum and Optimism had TVLs of $2.52 billion and $1.45 billion, with a market share of 52% and roughly 30%, respectively. 

Riding on Network Effects
Although associated fees in Arbitrum, Optimism, and all other layer-2 networks are negligibly low, these protocols can profit based on activity. For every transfer or smart contract execution of Arbitrum and Optimism, there is an associated fee. 
Arbitrum and Optimism charge $0.11 and $0.23 for simple transfers, payable in ETH. If a smart contract is deployed, the fees rise to $0.30 and $0.35. They make more fees as more users deploy smart contracts or initiate transfers. Accumulating these amounts over months translate to a tidy profit for the protocol operator. 
In 2022, Ethereum layer-2 TVL fell roughly 40% from $7.45 billion to $3.3 billion in July 2022. Outflows were lower compared to layer-1 DeFi. As the market recovers, layer-2 operators may likely post higher revenue as users move assets to dApps launched on these scalable and low-fee protocols.



Arbitrum and Optimism raked millions in profit despite the extended bear market that hammered decentralized finance (DeFi) activities and Ethereum (ETH) valuation in 2022. Arbitrum And Optimism Win Big Per on-chain data shared on Twitter, Arbitrum, and Optimism, general-purpose Ethereum layer-2 p...

Optimism price	$2.29
Low - High 24H	$2.17 - $2.43
Market cap	$491.22M
Volume 24H	$252.29M
All time high	$2.50 -8.32% January 25th 2023
All time low	$0.402159 469.15% June 18th 2022
Genesis date	N/A

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