Optimism (OP) is having a tough May, due to the bearish market sentiment caused by declining prices of Bitcoin (BTC) and Ethereum (ETH). Its native token has dropped by 23% for the month, as of 16 May 2023. Quickly reversing this trend could be the upcoming Bedrock update on 6 June 2023. This upgrade will bring a full EVM compatibility, increased scalability and lower transaction fees for the network of the Layer 2 scaling solution for Ethereum. Currently, the price of OP/USD is at $1.63, which is 49% lower compared to its all-time high of $3.22 registered on 24 February 2023. The launch of Bedrock could help bolster the price, encouraging developers and users to take advantage of the network. However, there is also the possibility of a bearish situation. In this case, OP/USD could sink to $1.15 and $0.87. For now, the longer-term outlook remains unclear and will be highly dependent on the performance of the broader cryptocurrency market.
Naomi Gonzales
- 2023-05-18
A Look at the Optimism Token Price Outlook
Optimism (OP) has had an unimpressive May, dropping 23%. Its native token is currently priced at $1.63. The upcoming Bedrock update could help reverse this trend and bolster the price, but there is also the possibility of a bearish situation.
