Investing.com - Financial Markets Worldwide

OP, SNX and ARB Surge 24H as Layer-2 Projects Gain Traction

Published 20/07/2023, 13:43
OP, SNX and ARB Surge 24H as Layer-2 Projects Gain Traction

  • OP, SNX and ARB were able to print 24-hour gains according to CoinMarketCap.

  • Technicals for SNX suggested that there may be a strong breakout towards the upside soon.

  • ARB may also experience a breakout in the coming week as a wedge pattern forms on its daily chart.

Layer-2 cryptocurrency projects may rally in the coming few weeks following Ethereum’s (ETH) latest upgrade; EIP-4844. This upgrade is aimed at reducing gas fees for transactions by introducing a special transaction type.

Due to its focus on reducing gas fees for Ethereum’s beacon chain, EIP-4844 is forecasted to amplify the advantages it brings to Layer-2 scaling solutions. Consequently, this enhancement will draw a significant number of investors seeking to engage with Layer-2 chains such as Optimism, Arbitrum, Synthetix, and others.

The past 24 hours saw almost all Layer-2 cryptocurrencies achieve a fair gain. In particular, Synthetix (SNX), Optimism (OP) and Arbitrum (ARB) have seen their prices spike during the past day of trading, according to CoinMarketCap.

Synthetix (SNX)

SNX had reached a high of $2.82 over the past 24 hours as the cryptocurrency soared approximately 3.91% yeste…

The post OP, SNX and ARB Surge 24H as Layer-2 Projects Gain Traction appeared first on Coin Edition.

The post OP, SNX and ARB Surge 24H as Layer-2 Projects Gain Traction appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.