For Optimism, one of the two dominant layer 2s in the Ethereum environment, it is a good day. $OP reaches price levels not seen for at least 2 months, with growth far exceeding comparable digital assets. The news of the listing of the $OP token at Upbit, a South Korean exchange that often produces these effects, is driving the prices up.
Significant volumes, buying pressures at every listing: one of the classic stories of the crypto market is repeating, without any fundamentals changing in the past 24 hours.
It is nonetheless a great signal for Optimism and for the entire Ethereum ecosystem, which is experiencing a phase of great sprint also in terms of sentiment.
Even Upbit recognizes Optimism
Not that recognition from exchanges or other entities is needed, but it does help the price. Upbit – which means almost nothing to us Europeans, but has a very interesting status relative to more globally oriented exchanges – has announced the listing of Optimism, substantially contributing to the price growth of the $OP token.
It is a story that actually repeats itself for almost every listing related to the popular Korean exchange: the listing is announced, the opening of trading operations is announced, and some position themselves long immediately. In the case of cryptocurrencies with not so high market capitalization, the effects are generally even more... significant.
Within a few minutes, $OP gained 10%, then retaining most of what it gained during the rise, also here following the listing issue on Upbit to the letter.
Can these movements be anticipated?
No. Upbit's listing process is secret and becomes known only once the decision has been made, just as it happens for many other large exchanges.
There is therefore no way to behave like insiders. It should also be remembered that precisely in order to avoid certain situations, exchanges have long improved (and made more secret) their listing procedures.
The fact remains that there are few exchanges that can impart such a level of momentum to the tokens they list, even when already relatively known and with a market that has relatively deep liquidity.
How to behave now?
For those who may decide to attempt an entry now: there is a possibility – as we often remind – that such rallies correspond to violent trend reversals.
Maximum attention should always be paid and excessive or even leveraged exposures should be avoided.
