In a recent development in the ever-changing world of cryptocurrency, the Optimism (OP) token has outperformed Arbitrum (ARB) and climbed higher in the market capitalization ranking, according to a survey shared by an analysis platform on May 10.
The survey revealed that the OP token exhibited strong performance, with a 48% increase from its lowest point on April 13. This surge allowed the OP cryptocurrency to once again surpass ARB in terms of market capitalization.
Currently, OP sits in 46th place in the ranking, with a market capitalization of US$2,660,544,917. It is challenging the current position held by ARB, which has a market capitalization of US$2,657,164,683.
As of the time of publication, the price of Optimism (OP) was quoted at US$2.54, representing a 1.8% increase in the past 24 hours. The cryptocurrency recorded a trading volume of US$189,390,705 during this period.
In another surprising turn of events, Optimism (OP) has surpassed Cardano (ADA) and Ethereum in terms of development activity, thus taking the lead in the ranking. Cardano’s blockchain had previously been leading the market in terms of development activity for a few months.
A survey released by the Santiment platform on April 23 identified the top 10 cryptocurrency projects with the highest GitHub development activity in the past 30 days. Projects with high development activity often perform well in the crypto market.
For a considerable period of time, Cardano (ADA), Kusama (KSM), and Polkadot (DOT) were leading the pack, alternating in the top three spots for monthly development activity. However, the most recent data showed that Chainlink (LINK) claimed the top spot.
The achievement of Optimism (OP) is particularly noteworthy as it exhibited greater development activity than market giants such as Cardano (ADA), Ethereum (ETH), and Hedera (HBAR).
It is important to note that the views and opinions expressed in this article, including those of the author and anyone mentioned, are solely for informational purposes and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: While Bitcoin remains stable above US$63, both Arweave and Render have experienced a rise of over 6%. Additionally, Arbitrum (ARB) has seen a surge in transactions, coinciding with a buy signal.