OP - Why Altcoins Like Optimism and Stacks Were Big Winners This Week
2024-02-09 18:55:28 ET
The cryptocurrency market was roaring this week, with a great many coins and tokens shooting notably higher and producing handsome returns for investors.
Among the numerous beneficiaries were investors in altcoins Optimism (CRYPTO: OP) , Stacks (CRYPTO: STX) , and Hedera (CRYPTO: HBAR) . According to data compiled by S&P Global Market Intelligence , over the period Optimism and Stacks both rose by almost 17% in price, while Hedera shot more than 15% higher.
When a broad altcoin rally occurs, it's usually because the crypto king Bitcoin is sailing higher. Sure enough, Bitcoin surged in the last few days, crossing the psychologically important $45,000 barrier to hit $48,000-plus before retreating a bit on Friday. That was its highest level since Jan. 11, not coincidentally the day spot Bitcoin exchange-traded funds (ETFs) went live for public investment.
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Why Altcoins Like Optimism and Stacks Were Big Winners This Week