ETH Bulls Drive Surge in Layer-2 Tokens OP, ARB, IMX

Crypto News- In the fast-paced world of cryptocurrency, Layer-2 projects have witnessed a remarkable 5.5% surge in their total market cap over the past 24 hours, according to the latest data from CoinMarketCap. This surge propelled the collective valuation of Layer-2 projects to an impressive $16.217 billion at the time of reporting.

ETH Bulls Drive Surge in Layer-2 Tokens OP, ARB, IMX

Leading the charge among these innovative altcoins were Optimism (OP), Arbitrum (ARB), and Immutable (IMX), each experiencing substantial price increases during the last day of trading.

Optimism (OP) emerged as the front-runner, boasting an astonishing 23.5% price jump within the 24-hour period, bringing its value to $2.18 at press time. This surge also contributed to OP’s weekly performance, now standing at an impressive +28.70%.

Arbitrum (ARB) followed suit with a commendable 7.60% price increase, placing its value at $1.17. While not as substantial as OP and ARB, Immutable (IMX) still managed a noteworthy 3.60% gain, reaching a value of $1.50.

A compelling factor potentially fueling the rise of Layer-2 cryptocurrencies is Ethereum’s (ETH) robust performance. ETH recently breached the $2,300 resistance level, maintaining its position above this crucial threshold. Analysts speculate that ETH’s bullish momentum could be a catalyst for the Layer-2 rally.

Technical indicators support this optimistic outlook for ETH, with both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) signaling bullish trends. A formed bullish channel, marked by higher lows and higher highs, further reinforces the positive sentiment.