• OP flipped ARB in market cap as its price soared.
• The network growth of OP continued to decline, indicating waning interest from new addresses.

In the beginning of 2023, Arbitrum [ARB] was the market leader in the layer-2 sector. Both the protocol and the token were leading in every regard. However, things have drastically changed as Optimism [OP] recently snuck into the lead in this race.

Is your portfolio green? Check out the OP Profit Calculator

Making advancements

On 11 September, Optimism surpassed Arbitrum in terms of market cap. Moreover, over the last 24 hours, the price of OP grew by 7%.

$OP just flipped $ARB in market cap for the first time. pic.twitter.com/lj0IRS9rAk

— Pat_Kras (@Solofunk30) September 11, 2023

Looking at the hourly chart of OP showed that its price was far away from its monthly highs. After 8 August, the price of OP continued to decline. It exhibited multiple lower lows and lower highs, signaling a bearish trend.

It remains to be seen whether the price movement of OP will be positive enough for the token to establish a positive bullish trend. Notably, indicators for the OP token were pointing north at the time of writing.

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Author: Himalay Patel

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