• Bitcoin’s price has been on a rollercoaster throughout the past seven days, reaching highs of $25K before dropping back below $24K.
• Coinbase announced they are launching an Ethereum layer-two scaling solution called Base, which is expected to bring millions of new users into the industry.
• Optimis saw a significant pump in price following the announcement.
Bitcoin Price Volatility
Bitcoin’s price has been on a rollercoaster throughout the past seven days, and it has failed to chart any significant increase (or decrease) throughout the period. Last week at this time, the price was hovering around similar levels, around $24K, but it quickly took for the skies and touched $25K on Sunday. What followed was the first correction back to $24K, after which BTC bounced again and reached $25K once more. It remained there for a couple of days, but bulls were unable to establish control, and bears eventually won the war, pushing the price back below $24K. On Thursday, BTC attempted yet another shot at recovery and got to around $24,700 but was unable to sustain these levels and retraced to where it’s currently trading at around $24K.
Coinbase Launches L2 Solution
Coinbase announced that they are launching an Ethereum layer-two scaling solution based on Optimis called Base. This caused a serious pump in its price as its expected to lure millions of new users into the industry with its full suite of features like low latency transactions and high transaction throughputs per second without compromising decentralization or security properties associated with Ethereum mainnet.
Following Coinbase’s announcement Optimis saw a significant pump in its price due to increased demand from traders looking to make profits off their investments in this cryptocurrency token powering Coinbase’s L2 network solution Base.
What Does The Future Hold?
It remains unclear what Bitcoin’s future will look like in terms of pricing given its volatility over recent weeks however with additional platforms such as Coinbase introducing Layer 2 scaling solutions we may see increased adoption leading to higher prices over time as more investors pour money into crypto markets due to their potential returns over traditional investments options available today.
In conclusion Bitcoin continues its volatile behavior over recent weeks however Coinbase’s new Layer 2 scaling solution based on Optimis is likely going generate further interest from traders looking for alternative investment options beyond traditional markets available today which could potentially lead higher prices if enough people adopt them in large numbers within coming months or years ahead