- Arbitrum price crossed the $1 mark and surged 20% in a week.
- Arbitrum crosses $20B in monthly volume on Uniswap, a first for L2s.
Arbiturm (ARB) has been on an upward trend since the start of November, surging over 150%. It has surpassed the psychological $1 mark and reached the highest trajectory since April 2022.
After retesting the demand zone of $0.4600, the Arbtirum crypto price saw a sharp rebound. Furthermore, it displayed a one way rally in the last three weeks.
At press time, Arbitrum price traded at $1.11, noting a surge of over 3.20% over the past 24 hours. Its market cap rose to $4.54 Billion, ranking 37th among the top crypto coins.
Arbitrum’s Milestone: Leading the Charge in Layer 2 DeFi Scaling
Arbitrum is the first L2 scaling solution to achieve a monthly trading volume of over $20 Billion on the Uniswap protocol. Hence, it has established a new level of DeFi usage.
The rise served as the foundation for the increase. It made it possible for Arbitrum to become one of the top L2 options for trading with a large turnover. That proved that the network was more efficient than other L1s regarding transaction costs and speed.
This indicated a growing trend among clients toward Layer 2 arrangements to scale decentralized apps. At the same time, it maintains security and decentralization.
Data from Dune Analytics indicated that Arbitrum’s volume rose continuously and dramatically during the last 12 months. Trading activity has significantly increased. This happened due to the institutional and retail participants’ successful attraction of liquidity and activity.
Its transaction volumes were increased by its close connection with the well-known decentralized exchange Uniswap. With its scalability and lower costs, Arbitrum has further cemented its position. It has established itself as the top Ethereum ecosystem substitute.
Arbitrum’s utilization is effective but may encourage more people to employ other scaling approaches. More innovative applications within DeFi might result from this.
L2 solutions like Arbitrum will only become more critical in the future. That’s because Ethereum is becoming crowded, and gas fees are high. This allows ETH-based protocols to remain viable and available to a worldwide user base.
Arbitrum Price Prediction: Key Levels to Watch
Abritrum crypto price has surpassed the $1 round level and triggered a sharp breakout in multiple timeframes. Fueled by a massive surge in trading volume, the token’s bullish price action indicates further growth.
The Relative Strength Index (RSI) line at 76 represented overbought conditions. That signaled a caution for investors. Moreover, the Chaikin Money Flow (CMF) indicator reading of 0.26 reflected a surge in liquidity. It conveyed bullish cues.
Most leading and lagging indicators signal positive readings and favor the uptrend. Alongside the bullish readings, the Arbitrum price action also saw a series of higher highs. This represented the sustained uptrend.
Data from Coinglass indicated that the Open Interest (OI) surged over 3.93% to $290.17 Million over the past 24 hours. The immediate support zones were $1.08 and $1. At the same time, the upside hurdles were $1.20 and $1.35.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
