- Arbitrum is continuing to gain market share in the crypto industry.
- The ARB token has jumped by over 192% from its lowest point in 2023.
- Xai token has also jumped giving it a market cap of over $450 million.
Arbitrum (ARB) price resumed the uptrend as investors cheered the growth of its ecosystem. The token jumped to a high of $2.15 on Tuesday morning as bulls attempted to retake the year-to-date high of $2.408. It has risen by more than 192% from its lowest point in 2023, making it one of the best-performing coins in the market.
Ecosystem growth
Arbitrum has become one of the most popular players in the crypto industry. It has become the biggest layer 2 network, powering some of the most used platforms. For example, Arbitrum has a Total Value Locked (TVL) of over $2.6 billion. Some of the biggest networks in DeFi are GMX, AAVE, Uniswap, and Balancer. All these networks have over $163 million in TVL.
Looking at the DEX market share, we see that Vertex Protocol is the fourth-biggest player in the industry in terms of transaction volume. According to CoinMarketCap, it handled over $305 million in between Monday and Tuesday. Its version of Uniswap handled more than $201 million while Trader Joe processed $26 million.
There is a likelihood that Arbitrum’s market share in DeFi will continue doing well over time because of its significantly low fees and faster speeds compared to Ethereum.
Arbitrum is also seeing more developers build using its Arbitrum Orbit. Orbit is a recently launched network that enables developers to build their own chains on Arbitrum. The network has been used to build Xai, a new platform that aims to transform the gaming industry.
Xai token price has surged, giving it a market cap of over $450 million. This surge intensified on Monday when it was finally added to Binance, the biggest exchange in the world. Xai aims to disrupt Immutable X and Ronin, the biggest blockchain networks for games.
Some of the upcoming games in the ecosystem are Final Form, Tarochi, and Carnivale. As I wrote on Monday, Xai could become the next big thing in crypto gaming.
Arbitrum price forecast
The daily chart shows that the Arbitrum price has been in a strong uptrend in the past few months. ARB, its token, has constantly remained above the 50-day and 100-day moving averages. It has also constantly bounced back after having a pullback.
Arbitrum’s MACD and the Relative Strength Index (RSI) have continued rising as the coin nears the year-to-date high of $2.40. Therefore, the outlook for Arbitrum is bullish as buyers target the next psychological level of $2.50.
