- Arbitrum price has soared by more than 119% from its lowest point in 2023.
- The network has evolved into the biggest layer-2 network in the world.
- Uniswap on Arbitrum has reached over 1 million in LP positions.
Arbitrum (ARB) price continued its recovery as it surged to its highest level since April 19th. The token was trading at $1.6238 on Thursday, much higher than the year-to-date low of $0.7320. This rally has given ARB a total market cap of over $2 billion.
Arbitrum ecosystem growth
Arbitrum has evolved to become the biggest layer-2 network in the world in terms of total assets in the ecosystem. Data by DeFi Llama shows that Arbitrum has over $2.54 billion in TVL, making it the third-biggest chain in the world after Ethereum, Tron, and Binance Chain.
Arbitrum has been embraced by some of the biggest developers in the industry like Uniswap, GMX, Aave, Balancer, and Compound. GMX, a leading perpetual trading exchange, is the biggest dApp in the ecosystem.
Arbitrum has also grown in other ways. For example, it recently launched Arbitrum Orbit, a platform that enables developers to launch their own independent chains. It is similar to Optimism Stack and Polygon zkEVM.
Arbitrum’s ARB token is in a strong uptrend as investors cheer the network’s growth as users embrace its low-cost and fast-speed features. For example, Uniswap on Arbitrum has become the fifth-biggest DEX in the world in terms of transactions. It handled transactions worth over $448 million while the number of LP positions opened have crossed 1 million. Arbitrum’s Vertex Protocol has also become one of the biggest DEX in the world.
The other bigger ones are Uniswap on Ethereum, dYdX, Vertex Protocol, and Orca. Other huge DEXes on Arbitrum in terms of volume are GMX, Trader Joe, SushiSwap, and Solidly, among others.
Read more: How to buy dYdX token.
Arbitrum price is rising as investors cheer the ecosystem growth and as they prepare for the coming year. 2023 has several tailwinds for the crypto industry, including lower interest rates, crypto ETF approvals, and Bitcoin halving. As such, it could see a continuation of what has happened in 2023.
Arbitrum price forecast
The daily chart shows that the ARB token price has staged a strong recovery in the past few months. This rally has coincided with the ongoing surge in the altcoin industry, as coins like Solana and Bitcoin SV have surged.
Arbitrum price has recently flipped the important resistance point at $1.3550, the highest swing on July 13th. It has also jumped above the 50-day and 25-day Exponential Moving Averages (EMA) while the Relative Strength Index (RSI) has moved above the overbought point.
Therefore, I suspect that the Arbitrum price will continue rising as buyers target the key psychological level at $2. The other possibility is where it retreats and retests the support at $1.3550.
