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Arbitrum Value Soars 30% After Ethereum ETF Approval

Ian Pittman by Ian Pittman
12 months ago
Arbitrum Value Soars 30% After Ethereum ETF Approval
  • Ethereum ETF approval boosts Arbitrum activity by 5%, adding 100,000 users.
  • ARB price jumps over 30% in a week, trading volume up 93%.
  • Arbitrum’s bullish trend may continue if price stabilizes above $1.29 resistance.

After an Ethereum exchange-traded fund (ETF) was approved, Arbitrum’s activity increased by 5% within 24 hours, bringing 100,000 additional users to the service. This increase drove the ARB price to surpass the $1.20 level, representing a more than 30% rise over the course of a week, from $0.9757 to $1.2712.

Furthermore, Arbitrum’s daily trading volume experienced a significant jump, escalating by more than 93% to reach $829 million.

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Arbitrum (ARB) Price Chart
Arbitrum (ARB) Price Chart (Source: CoinMarketCap) 

As the investment community gravitated towards the Ethereum platform, Layer-2 solutions like Arbitrum reaped the benefits of this change in investor attitude. The sanctioning of an Ethereum-based ETF has had repercussions not only for Arbitrum but also prompted a reorganization within the wider digital currency market. Ethereum’s primary competitors, such as Solana and Cardano , saw a reduction in interest while projects associated with Ethereum experienced a surge.

Is a New Peak on the Horizon for Arbitrum (ARB)?

Arbitrum has shown signs of a bullish trend in May, recovering from a downturn that began in mid-March. Its price climbed from $0.94 to $1.27, propelled by a rise in transaction volume and network utilization. With the number of active wallets reaching a new peak of 1.1 million and ARB holders climbing to 1.5 million, the future looks promising for Arbitrum.

At present, Arbitrum’s price is fluctuating between the resistance levels of $1.21 and $1.27. To maintain the upward trajectory, the price must surpass the $1.29 threshold and stabilize in the $1.30 range. Conversely, a drop below $1.20 could indicate a downward trend, potentially causing ARB to fall to $1.914, with the possibility of further slumps to $1.1539.

In summary, the prospects for Arbitrum are favorable, bolstered by a growth in user engagement and advantageous market dynamics following the approval of the Ethereum ETF.

Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.

Tags: AltcoinARBArbitrumArbitrum NetworkETFETHEthereum
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Ian Pittman

Ian Pittman

A professional reporter, an inquisitive and innovative individual who poses inquiries that others may shy away from. He is keenly interested in the metaverse, technological advancements, and NFTs.

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Ethereum (ETH)
3.08%
$ 2,539.55
$ 78.22
⇣ 2,373.11
20 May
⇡ 2,539.55
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