Arbitrum (ARB), a prominent one Layer 2 (L2) protocol, has emerged as one of the biggest gainers over the past month, with a notable 59% increase. Over the past 7 days, the token has grown significantly by over 31%, reaching a new all-time high (ATH) of $1.8391 on Monday.
Arbitrum’s market cap rises to $2.21 billion
ARB’s impressive price increase reflects the growing interest in the protocol and its native token within the Layer 2 ecosystem. This increase is clearly visible when examining the data from Token Terminal, a leading analytics platform.
According to Token Terminal factsArbitrum’s market capitalization (in circulation) is $2.21 billion, which represents a significant increase of 56.18%.
Moreover, the revenue generated by the protocol in the last 30 days amounts to $11.31 million, which represents a significant increase of 87.74%.
The fully diluted market cap is $17.33 billion, which reflects the market cap positive sentiment towards the potential of the protocol. Annualized revenue is $137.63 million, delivering an impressive 106.63% growth.
Furthermore, the strong performance of market indicators such as the P/F ratio (fully diluted) of 125.95x and the P/S ratio (fully diluted) of 125.95x indicate robust investor confidence.
The fees generated by the protocol over the last 30 days amount to $11.31 million, which represents a significant increase of 87.74%. Additionally, annualized compensation was $137.63 million, demonstrating substantial growth of 106.63%.
Furthermore, the data shows that Arbitrum is in a strong position user basewith an average of 153.3100 active daily users in the last 30 days, underscoring its popularity and acceptance. Even more encouraging, a prominent crypto analyst foresees continued growth in price action for ARB.
Clear uptrend in ARB signals possible breakout
Renowned crypto analyst Michael van De Poppe has done that identified a clear and promising uptrend in the cryptocurrency ARB.
Through his technical analysis, Van de Poppe notes that the token has consistently undergone “nice retests” of previous tests resistance levelswhich have now been transformed into strong support zones.
If the current price trajectory continues, Michael van De Poppe suggests that investors should keep an eye on a potential optimal “go-to zone” for ARB between $1.50 and $1.60.
This zone represents one strategic level where the token may undergo another test before deciding to break the psychological barrier of $2.
It remains to be seen whether this prediction will come true and how ARB’s price action will develop in the first half of 2024.
Featured image from Shutterstock, chart from TradingView.com
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