Arbitrum (ARB), a prominent Layer 2 (L2) protocol, has emerged as one of the top gainers in the past month, experiencing a remarkable surge of 59%. Over the past 7 days, the token has grown substantially over 31%, propelling it to reach a new all-time high (ATH) of $1.8391 on Monday.
Arbitrum’s Market Capitalization Surges To $2.21 Billion
The impressive price surge of ARB reflects the growing interest in the protocol and its native token within the Layer 2 ecosystem. This surge is evident when examining the data provided by Token Terminal, a leading analytics platform.
According to Token Terminal’s data, Arbitrum’s market capitalization (circulating) is $2.21 billion, marking a significant increase of 56.18%.
Additionally, the revenue generated by the protocol over the past 30 days amounts to $11.31 million, representing a substantial surge of 87.74%.
The fully diluted market capitalization is $17.33 billion, reflecting the market’s positive sentiment toward the protocol’s potential. The revenue on an annual basis reaches $137.63 million, exhibiting an impressive growth of 106.63%.
Moreover, the strong performance of the market indicators, such as the P/F ratio (fully diluted) at 125.95x and the P/S ratio (fully diluted) at 125.95x, indicate robust investor confidence.
The fees generated by the protocol over the past 30 days amount to $11.31 million, representing a significant increase of 87.74%. Additionally, the annualized fees reached $137.63 million, demonstrating a substantial growth of 106.63%.
Furthermore, the data reveals that Arbitrum has a strong user base, with an average of 153,3100 active daily users over the past 30 days, highlighting its popularity and adoption. Even more encouraging is that a prominent crypto analyst foresees continued growth in price action for ARB.
Clear Uptrend In ARB Signals Potential Breakout
Renowned crypto analyst Michael van De Poppe has identified a clear and promising uptrend in the cryptocurrency ARB.
Through his technical analysis, van de Poppe observes that the token has been consistently experiencing “beautiful retests” of previous resistance levels, which have now 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 a strategic level where the token may experience a retest before deciding to break the psychological barrier of $2.
It remains to be seen if this prediction will come true and how ARB’s price action will develop through the first half of 2024.
Featured image from Shutterstock, chart from TradingView.com