The Arbitrum Price Reaches New Heights
As of 7:55 a.m. EST, the price of Arbitrum (ARB) has increased by more than 6% over the last 24 hours, reaching $1.89. The price almost hit the $2 mark and set a new all-time high of $1.99, as per CoinGecko data.
Additionally, the total valued locked (TVL) for the Arbitrum network has surpassed $2.5 billion, and on-chain volumes for Arbitrum-based applications have also exceeded $920 million. This suggests that the collective TVL for Arbitrum-based applications has surged by $1 billion since October 2023, according to DefiLlama.
Arbitrum Price Briefly Dips But Manages To Recover
Earlier in the day’s trading session, the ARB price dropped below $1.6740, but it has since rebounded to trade above this significant price point. On the altcoinβs daily chart, a positive price channel has formed following a series of higher highs and higher lows over the past two weeks. As a result of the recent recovery, ARB is currently trading near the upper barrier of the ascending channel.
Technical Indicators Suggest A Continued Increase In The Arbitrum Price
Technical indicators point to a potential continued climb in the Arbitrum price over the next 48 hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) support this bullish outlook. A trend continuation signal is present on ARBβs daily chart, highlighting the altcoinβs strong bullish momentum.
Investors Are Rushing To Benefit From This Passive Income Opportunity
The innovative project Bitcoin Minetrix aims to decentralize the Bitcoin cloud mining sector and has seen high demand, evidenced by its successful presale. Through its stake-to-mine cloud mining platform, Bitcoin Minetrix allows individuals to earn a share of Bitcoin Minetrixβs cloud mining processing power by purchasing and staking BTCMTX tokens.
Bitcoin Set To Become More Scarce
There is a growing interest in BTCMTX due to the highly-anticipated approval of a spot Bitcoin ETF and the upcoming Bitcoin halving event set to occur in April, leading to new BTC becoming scarcer. Given these factors, investors are turning to Bitcoin Minetrix as a means of passive income.
Hot Take
Arbitrum’s bullish momentum appears to continue as the token reaches new highs, while Bitcoin Minetrix presents a lucrative opportunity in light of Bitcoin’s increasing scarcity. Both developments underscore the growing investor interest in alternative cryptocurrencies and blockchain projects.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
