Arbitrum Price Jumps 13% Following Robinhood’s ARB Listing
The cryptocurrency market has seen a significant move this week with the price of Arbitrum (ARB) surging 12.9% after Robinhood, the popular online brokerage platform, announced the inclusion of ARB in its trading offering. This announcement has sparked renewed interest in the cryptocurrency, although its current value is still significantly below its all-time high.
An Expected Move
The news of ARB’s listing on Robinhood came via a post on the X platform on Wednesday, March 5. With this addition, Arbitrum joins other prominent cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) on the Robinhood Crypto platform, allowing users to trade ARB directly.
The price of Arbitrum reacted positively to the announcement, rising 12.98% to reach $0.4258. However, despite this rally, ARB is still 82% below its peak of $2.26, reached in January 2024, according to price data from crypto.news.
Technical and On-Chain Outlook
In late January, analysts had noted that the Arbitrum token could be on the verge of a strong bullish move. On-chain token volume had increased by 118%, marking its best week in months. Furthermore, the formation of a falling wedge pattern on ARB’s price chart suggests a possible rebound, with the converging trendlines indicating a recovery that could push the price towards $1.2470.
On-chain data from Artemis shows that traders were quick to react to the news, with daily transactions up 25%, reaching 2.8 million in the past week. The most active addresses appear to be related to Tether and Circle smart contracts, suggesting a surge in stablecoin conversions and a possible readiness to take advantage of price movement.
Arbitrum’s Role in the Ethereum Ecosystem
Arbitrum, founded in 2016 by Steven Goldfeder, Harry Kalodner, and Joshua Goldfeder, is a layer-2 solution designed to improve Ethereum’s ability to handle transactions at a lower cost. By shifting some of the data processing and storage off the Ethereum mainnet, Arbitrum addresses the issues of high fees and congestion, offering lower fees and increased efficiency.
Conclusion
ARB’s listing on Robinhood has given a significant boost to Arbitrum’s price, although the cryptocurrency still has a long way to go to regain its all-time highs. With positive technical signals and an increase in on-chain activity, investors will be keeping an eye on ARB’s next moves in the cryptocurrency market. This development underscores the growing importance of layer 2 solutions in the Ethereum ecosystem and their potential to transform the way transactions are handled on the blockchain.