- Arbitrum price has drifted upwards in the past few weeks.
- The total value locked (TVL) has jumped to over $3.6 billion.
- Arbitrum’s key metrics like fees and active users have been stable
Arbitrum ecosystem is doing well even as cryptocurrencies go through another crypto winter. The total value locked (TVL) in its ecosystem is hovering near its all-time high of over $3.6 billion. Other parts of the ecosystem like the number of transactions, active users, and revenue have held quite well. Despite this, ARB price has dipped by more than 30% from its all-time high.
Arbitrum metrics are encouraging
Arbitrum is a leading blockchain project that has become the fourth-biggest chain in the world and the biggest layer-2 in the industry. It has a TVL of over $3.6 billion, making it third to Ethereum, BNB Chain, and Tron. Data shows that the TVL has held quite steady in the past 30 days.
The biggest dApps in the Arbitrum ecosystem are GMX, Radiant, Uniswap V3, AAVE V3, Stargate, and Sushi among others.
Data compiled by TokenTerminal shows that Arbitrum’s revenue came in at over $9.3 million, which is about 2.53% below the previous month. On average, fees in the ecosystem are averaging about $400k on a daily basis.
Arbitrum’s users has been a bit stable despite the crypto winter. The active number of users in the ecosystem stands at over 211k, which is a few points below the previous month. Most importantly, the number of transactions in the ecosystem has been a bit steady as well.
There have been several important news in the ecosystem. For example, in a statement, Circle announced that it was launching the official version of USDC. This is important because USD Coin is one of the biggest stablecoins in the world.
The stablecoin will be fully reserved and redeemable 1:1 for USD and it enables institutional on/off-ramps. The developers said:
“Upon integration into the Arbitrum Bridge, this will enable USDC to move natively to-and-from Ethereum (and other supported chains) in minutes — no more withdrawal delays.”
Arbitrum price prediction
The 4H chart shows that the ARRB crypto price seems to have bottomed at $1.060. It has struggled to move below this level several times this year. Now, the coin has moved above the 23.6% Fibonacci Retracement level. It has also moved slightly above the 50-period moving average while the MACD has moved above the neutral point.
Therefore, there is a likelihood that the Arbitrum token price will continue rising as buyers target the 50% retracement level at $1.43, which is about 15% above the current level.
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