Arbitrum price jumps 13% as Robinhood adds ARB for trading

Arbitrum’s price jumped 12.9% on Thursday after Robinhood announced its list, although the ARB is still down more than 80% from its top of all time.

Ethereum layer 2 solution, referee (ARB), is now available to exchange RobinJoining the Bitcoin (BTC), Ethereum (Ethn), Solana (GROUND), as well as other altcoins. In an X Post of Wednesday, March 5, the online brokerage platform based in the United States said that users can exchange ARB via its crypto arm called Robinhood Crypto.

After the announcement, the price of arbitrum climbed 12.98% to $ 0.4258. However, even with the rally, the token remains 82% below its $ 2.26 peak, which it reached in January 2024, according to Crypto.News price data.

At the end of January, Crypto.News suggested This arbitrum token can be on the verge of a strong bullish escape while the volume of tokens on the chain suddenly jumped 118%, cement its best week in months. Another positive catalyst is that Arbitrum has formed a falling corner model, which is composed of two lines of tendency and convergent. These two lines are approaching their confluence levels, signaling a potential rebound that can push the arbitrum price to $ 1,2,470.

Meanwhile, Artemis chain data suggest That traders have jumped on recent news, daily transactions amounting to 25% to 2.8 million in last week. The three main most active addresses seem to be linked to the intelligent contracts of Tether and Circle, referring to increased conversions of Stablecoin, which could point out the merchants’ desire to take advantage of the price movement.

What is arb

Founded in 2016 by Steven Goldfeder, Harry Kalodner and Joshua Goldfeder, Arbitrum is a ADDER-2 Blockchain designed to help Ethereum manage more transactions at lower costs. It addresses the high fees and the congestion of Ethereum by discharging certain processing and storage of data from the main Ethereum network.

Since the execution of the intelligent Ethereum contract requires nodes to process each step, the transaction costs can quickly add up. By managing part of this work outside the chain, Arbitrum aims to reduce congestion, to offer lower costs and to improve overall efficiency.