Arbitrum (ARB) Is Doing Quite Well With a Massive Boost to 2024 After a $10 Billion Increase in TVL

Arbitrum (ARB), a prominent Layer 2 (L2) protocol, achieves a huge milestone with a notable surge in its Total Value Locked (TVL). However, the (TVL) pushes its market presence to new heights. So, the surge comes after the increase in the crypto asset’s price, marking an important moment for the network’s growth.

Arbitrum’s TVL Milestone and Dominance in L2 Realm

Image from L2Beat

• The latest data from the analytics firm L2beat shows Arbitrum’s escalation dominance in the L2 space. So, Arbitrum One surged past the valued $10 billion TVL mark, currently boasting a TVL of $10.36 billion. Therefore, it  shows an outstanding 16.49% increase in just seven days.

• Arbitrum’s staggering TVL positions it high above Optimism (OP), that is its closest competitor, by approximately 40%. So, Optimism trails behind with a TVL of $6.44 billion, having also experienced a notable 11.63% surge. So, this rise solidifies Arbitrum’s place as the leading Layer 2 network, setting new benchmarks in the crypto space.

Arbitrum Total Value Locked Composition and Network Popularity

• A detailed look at what makes up Arbitrum’s (TVL) shows that Ethereum (ETH) makes up around 30% of it. So, the ARB token also plays an important part, making up about 23.68%. 

• Additionally, stablecoins contribute a large portion, accounting for around 29% of the TVL. So, this shows that Arbitrum is attracting a wide range of users because of these different assets being used on its platform.

Arbitrum’s Price Surge and Market Performance

• In the midst of the surge in TVL, Arbitrum’s native token, ARB, experienced a surge in collaboration with the rise in TVL. Currently priced at $1.84, the digital asset increased by 2.82% in the last day.

• Also, there is an escalating trading volume, up by a huge 60%  rise in the past 24 hours. So, there’s also a 1% increase in market capitalization. However, this rise is as a result of the high confidence demonstrated by the investors. Furthermore, it shows their interest in Arbitrum’s ecosystem.

Analyst Insights and Future Projections on Arbitrum(ARB)

Image from X 

• Cryptocurrency expert Michaël van de Poppe believes that Arbitrum’s token, ARB, is going to rise. Through his X account (formally called twitter), he explained how ARB could break through and go higher in value. So, he said that ARB is consistently going up, touching old price levels and staying strong. Thus, he thinks it might reach a level between $1.50 to $1.60 before going past $2. That is if this upward trend keeps going.

• Van de Poppe also noticed ARB’s slow rise compared to Bitcoin, even though it’s currently valued at $1.84. So, he thinks his predictions about ARB going higher against Bitcoin might come true soon.

Conclusion

Arbitrum’s growth in Total Value Locked (TVL) and its share in the market show that it’s heading in a good direction. Furthermore, there are optimistic predictions from experts. So, as the crypto market grows, Arbitrum stands out for its new ideas and ability to handle more users. The way it’s going now suggests it might have a bright future and stay at the top in the growing crypto ecosystem

Image source

The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.