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The Arbitrum price jumped more than 6% over the past 24 hours to trade at $1.89 as of 7:55 a.m. EST.
A New All-Time High For The Arbitrum Price
ARB came close to reaching the $2 mark and during the past day was able to record a new all-time high of $1.99, according to CoinGecko data.
Along with the increase in price, the total valued locked (TVL) for the network also topped $2.5 billion. On-chain volumes for Arbitrum-based applications have also surpassed $920 million.
As a result, data from DefiLlama indicates that the collective TVL for Arbitrum-based applications has risen $1 billion since October 2023.
The Arbitrum Price Briefly Dips But Manages To Recover
Daily chart for ARB/USDT (Source: TradingView)
ARB temporarily dropped below the $1.6740 mark earlier in today’s trading session. It has been able to recover since then to trade back above the significant price point. A positive price channel has also emerged on the altcoin’s daily chart. This was after the Arbitrum price recorded a series of higher highs and higher lows over the past 2 weeks. As a result of the recent recovery, ARB is currently trading near the upper barrier of the ascending channel.
The Arbitrum price may soon attempt to set a new high if it closes today’s candle above $1.6740. This bullish thesis may not play out if the cryptocurrency closes today’s trading session below $1.6740. In this alternative scenario, the Arbitrum price may retest the subsequent support level at $1.4215 in the short term.
Technical Indicators Suggest A Continued Increase In The Arbitrum Price
Traders and investors will want to note that technical indicators suggest the Arbitrum price may continue to climb in the next 48 hours. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) support a bullish outlook.
A trend continuation signal is present on ARB’s daily chart, as the MACD line is breaking away above the MACD Signal line. This suggests that the altcoin’s bullish momentum shows no signs of slowing down. Buyers are currently also stronger than sellers on ARB’s chart, as the RSI line is positioned above its Simple Moving Average (SMA) line.
If these technical flags are validated, the Arbitrum price will most likely attempt to flip $1.99 into a support level. Until this happens, investors may want to take a look at the runaway presale of Bitcoin Minetrix, which has already surged past $7.3 million.
Investors Are Rushing To Benefit From This Passive Income Opportunity
Bitcoin Minetrix is an innovative project that looks to lower the barrier to entry for anyone looking to get involved in cloud mining. Prior to Bitcoin Minetrix, mainly large institutions with hundreds of mining rigs were able to profit from BTC mining, leaving smaller mining operations in the dark.
Through its stake-to-mine cloud mining platform, Bitcoin Minetrix aims to decentralize the Bitcoin cloud mining sector. Anyone looking to get started can do so by simply purchasing and staking BTCMTX.
Once their tokens are staked, investors will receive “gas” tokens in the form of ERC-20 tokens. These tokens then need to be burned in order to claim a share of Bitcoin Minetrix’s cloud mining processing power.
Savvy investors have been scrambling to get a hold of BTCMTX, which is evident by the success of its presale.
Bitcoin Set To Become More Scarce
Delve into the vibrant world of #BitcoinMining, set to skyrocket into a $12 billion industry by 2027!
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— Bitcoinminetrix (@bitcoinminetrix) January 2, 2024
A potential reason behind the interest in BTCMTX could be the highly-anticipated approval of a spot Bitcoin ETF. Many in the crypto space believe that this potential approval could send BTC’s price skyrocketing.
There is also the upcoming Bitcoin halving event set to take place in April this year, which will make new BTC harder to come by. Given these factors, it is no wonder investors are flocking to Bitcoin Minetrix and the passive income opportunity it offers.
BTCMTX can be purchased here.
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