ARB Price Set ATH, TVL Exceeded 10 Billion USD Mark

ARB price set ATH, TVL exceeded 10 billion USD mark

The early days of 2024 are witnessing the “breakthrough” power of the Layer-2 wave, when most platform coins achieve significant growth.

According to information from L2Beat, the Total Value Locked (TVL) of the Layer-2 Arbitrum One network has increased nearly 16% in just 7 days, to a significant level of 10.22 billion USD. This is not only a significant growth, but also brings Arbitrum One past the $10 billion threshold, officially affirming its position as a Layer-2 network with outstanding performance.

Layer-2 projects are ranked according to TVL. Source: L2Beat

Considered the main competitor of Arbitrum One, Op Mainnet (Optimism) is no less competitive, recording a Total Value (TVL) of up to 6.34 billion USD, an increase of nearly 10% in the same period.

It is clear that Arbitrum and OP are dominating the Layer-2 race, especially when it comes to Total Value Locked, with the TVL of these two networks alone reaching billions of USD.

The third ranked network has a much more “modest” TVL, only reaching 748 million USD. However, this is a notable achievement for Metis, with an “acceleration” after announcing a growth incentive package, surpassing major competitors such as Base, zkSync Era,…

Back to Arbitrum, ETH and ARB account for the largest shares on the network, 30.9% and 23.68% respectively. This is followed closely by stablecoins with around 30%.

Related: Arbitrum Continues to Have Problems Stopping Block Generation

Chart of ARB

The ARB token price has also performed equally impressively. ARB is currently trading around 1.89 USD, down slightly after just setting an ATH at 1.94 USD on the morning of January 3, 2024.

1H chart of the ARB/USDT pair on Binance at 08:34 AM on January 3, 2024

In the last 7 days, ARB has achieved significant growth of up to 45%, and even increased by more than 70% in just 14 days. If looking at the 30-day time frame, the token price has also increased by 68%, showing a steady growth trend in the last month of 2023.

The entire cryptocurrency market is entering a positive phase with optimism in the early days of 2024, especially as expectations for the SEC’s decision to approve the spot Bitcoin ETF are getting closer. Other Layer-2 projects are also expected to have positive performance under Arbitrum’s leadership.

Price performance of Layer-2 tokens on a 7-day basis. Source: CoinGecko