Arbitrum (ARB) TVL Hits $2.6B High Despite Trading Drops
Arbitrum: Trading Enthusiasm Declines with Falling ARB Prices
Arbitrum (ARB) has seen several declines over the course of the year, but this has not disturbed the trend of its Total Value Locked (TVL) as it continues to rise. Despite recent price drops, the TVL within its network has reached an all-time high.
Arbitrum Recovery Comes to a Halt
Between January 12th and 14th, the daily timeframe chart for Arbitrum showed consecutive declines. The most significant drop occurred on January 14th, reaching about 6.7%. This decline marked the second largest within the year so far. After these downturns, Arbitrum attempted recoveries, which showed consecutive upward trends on January 15th and 16th, resulting in a combined upward trend of nearly 6%.
At the time of writing this article, however, the cryptocurrency has resumed its decline and is recording a drop of over 3%, with its current trading price at about $2. The price of Arbitrum was above its long and short moving averages, represented by the blue and yellow lines. The yellow line served as a support level at about $1.4. Furthermore, the Relative Strength Index (RSI) was above 60 at the time of writing, suggesting that ARB is currently in a bull trend.
ARB Traders Reduce Enthusiasm
The Arbitrum funding rate showed a decrease in trader enthusiasm over the past few weeks. An analysis of Coinglass data showed a decrease in the funding rate from about 0.06% to about 0.009%. At the time of writing, it was at about 0.01%. In addition, an examination of the Open Interest showed a reduction in activity. On January 12th, the Open Interest was over $340 million, but it has now dropped to about $313 million.
Arbitrum’s TVL Rises to Highest Point
An examination of Arbitrum’s Total Value Locked (TVL) on DefiLlama showed a steady upward trend over the past few months. The chart showed that the upward trend began around October and has continued. At the time of writing, the TVL was at about $2.6 billion, marking the highest point in the network’s history. The previous peak of the TVL was at about $2.5 billion.
Sources:
– AMBCrypto
– Trading View
– Coinglass
– DefiLlama
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