Arbitrum price jumps 13% as Robinhood adds ARB for trading

Arbitrum’s price jumped 12.9% on Thursday after Robinhood announced its listing, though ARB is still down more than 80% since its all-time high.

Ethereum’s layer-2 solution, Arbitrum ( ARB ), is now available for trading on Robinhood , joining Bitcoin ( BTC ), Ethereum ( ETH ), Solana ( SOL ), as well as other altcoins. In an X post on Wednesday, March 5, the U.S.-based online brokerage platform said users can trade ARB via its crypto-focused arm called Robinhood Crypto.

Following the announcement, Arbitrum’s price soared 12.98% to $0.4258. However, even with the rally, the token remains 82% below its peak of $2.26, which it reached in January 2024, according to crypto.news price data.

Arbitrum ARB/USD price chart | Source:  crypto.news

In late January, crypto.news suggested that Arbitrum token may be on the verge of a strong bullish breakout as the volume of tokens on the chain suddenly jumped by 118%, cementing its best week in months. Another positive catalyst is that Arbitrum formed a falling wedge pattern, which is made up of two falling and converging trendlines. These two lines are nearing their confluence levels, signaling a potential rebound that can push the Arbitrum price to $1.2470.

On-chain data among layer-2 networks | Source: Artemis

Meanwhile, on-chain data from Artemis suggests that traders jumped on the recent news, with daily transactions climbing 25% to 2.8 million over the past week. The top three most active addresses appear to be linked to Tether’s and Circle’s smart contracts, hinting at increased stablecoin conversions, which might signal traders’ willingness to take advantage of the price movement.

What is ARB

Founded in 2016 by Steven Goldfeder, Harry Kalodner, and Joshua Goldfeder, Arbitrum is a layer-2 blockchain designed to help Ethereum handle more transactions at lower costs. It addresses Ethereum’s high fees and congestion by offloading some processing and data storage from the main Ethereum network.

Since Ethereum’s smart contract execution requires nodes to process every step, transaction costs can quickly add up. By handling some of this work off-chain, Arbitrum aims to reduce congestion, offering lower fees, and improving overall efficiency.