- Arbitrum price sits around $0.34, up about 5% in the past 24 hours.
- ARB is up despite reports Nvidia has paused a much-anticipated partnership.
- The broader crypto market however remains bullish.
Arbitrum (ARB) price hovers around $0.34, up about 5% in the past 24 hours despite reports that global chip giant Nvidia has paused a much-anticipated collaboration.
With most other cryptocurrencies up, the Ethereum layer 2 scaling solution could thus be on the upward mend. However, does the latest news portend a mix of market optimism and uncertainty?
ARB price today
The cryptocurrency is currently experiencing a bullish trend, benefiting from broader market momentum driven by Bitcoin’s stability at a key support level. This has sparked an altcoin rally, with Arbitrum among the coins riding the wave.
However, a recent announcement from Nvidia has introduced a layer of uncertainty, leaving investors questioning what’s next for ARB’s price trajectory.
At the time of writing, Arbitrum is trading at $0.34, boasting a 24-hour trading volume of $151 million and a market cap of $1.64 billion. However, according to data from CoinMarketCap, daily volume is down 21%.
ARB chart by CoinMarketCap
Still, the overall market outlook remains positive, and Arbitrum is showing signs of potential for further upward movement as altcoins continue to gain traction.
Nvidia pauses Arbitrum partnership
The optimism surrounding Arbitrum was briefly overshadowed by news that Nvidia has paused a much-anticipated partnership announcement with the blockchain platform, as reported by CoinDesk.
Nvidia, a leading GPU manufacturer, gave no specific reasons for the delay, leaving the crypto community to speculate on the future of the collaboration.
This pause aligns with Nvidia’s historically cautious stance on cryptocurrency projects—CEO Jensen Huang once referred to the 2018 ICO boom fallout as a “crypto hangover” after Ethereum’s crash impacted GPU sales.
Nvidia’s hesitance is further evidenced by its $5.5 million fine in the past for misreporting crypto-related revenue, highlighting its reluctance to fully engage with blockchain initiatives like Arbitrum, which had been eyeing a spot in Nvidia’s Inception program.
Arbitrum price outlook
Despite the setback, Arbitrum’s fundamentals remain robust, which could help mitigate any negative impact on its price.
Recent data from DefiLlama shows Arbitrum leading with $285.1 million in net flows over the past week, a clear sign of strong investor confidence.
The broader market’s bullish trend may also continue to support ARB, especially if altcoins maintain their upward momentum.
However, the paused Nvidia partnership could temper short-term enthusiasm. Notably, a collaboration with a tech giant could have boosted Arbitrum’s adoption and credibility.
