Arbitrum and Optimism tokens are currently experiencing a surge in price, trading near their all-time high levels. This comes as the crypto market kicks off the new year with bitcoin surpassing $45,000 for the first time since April 2022, fueled by investor anticipation of a potential approval of a spot bitcoin exchange-traded fund in the United States.
Arbitrum’s token, ARB, has seen a significant price rally over the last month, with a 60% jump to reach a record high of $1.83. It is currently being traded at $1.78, with a market capitalization of $2.3 billion.
On the other hand, Optimism’s token, OP, reached its all-time high price of $4.10 last week and has maintained levels around the peak, trading at $3.87 as of now. Both Arbitrum and Optimism are major Layer 2 scaling solutions that utilize Optimistic rollup technologies and offer a more cost-effective method for processing transactions off the main Ethereum blockchain. The ARB and OP tokens play a crucial role in governing these networks.
Over the past three months, both networks have seen a significant increase in transaction volume. Arbitrum’s daily transactions rose by 38% from 670,000 to 926,000, while the OP Mainnet witnessed a 20% growth from 354,000 to 431,000. The total value locked on Arbitrum remains the highest among all Layer 2 solutions at $2.57 billion, with the OP mainnet holding over $937 million in assets.
With their growing adoption and increasing transaction volumes, Arbitrum and Optimism are attracting significant attention and driving their token prices to new heights.