Arbitrum and Optimism tokens trade around ATH

The cryptocurrency market is set to explode in the new year, with Bitcoin prices topping $45,000 for the first time since April 2022 and investors anticipating the potential for spot delivery of Bitcoin exchange-traded funds (ETFs) in the United States.

Meanwhile, the token prices of two major Layer 2 scaling solutions, Arbitrum (ARB) and Optimism (OP), have increased over the past month – both are trading near all-time highs.

The ARB token is up 13% today, reaching an all-time high of $1.83 – a price increase of 60% over the past month. ARB currently trades at $1.74 and has a market capitalization of $2.2 billion.

ARB 4-hour price chart | Source: TradingView

OP, the native token of the OP mainnet (formerly known as Optimism), hit an all-time high of $4.10 last Wednesday. Since then, the coin has been trading near its highest levels. In fact, during today’s Asian session, the coin was trading at $4.05. OP is currently trading at $3.80.

OP 4-hour price chart | Source: TradingView

Layer 2 Tokens

Optimism and Arbitrum are two leading, widely adopted Layer 2 solutions that use Optimistic rollup technology. They allow users to process transactions on the main Ethereum blockchain, providing a more cost-effective method. ARB and OP tokens are critical to the management of these networks.

Both networks have seen a surge in transaction volume over the past three months. Starting in the fourth quarter of 2023, Arbitrum’s daily transaction volume increased from 670,000 to 926,000 transactions, an increase of 38%. During the same time period, the daily transaction volume of the OP mainnet increased by 20%, from 354,000 to 431,000.

The total value locked in Arbitrum remains the highest of any Layer 2 solution at $2.57 billion. The second largest Optimistic rollup on TVL – OP Mainnet – holds assets worth over $937 million.

You can check coin prices here.

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Mingying

According to “Block”