• Arbitrum price corrected by 5% in the past few hours after registering a 22.5% increase in the last 24 hours.
  • The development team proposes the ArbOS Version 11 AIP, which would make the chains EVM Shanghai compatible.
  • Earlier this week, the Binance Smart Chain testnet also underwent a similar upgrade with the Kepler hard fork.

Arbitrum price fell slightly behind Optimism on Friday to become the largest gainer of the day. Nevertheless, ARB holders managed to chart considerable profits while the developers are also witnessing bullishness in their ways.

Arbitrum to align itself with Ethereum

The Shanghai hard fork brought multiple new features to the network, but it also changed the Ethereum Virtual Machine (EVM) Compatibility standards. As a result, all the EVM-compatible chains are required to align with the Shanghai hard fork improvements. Joining this list is Arbitrum, which is set to undergo the voting for this upgrade on Sunday.

The proposed AIP titled ArbOS Version 11 will introduce a number of improvements to Arbitrum chains. This includes support for the EVM Shanghai upgrade as well as bug fixes for the network.

Arbitrum is the second major DeFi chain to make this move after earlier this week, Binance Smart Chain (BSC) also underwent a similar upgrade. The BSC test net witnessed the Kepler hard fork going live on the chain, which is scheduled to move on to the mainnet by the end of January 2024.

Arbitrum price reacts positively

Arbitrum price shot up by more than 22% in the last 24 hours amid the aforementioned proposal being released by the development team. The rally was not the result of the proposal but of the bullishness in the DeFi market which also resulted in the 37% increase in Optimism price.

However, at the time of writing, ARB corrected by nearly 5%, bringing the price down to $1.350 today. This is expected from the digital asset since it registered stellar gains in the past 24 hours.

Some further decline can be observed as the market would need some time to cool down, which is generally met with corrections.

ARB/USD 1-day chart

ARB/USD 1-day chart

But Arbitrum price will likely manage to sustain the gains it noted in the past day as it would remain above the $1.30 mark, losing which would invalidate the bearish thesis and push ARB towards $1.500.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Fetch.ai Price Prediction: FET must hold above $1.70 for strength

Fetch.ai Price Prediction: FET must hold above $1.70 for strength

Fetch.ai price has dropped nearly 45% since late March as broader markets started bleeding. FET bulls must defend $1.70 if they want to keep the upward thrust alive, signaling strength on the AI coin. A break and close below $1.59 would mean a lower low, invalidating the bullish reversal thesis.

More Fetch.ai News

OKX executives depart from exchange while its XLayer Chain goes live

OKX executives depart from exchange while its XLayer Chain goes live

Two senior executives at crypto exchange OKX, Tim Byun and Wei Lan, have left the company after years of heading key roles, according to a CoinDesk source. However, the company is making expansion moves through the launch of its own Layer 2 (L2) chain.

More Cryptocurrencies News

Traders eyeing long positions could have their rally soon as funding rates flip negative

Traders eyeing long positions could have their rally soon as funding rates flip negative

Bitcoin (BTC) price remains on a load-shedding exercise, a sentiment that has spilled over to the broader market. Nevertheless, the bleed seen across the cryptocurrency market could end soon amid possible shifting market sentiment.

More Cryptocurrencies News

Prisma Finance hacker could be uncovered after investigations by on-chain analyst

Prisma Finance hacker could be uncovered after investigations by on-chain analyst

On March 28, DeFi protocol Prisma Finance suffered an attack on one of its smart contracts, resulting in a loss of 3257 ETH worth $11.1 million. Prisma Finance immediately halted its protocol after the hack, ordering users to revoke access to the smart contract.

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP