#Arbitrum [ARB] has surged 21.17% after defending the $0.30 support, rising to a local high of $0.39 before retreating slightly to $0.36 by press time.
At the same time, the altcoin’s trading volume has surged 495% to $660 million at press time, reflecting strong demand. With such a huge rise, the question arises: what caused the surge?
According to Lookonchain, the recent price surge was fueled by speculation about a Robinhood and Arbitrum partnership.
Rumors suggest the two could team up to create a blockchain platform for European investors to trade US stocks.
After this speculation flooded the market, investors and fresh capital flooded into the market as they were afraid of missing out (FOMO). Arbitrum Demand Is Surging
Before the recent rally, sellers had controlled the market for five days straight, with selling volume consistently outpacing buying volume. But that has changed dramatically in the last 24 hours.
On June 30, buyers returned with force. According to Coinalyze, Arbitrum saw $148 million in buying volume versus $132 million in selling volume, indicating a clear change in market dynamics.
