- Arweave’s native token AR surged by 15% within a single day.
- This token’s upswing was in line with the renewed enthusiasm in the crypto market spurred by Bitcoin’s climb to $64K, pivotal economic and political events, and significant advancements within its ecosystem.
Today, Arweave (AR) has been one of the standout performers in the cryptocurrency space, joining the ranks of Celestia (TIA) and Near Protocol (NEAR) among the leading tokens. Its price soared by 15% to reach $23.18 in the last 24 hours.
Performance of Arweave (AR)
Arweave experienced a notable rebound today, with its prices bouncing from a low of $20.22 to a high of $23.18 within the past 24 hours. This marks a rebound of approximately 15% before the price settled at an 8% gain within the $23 range as of 7:00 AM UTC on Tuesday.
The current AR price signifies an increase of over 20% over the past week. Although it has seen a decline of roughly 10% compared to its value from a month ago, it shows remarkable growth over the past year, skyrocketing over 457%.
With a 165% increase in AR’s trading volume, amounting to $135.68 million transacted between DeFi wallet addresses, there is clear evidence of strong investor interest in this asset. Consequently, the market cap of its 65.65 million supply has approached about $1.52 billion.
Despite this progress, Arweave still has a considerable journey ahead to reclaim its all-time high of $90.94 from three years ago. Nonetheless, recent milestones within its ecosystem are igniting hopes for a resurgence toward its former heights this year.
What Drives This Price Movement
This week, similar to broader trends in the crypto market, Arweave’s price movement has been heavily impacted by Bitcoin’s (BTC) retreat to the $64K level, which followed the US Federal Reserve’s interest rate reduction. Crucial economic and political events have also bolstered positive sentiments in the digital asset sector.
One significant event was Vice President Kamala Harris’ speech last Sunday, wherein she expressed her intent to create a more favorable regulatory landscape for digital assets and AI if she is elected in the November presidential election. This stands in stark contrast to the “regulation by enforcement” stance recently taken by her ally, President Joe Biden, regarding crypto businesses.
In summary, Harris’ support for crypto serves as a reassuring signal to the crypto community that regardless of whether she or former President Donald Trump wins the presidential race, the digital assets industry can anticipate a more promising future.
Alongside these developments, Arweave has made notable strides, particularly with the launch of its new protocol called ArFleet last month.
ArFleet provides a permanent and decentralized storage solution for data, particularly beneficial for web applications. It creates new use cases for AR tokens and opens up fresh possibilities for developers within the permaweb.
