Arbitrum (ARB) is among the altcoins that lost the most in the April 19 market correction. Arbitrum price has also dropped over 12% as Bitcoin plunged below $30,000, dragging other altcoins with it. The data shows that the negative momentum is supported by whales.
Arbitrum (ARB) price is first on the red list!
According to CMC data, Arbitrum reversed its recent uptrend and dropped 12.69% in the last 24 hours. The correction came at a time when Bitcoin (BTC) also dropped below $30,000, pulling many altcoins down, including ARB.
Last week, on April 12, ARB was trading at around $1,167. After that, it started to rise and hit as high as $1,795 on April 18. It gained over 53% in six days.
Whale sales support ARB decline
The fluctuation in the ARB price was also noticed by the whales. The April 18 data revealed that the whales performed ARB during the week of April 10-17. As of April 18, there are 23 whale accounts holding over 1 million ARBs. During the week, nine whale wallets purchased 12.4 million ARB tokens for a total of between $1.2 and $1.5. Meanwhile, the three whales sold a total of 22.8 million ARBs at $1.37 and $1.69.
However, despite the weekly increase in ARB prices, the data shows that the token price is 94.18% lower than 30 days ago.
Are whales buying or selling $ARB in the past week?
Here are 23 whales with over 1M $ARB.
– 3 whales sold ~22.8M $ARB ($38M) at $1.37 and $1.69.
– 11 whales neither bought nor sold $ARB.
– 9 whales bought ~12.4M $ARB ($21M).
– Most whales bought $ARB between $1.2 and $1.5. pic.twitter.com/8rIeR59z8U
— Lookonchain (@lookonchain) April 17, 2023
Why is bitcoin falling?
In the same period, Bitcoin slumped below $30,000, with an intraday loss of 2.5%. On April 14, BTC had risen to $ 30,963. As you can follow from Kriptokoin.com, it is estimated that just like ARB, Bitcoin has fallen with the sale of whales.
Meanwhile, among the top 100 altcoins, the biggest losers in the wreckage of the crash were Dash down 4.4%, MultiversX down 4.1%, and CurveDAO down 4%. BTC price is recovering slightly after dipping as low as $29,200. Meanwhile, the altcoin market took a chance to rest.
South Korean stock markets witness Arbitrum (ARB) boom
Arbitrum, which has recently become popular on South Korean exchanges, has skyrocketed in volume data, outpacing other major coins. The country’s largest cryptocurrency exchange, Upbit, announced that the Arbitrum (ARB) altcoin accounts for 21.61% of the exchange’s total volume.
According to the data, Arbitrum has recently been bullish on Upbit. Upbit is the #1 exchange in South Korea in terms of cryptocurrency trading volume. Arbitrum, which recorded 1601 won the previous day, increased to 2080 won at 11:00 the same day. That’s a massive 30% jump.
The rally in Arbitrum also matched the strength of Ethereum. Ethereum also continues its upward trend from the previous day to this day. Earlier, Ethereum broke a record last week exceeding 2.5 million won in 8 months.
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