Bitcoin Taps $109K While Arbitrum Explodes by 15%: Market Watch

Bitcoin is starting the week with a test of the $108,000 level. The primary cryptocurrency also attempted to break above this level during the weekend but failed to do so.

Meanwhile, certain altcoins are charting notable gains, while the majority of the market is trading in the green.

Bitcoin Price Testing $108K

Bitcoin is seemingly attempting to break above the $108,000 level – something that it’s been trying to do for quite a while now. Unfortunately, at least up until this moment, the cryptocurrency has been unsuccessful in doing so. Today, however, it almost reached $109,000 before the sellers took the stage.

The most recent attempt comes amid news that the Japanese comapny MetaPlanet has made yet another Bitcoin buy worth some $108,000 and amid growing expectations that Michael’s Saylor’s Strategy will announce its own strategic purchase.

At the time of this writing, BTC’s price retraced to around $107,700 and it’s interesting to see if it will finally be able to break above this relatively narrow range that it’s been trading within for the past week.

Altcoins Mixed, ARB Rallies

Today’s heatmap is rather mixed with the majority of altcoins trading mostly flat. However, there’s an obvious exceeption to it all in the face of Arbitrum’s ARB token, that’s up 15% on the day. In fact, it soared by around 20% but has since retraced a little bit.

As CryptoPotato reported, the primary reason behind Arbitrum’s surge today is that there are some rumors that the popular retail-oriented trading app Robinhood might use the network to build its own protocol. Hours ago, the fintech comapny revealed that it will be conducting a fireside chat with Ethereum’s founder Vitalik Buterin and the CSO of Arbitrum’s Onchain Labs – A.J. Warner.

Other than ARB, the majority of other altcoins are trading relatively flat with PENGU, OP, and HYPE up by 3.5% in the past 24 hours – slightly ahead of the curve.

KAIA, Pi Network (PI), and Mantle (MNT), on the other hand, are the worst performers, down 6.1%, 5.4%, and 5.7%, respectively.