Arbitrum and Optimism tokens have shown notable price surges within the past month, nearing their all-time highs. This comes as Bitcoin's price broke through $45,000 for the first time since April 2022. Bitcoin’s surge is attributed to investor optimism regarding the potential approval of a spot Bitcoin exchange-traded fund in the United States.

Concurrently, tokens associated with two prominent Layer 2 scaling solutions, Arbitrum and Optimism, have undergone price rallies in the past month, hovering around their historical highs. The Arbitrum token has surged by 18.22% over the past week, reaching a record high of $2.05, a substantial 60% surge over the preceding month. Its current valuation stands at $1.86, with a market capitalization of $2.3 billion.

The OP token, native to the OP Mainnet (formerly known as Optimism), achieved its peak price of $4.10 last Wednesday and has since maintained levels around this peak. However, a slight correction has, as of 11:20 a.m. WAT today, put the OP token at $3.4.

Optimism and Arbitrum, recognized as the top two Layer 2 solutions by adoption, employ Optimistic rollup technologies. These solutions facilitate transactions outside the main Ethereum blockchain, offering a more cost-effective approach. The governance of these networks relies on ARB and OP tokens.

Over the past three months, both networks have observed a surge in transaction volume. Arbitrum's daily transactions increased by 38%, from 670,000 to 926,000, starting from Q4 2023. During the same period, the OP Mainnet witnessed a 20% growth in daily transactions, rising from 354,000 to 431,000.

Arbitrum maintains the highest total value locked (TVL) among all Layer 2 solutions, standing at $2.57 billion. The OP Mainnet, the second-largest Optimistic rollup by TVL, holds assets exceeding $937 million.

Last year, both Optimism and Arbitrum showed renewed interest in tapping into the African market. The Arbitum team were with the Ethereum chief, Vitalik Buteriin, on a tour across four African countries in an Ethereum expansion drive. Arbitum team members were also around to learn and network with Web3Bridge’s latest cohort of blockchain developers.

image source: TheCoinRepublic