ArcBlock’s native token, ABT, experienced an impressive surge of more than 20% in the past 24 hours. The price of ArcBlock (ABT) rose from $2.26 to a high of $2.74 before settling at $2.55 as of press time, resulting in a gain of nearly 13% during the same period.
This surge in ABT’s value was accompanied by a significant increase in trading volume, which spiked by over 450% to reach $8.3 million within the last day, compared to $1.43 million the previous day. As a result, the token’s market capitalization reached $251 million.
Although ABT has made impressive gains recently, it is still 44% below its all-time high of $4.7, which was achieved on May 22. Currently, ArcBlock has approximately 98.5 million ABT tokens in circulation out of a total supply of 186 million.
ArcBlock’s platform combines blockchain technology with cloud computing to simplify the development and deployment of decentralized applications (dApps). The ecosystem is designed to be user-friendly and cost-efficient, supporting a wide range of services, components, and applications. ABT, being an ERC-20 token, is primarily used for payments within this framework.
One of the key components of ArcBlock’s ecosystem is its AI apps engine, AIGNE, which provides easy access to large language models and generative AI technologies. Users can build complete applications using AI without the need for coding, making it accessible to a wider audience.
The recent surge in ABT’s price can be attributed to ArcBlock’s announcement on July 1. The company introduced a significant update to its Blocklet Store, implementing a “Stake to Publish” feature. By staking ABT, users ensure the quality of published Blocklets, as bad actors risk losing their stake if they distribute spam or malware.
This update is seen as a step towards enhancing the platform’s security and quality, potentially driving increased interest and confidence from investors.
While ArcBlock is performing well, the broader cryptocurrency market is currently experiencing a downturn. The global market cap stands at $2.26 trillion, with the Fear and Greed Index indicating a neutral outlook at 48.
Bitcoin, the largest cryptocurrency by market cap, has also seen a decline, with its price down by 3% to $60,967 at the time of reporting.