Arkham provides essential blockchain monitoring tools that address significant needs in the cryptocurrency world. The platform helps users make sense of data and tracks wallet movements in real-time. Today, it announced two major pieces of news, which led to a double-digit increase in token prices.
Why ARKM Coin Sees a Surge
The price of ARKM Coin surged due to the announcement of a derivatives exchange supported by the founder of OpenAI set to launch next month. Both the backing from the OpenAI founder and the potential profitability of this derivatives exchange idea have justifiably caused a rapid increase in token prices. The altcoin rose by 20%, reaching $1.6, after hitting a low of $1.3 earlier in the day.
If the peak level of $1.8 reached on July 15, 2024, is surpassed, we might see new highs above $2.76 and $3.37. Positive news is driving significant movements in altcoins despite the overall negative sentiment in the market. These types of movements may indicate the end of the consolidation phase in the broader market.
As of the time of writing, Bitcoin 
$88,370 is hovering around the $62,000 mark, and the overall market sentiment is recovering. The absence of deeper lows from the recent drop is a positive sign.
