The crypto market continued its recovery over the past 24 hours, with total market capitalization rising to $2.19 trillion. Layer 2 tokens performed the strongest in this rally, with the news of Robinhood launching a new public blockchain being a major catalyst, also boosting overall sentiment in altcoins.

Robinhood Chain drives ARB higher.

Robinhood's newly announced blockchain network, Robinhood Chain, is built on Arbitrum technology, and the company plans to allocate 10% of its on-chain revenue to the Arbitrum ecosystem. Following the announcement, ARB (Arbitrum Bitcoin) surged by nearly 18%, becoming a focus of market attention.

This development not only boosted ARB but also improved the overall performance of the Layer 2 sector. The market viewed this move as a signal of greater practical adoption of the Arbitrum technology stack, leading to increased buying interest in related tokens.

altcoin sentiment is also recovering.

As the ARB index rose rapidly, market risk appetite recovered somewhat, and altcoin sentiment improved accordingly. The report also noted that greater clarity in the US regulatory environment provided support for this round of price increases.

In addition to project news, a moderate recovery in overall market sentiment also helped crypto assets extend their gains. The market is now more focused on whether this rebound can extend to a wider range of asset classes, rather than just remaining confined to a single sector.

Total market capitalization to watch: $2.21 trillion

Looking at the overall market capitalization, traders are focusing on the resistance level around $2.21 trillion. If the market continues to rise with increased volume, this range may become the next key area to watch.

If the total market capitalization falls below $2.18 trillion, the current rebound may slow down. In the short term, whether the Layer 2 sector can maintain its strength remains one of the important signals for judging market sentiment.