Yes you can store the entire array in cache. It will be serialized and deserialized on request.

Documentation for more details :

https://laravel.com/docs/5.2/cache

So with cache, can i store this entire array?

Yes

// save the array using key-name of 'apidata' for 1 min
Cache::put( 'apidata', $ApiArray, 1 );

And then make it so if i run the request again it will go to the cache and fetch the data instead of actually sending the request?

Yes

// use cache if set
if ( Cache::has( 'apidata' ) ) {
    // get the apidata from the cache
    $ApiArray = Cache::get( 'apidata );
} else {
    // get the api data, how ever you are doing it ...
    $ApiArray = FetchAPI(); 

    // save in cache
    Cache::put( 'apidata', $ApiArray, 1 );
}