Bitcoin Surges Past $80K Amid Political Optimism and Ethereum's Price Rise, Layer 2 TVL Hits $9.46B
The cryptocurrency market is experiencing a significant surge, with Bitcoin recently topping $80,000 for the first time. This milestone marks a nearly 17% increase over the past week, driven in part by the recent political climate following Donald Trump's win, which has injected optimism into the crypto sphere.
As of today, the total value locked (TVL) in Layer 2 networks stands at $9.46 billion, up from $9.16 billion yesterday. This upward trend highlights growing interest in scaling solutions within the Ethereum ecosystem.
Top-5 Layer 2 Networks' TVL
- Base: Current: $2.99B, Yesterday: 3.56%
- Arbitrum: Current: $2.75B, Yesterday: 2.77%
- Optimism: Current: $751.35M, Yesterday: 2.71%
- Blast: Current: $677.40M, Yesterday: 3.17%
- Mantle: Current: $621.05M, Yesterday: 3.19%
In parallel, Ethereum's price has also seen a rise, currently sitting at $3,194, up from $3,141 yesterday. This increase in both Bitcoin and Ethereum prices reflects a broader bullish sentiment in the market.
Despite the positive price movements, caution remains in the air. Elon Musk has issued a serious warning regarding U.S. debt, labeling it "unsustainable." The U.S. has added nearly $2 trillion to its national debt this year, raising concerns about the country's fiscal policies. Musk's comments come amid speculation that Trump might leverage Bitcoin to address U.S. debt issues.
On the tech front, Near Protocol is making waves with plans to develop the world's largest open-source AI model, boasting 1.4 trillion parameters. This model would be significantly larger than Meta's Llama, indicating a push towards advanced AI capabilities in the blockchain space.
As for fundraising activities, the weekend has seen no major rounds reported, but the cumulative fundraising for the week stands at $35.15 million. This figure showcases ongoing investment interest in the crypto sector.
In summary, the cryptocurrency market is buzzing with activity. Bitcoin's new all-time high, coupled with rising Ethereum prices and robust Layer 2 TVL, signals a vibrant ecosystem despite underlying economic concerns.
