Crypto Market Faces Downturn: BTC, ETH Prices Dip; DOGS Coin Plummets 25%
The current state of the cryptocurrency market reveals a slight downturn in Total Value Locked (TVL) on Layer 2 (L2) platforms. According to L2 Beat, the TVL stands at $8.49 billion, down from $8.54 billion yesterday.
Among the top L2 networks, Arbitrum leads with a TVL of $2.82 billion, though it saw a minor decrease of 0.24% from the previous day. Base follows with $1.60 billion, experiencing a 0.52% drop. Blast's TVL is $877.12 million, down 1.81%. Scroll and Optimism report TVLs of $730.07 million and $643.43 million, respectively, with Scroll down 0.35% and Optimism down 0.45%.
Bitcoin (BTC) and Ethereum (ETH) prices have also dipped. BTC is currently priced at $63,633, down from $64,428 yesterday. ETH stands at $2,727, a drop from $2,756.
Despite the weekend, this week's cumulative fundraising reached $4.60 million, although no new rounds were reported today.
In recent news, the DOGS meme coin plummeted 25% following its listings on major crypto exchanges. Despite the drop, DOGS remains in the top 100 cryptos by market cap.
Ethereum's circulating supply has hit its 2024 peak, raising inflation concerns as user activity declines. This has added pressure on ETH's price, which struggles to stay above $3,000.
VanEck predicts that Bitcoin miners could rake in $14 billion a year if they allocate 20% of their compute power to AI. This shift could significantly boost mining profits.
In the UK, the crypto sector faces hurdles as the financial watchdog hasn't registered a new crypto firm in six months, stalling the country's crypto ambitions.
This week, the crypto market's attention is on Nvidia's Q3 earnings report and Cardano's Chang Hard Fork, both of which are critical for market trends.
