Cryptocurrency Market Stabilizes: Layer-2 TVL Hits $6.08B Amid Bitcoin and Ethereum Gains
The cryptocurrency market is showing signs of stability as total value locked (TVL) on L2 Beat has increased to $6.08 billion, up from $6.02 billion yesterday. This growth reflects a steady interest in Layer-2 solutions amidst ongoing market fluctuations.
Top Layer-2 Networks
The leading Layer-2 networks are contributing to this increase:
- Base: Current TVL is $2.85 billion, a rise of 1.02% from yesterday.
- Arbitrum: Current TVL stands at $2.46 billion, with a growth of 0.78%.
- Mantle: Currently at $226.80 million, up 1.14%.
- Linea: Holding $150.31 million, an increase of 0.84%.
- Blast: Currently at $121.29 million, showing a growth of 1.31%.
Bitcoin and Ethereum Prices
In the broader market, Bitcoin (BTC) is trading at $83,321, up from $82,584 yesterday. Ethereum (ETH) has also seen a positive trend, currently priced at $1,911, compared to $1,886 yesterday.
Market Movements
Despite the uptick in TVL and prices, the crypto market is facing significant outflows, with a reported $1.7 billion leaving the market. Bitcoin has been particularly affected, leading the withdrawals, while XRP has experienced a rare influx of investment amid positive legal developments.
Market Sentiment
The ongoing debate between gold and Bitcoin continues, especially as Bitcoin hovers near its all-time highs despite recent dips. Gold, on the other hand, is reaching all-time highs in USD, raising questions about the future of Bitcoin as a hedge against recession and inflation.
Ethereum Price Predictions
Standard Chartered has revised its Ethereum price target down to $4,000. This adjustment stems from concerns regarding Layer-2 blockchains operating on Ethereum and the potential need for taxation on excess profits. Analysts warn that without such measures, Ethereum's decline relative to Bitcoin may persist.
Bitcoin Mining Valuations
On the mining front, Bitcoin miners are facing challenges, as valuations have slipped below key averages for the first time in a year. Current valuations are at 1.35x their proportional share of the four-year block reward opportunity, down from the historical average of 1.7x.
Funding Activity
As for fundraising, the weekend has seen no major rounds reported. However, cumulative fundraising for the current week has reached $33.50 million, indicating ongoing interest in crypto projects despite market volatility.
