Cryptocurrency Market Update: L2 Networks Dip as Bitcoin and Ethereum Prices Fall
The cryptocurrency market is currently navigating a mixed landscape as Layer 2 (L2) networks experience slight declines in total value locked (TVL). As of now, the total TVL on L2 Beat stands at $9.26 billion, down from $9.32 billion yesterday.
Among the top five L2 networks, Base leads with a TVL of $3.57 billion, reflecting a decrease of 1.08% since yesterday. Arbitrum follows closely with a TVL of $3.00 billion, down 0.63%. Optimism shows a slight uptick with a current TVL of $768.88 million, increasing by 0.85%. Meanwhile, Mantle and Blast report TVLs of $461.42 million and $456.29 million, respectively, with Mantle down 1.13% and Blast down 0.11%.
In the broader market, Bitcoin (BTC) is trading at $92,158, a decrease from $93,560 yesterday. Ethereum (ETH) is currently priced at $3,317, down from $3,355.
On the fundraising front, the weekend shows no significant funding rounds, with a cumulative total of $0 for the current week.
In notable news, BlackRock’s Bitcoin fund has been hailed as the ‘greatest launch in ETF history’. This achievement underscores the growing institutional interest in Bitcoin, with BlackRock’s iShares unit managing over 1,400 ETFs worldwide.
MicroStrategy continues its bullish stance, recently acquiring 2,138 Bitcoin for $209 million. This brings their total holdings to 446,400 BTC, valued at approximately $41.5 billion at current prices, with a yield expected to reach 74% in 2024.
El Salvador has also bolstered its Bitcoin reserves, now holding 6,000 BTC, which is valued at $569 million. This positions El Salvador among countries like the US, China, and the UK, all holding significant Bitcoin reserves.
In a strategic move, a Hong Kong legislator has proposed adding Bitcoin to the national reserves, leveraging the “one country, two systems” framework to enhance financial stability.
Lastly, Ai16z is planning a significant reformation of tokenomics to propel AI agents. Their strategy aims to tie the token to ecosystem products and agent transactions, positioning them to lead in decentralized AI as a Layer 1 blockchain.
