Cryptocurrency Market Update: Layer 2 Growth, Bitcoin Surges, and New Fund Launches
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The cryptocurrency market is currently experiencing notable shifts, as reflected in the latest data. The total value locked (TVL) across Layer 2 networks has seen a slight increase, now standing at $8.07 billion, up from $8.06 billion yesterday.
Among the top Layer 2 networks, Arbitrum leads with a TVL of $2.37 billion, showing a modest rise of 0.47% from the previous day. Base follows closely with a TVL of $2.19 billion, marking a more significant increase of 3.08%. Other notable networks include Scroll at $708.26 million (up 0.68%), Blast at $676.96 million (down 2.26%), and Optimism at $623.20 million (down 0.34%).
In the broader market, Bitcoin (BTC) has surged to $61,846, up from $60,778 yesterday. Ethereum (ETH) also saw a rise, reaching $2,409, compared to $2,350 previously.
Today’s fundraising efforts in the crypto space have totaled $6.55 million, with the largest round coming from Layer, which secured $6.00 million. Additionally, Synnax Technologies raised $550,000. This week’s cumulative fundraising stands at $26.35 million.
On the altcoin front, speculation surrounds Notcoin, Baby Doge Coin, and Bitgert. Bitgert is gaining attention due to its high-speed blockchain, capable of processing 100,000 transactions per second with nearly no gas fees. This could potentially shift market trends for these coins.
In a significant development, Best Wallet has launched a new feature that allows users early access to upcoming tokens, enhancing user engagement in crypto launches.
Interestingly, Satoshi-era Bitcoin wallets have become active again, moving a combined $35 million to new addresses and exchanges, sparking curiosity in the community.
Furthermore, Bitwise has announced a restructured fund lineup, introducing the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF (BITC). This fund combines various strategies, including the Bitwise Bitcoin Strategy Optm Roll ETF and the Bitwise Ethereum Strategy ETF.
In the institutional space, Taurus and Chainlink have partnered to address security and data challenges in the tokenized asset market. This collaboration aims to enhance the accessibility and efficiency of asset tokenization.
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