Cryptocurrency Market Update: Layer 2 Networks Surge to $9.08B, Bitcoin Hits $103K!
The cryptocurrency market continues to show dynamic shifts as of today. According to the latest data from L2 Beat, the total value locked (TVL) across layer 2 networks stands at $9.08 billion, up slightly from $9.05 billion yesterday.
Among the top five layer 2 networks, Base leads with a TVL of $3.62 billion, marking a minor decrease of 0.25% from the previous day. Arbitrum follows closely with a TVL of $3.03 billion, experiencing a notable increase of 2.32%. The other networks include Optimism at $696.31 million (down 0.73%), Mantle at $442.87 million (up 0.25%), and Blast at $396.24 million (down 0.71%).
In the broader cryptocurrency market, Bitcoin (BTC) has risen to $103,265, up from $102,381 yesterday. Meanwhile, Ethereum (ETH) is trading at $3,282, a slight increase from $3,277.
Today marks a significant day in fundraising, with a total of $9.90 million raised. The largest round came from Nexity Network, securing $8.20 million, followed by Hamilton with $1.70 million. For the week, cumulative fundraising has reached $14.90 million.
In industry news, MicroStrategy Inc. has made headlines by purchasing $1.1 billion worth of Bitcoin ahead of a crucial shareholder vote that could increase its authorized Class A shares by 30 times. This move underscores the company's aggressive stance on Bitcoin accumulation.
In Texas, Bitcoin mining is proving beneficial, reportedly saving the state $18 billion by enhancing grid stability and replacing gas peaker plants with more efficient demand response solutions.
Utah is also making strides in the crypto space, proposing a new law that would allow public funds to be invested in digital assets like Bitcoin. This initiative aims to foster blockchain innovation while ensuring proper oversight.
On the tech front, Fraction AI has launched its testnet v0.1, providing users with access to its ecosystem. This launch allows for wallet connections, the creation of AI agents using natural language, and engagement with the network.
Additionally, Immunefi has introduced the first blockchain-based arbitration system for bug bounties. This development aims to enhance trust and legal enforceability, improving cybersecurity across the industry.
