Cryptocurrency Market Update: Layer 2 Networks Surge with $8.44B TVL Amid Mixed Trends
The cryptocurrency market is showing slight positive movement as of today, with the total value locked (TVL) on Layer 2 networks reaching $8.44 billion, up from $8.40 billion yesterday. This indicates a growing interest in Layer 2 solutions as the market continues to evolve.
Leading the charge among Layer 2 networks is Base, boasting a TVL of $3.72 billion, reflecting a 1.47% increase from yesterday. Following closely is Arbitrum, which has a TVL of $3.04 billion, with a modest rise of 0.19%. Other notable networks include Mantle at $466.13 million, showing a 1.21% gain, and Blast, which has a TVL of $340.56 million but saw a slight decline of 0.86%. Linea rounds out the top five with a TVL of $292.91 million, down 1.70% from yesterday.
In the broader cryptocurrency market, Bitcoin (BTC) is trading at $104,968, up from $104,875 yesterday, while Ethereum (ETH) is priced at $3,308, down slightly from $3,323.
Despite the positive movements in the crypto space, traditional financial institutions continue to report significant profits. In 2024, six of the largest banks in the U.S.—JPMorgan, Citi, Bank of America, Goldman Sachs, Wells Fargo, and Morgan Stanley—recorded a combined profit of $145.68 billion. This performance was largely driven by strong investment banking activities, even amidst recession fears and geopolitical concerns.
In a notable development within the digital asset space, Elon Musk is reportedly exploring the use of blockchain technology to enhance efficiency within the U.S. government. This initiative aligns with the current administration's efforts to support the digital asset industry.
Meanwhile, the European Central Bank (ECB) is pushing for a digital euro to counter U.S. President Donald Trump’s support for stablecoins. ECB board member Piero Cipollone expressed concerns that Trump's executive order on crypto could divert users away from traditional banking systems.
On a less favorable note, Bank of America has reported a data breach affecting hundreds of customers, exposing sensitive information to an unauthorized party. This incident highlights ongoing security challenges within the financial sector.
In the realm of memecoins, traders are facing significant losses as the downturn deepens. One trader, who invested over $1 million in various memecoins, saw nearly 90% of their funds evaporate in just two days due to plummeting prices.
As we look ahead, the cumulative fundraising for the current week stands at $109.44 million, although no new funding rounds have been reported today due to the weekend.
