Cryptocurrency Market Update: Layer 2 TVL Declines, Bitcoin Rises Amid Major Developments
The current state of the cryptocurrency market shows a slight decline in the total value locked (TVL) across Layer 2 networks. As of today, the total TVL on L2 Beat stands at $10.65 billion, a decrease from $10.78 billion yesterday.
Analyzing the top five Layer 2 networks, we see:
- Base: Current TVL is $4.04 billion, down 1.23% from yesterday.
- Arbitrum: Current TVL is $3.43 billion, down 0.11%.
- Optimism: Current TVL is $796.57 million, down 1.83%.
- Blast: Current TVL is $571.84 million, down 4.54%.
- Mantle: Current TVL is $488.09 million, down 1.19%.
In the broader market, Bitcoin (BTC) is currently priced at $101,434, showing a slight increase from $101,308 yesterday. Ethereum (ETH), however, has dipped to $3,888 from $3,905.
In fundraising news, the total funding today reached $4.25 million, with the largest round coming from fantasy.top at $4.25 million. The cumulative fundraising for this week has totaled $444.80 million.
Recent developments in the market include MicroStrategy's significant entry into the Nasdaq-100 Index, highlighting its status as the largest corporate holder of Bitcoin. This move comes amid a surge in Bitcoin's price, further solidifying its market position.
Additionally, former President Trump has confirmed plans to create a U.S. Bitcoin strategic reserve, which could potentially trigger a $15 trillion price boom for Bitcoin. Meanwhile, Riot Platforms has made headlines by acquiring 5,117 BTC for $510 million, reinforcing Bitcoin’s status as a reserve asset while responding to investor calls for diversification.
Looking ahead, analysts predict Ethereum could reach record highs in Q1 2025, driven by its correlation with Bitcoin's four-year halving cycle. In regulatory news, the Bank of England has given crypto firms until March 2025 to disclose their exposure to digital assets, aiming to better understand the current landscape.
