Cryptocurrency Market Update: Layer 2 TVL Dips, Bitcoin Hits $96K Amid Major Developments

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— 2 min read
Cryptocurrency Market Update: Layer 2 TVL Dips, Bitcoin Hits $96K Amid Major Developments

The cryptocurrency market is currently experiencing a notable shift, as evidenced by the latest data from various sectors. The total value locked (TVL) across Layer 2 networks stands at $10.06 billion, a slight decrease from $10.27 billion yesterday.

Examining the top five Layer 2 networks, we see:

  • Base: Current TVL is $3.61 billion, down by 1.99%.
  • Arbitrum: Current TVL is $3.12 billion, down by 1.57%.
  • Optimism: Current TVL is $767.88 million, down by 0.99%.
  • Blast: Current TVL is $615.94 million, down by 2.44%.
  • Mantle: Current TVL is $514.50 million, down by 5.75%.

In terms of price action, Bitcoin (BTC) is currently trading at $96,695, having dropped from $97,459 yesterday. Ethereum (ETH) follows suit, priced at $3,661, down from $3,713.

Despite the market's current downturn, notable developments continue to unfold. MicroStrategy Inc. has made headlines with its fourth consecutive weekly purchase of Bitcoin, acquiring an additional $1.5 billion. This move underscores the company's bullish stance on Bitcoin as a strategic asset.

Moreover, November proved to be a stellar month for Bitcoin miners, who saw a remarkable 52% surge in activity. The price of Bitcoin approached $100,000, peaking at $99,000 before closing the month at $97,000, fueled by a post-election rally.

Michael Saylor, Chairman of MicroStrategy, has been vocal about Bitcoin's potential, suggesting it could enhance Microsoft's valuation by nearly $5 trillion and add $584 to its stock price by 2034, should the tech giant fully embrace Bitcoin.

In a surprising twist, XRP, the token associated with Ripple Labs, has surged to become the third-largest cryptocurrency following a rally that coincided with a recent political event, now boasting a market cap of around $100 billion.

Looking ahead, a Bernstein report hints that an Ethereum ETF with integrated staking could soon be approved, marking a significant evolution in institutional crypto investment and potentially attracting more capital into the Ethereum ecosystem.

As for fundraising activities, there were no significant rounds reported today, given it is the weekend. However, the cumulative fundraising for the week stands at $15.30 million.

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