Cryptocurrency Market Update: Layer 2 TVL Dips to $9.47B as Bitcoin and Ethereum Rise

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Nov 15, 2024 — 2 min read

The current state of the cryptocurrency market reveals a mixed bag of performance metrics and emerging trends. As of now, the total value locked (TVL) on Layer 2 networks stands at $9.47 billion, a slight decline from $9.66 billion yesterday.

Top Layer 2 Networks

Base: Current TVL: $3.11 billion (Change: -0.40%)
Arbitrum: Current TVL: $2.81 billion (Change: -2.60%)
Optimism: Current TVL: $728.84 million (Change: -3.03%)
Blast: Current TVL: $624.90 million (Change: -2.76%)
Mantle: Current TVL: $614.66 million (Change: -1.48%)

Price Movements

Bitcoin (BTC) has shown a notable increase, currently priced at $89,255, up from $87,362 yesterday. Ethereum (ETH) has also seen a slight rise, now at $3,063, compared to $3,054 the previous day.

Market Activity and Fundraising

As it is the weekend, total funding data is not available. However, cumulative fundraising for the week reached $92.45 million, indicating ongoing interest in the sector.

Industry News

In a challenging market, BitFuFu, a digital asset mining company based in Singapore, reported impressive growth with a revenue of $90.3 million for Q3 2024, marking a 47.5% year-over-year increase. This performance comes despite rising costs associated with Bitcoin mining.

In legislative developments, Pennsylvania lawmakers are proposing a bill that could allow the state to invest up to 10% of its treasury funds in Bitcoin. This reflects a broader trend of states recognizing Bitcoin as a legitimate asset class.

Additionally, Goldman Sachs has disclosed significant holdings in Bitcoin ETFs, totaling $710 million in its latest SEC filing. This move underscores the institutional interest in Bitcoin as a viable investment option.

On the innovation front, Tether has launched Hadron, a platform aimed at enabling users to tokenize various assets, including stocks and bonds. This initiative aligns with the growing interest in real-world asset tokenization, which has seen a boom of $6.5 billion.

Lastly, the UK government is planning a pilot for a digital gilt instrument utilizing distributed ledger technology (DLT). Chancellor Rachel Reeves is set to outline this initiative in her upcoming speech, marking a significant step towards integrating blockchain into government finance.

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