Cryptocurrency Market Update: Layer 2 TVL Drops, Bitcoin & Ethereum Prices Fall Amid Meme Coin Surge
The cryptocurrency market is currently experiencing notable fluctuations, with total value locked (TVL) on Layer 2 networks at $8.72 billion, down from $8.80 billion yesterday. The top five Layer 2 networks are reflecting varying degrees of change:
- Arbitrum: Current TVL is $2.53 billion, a decrease of 1.14% from yesterday.
- Base: Current TVL stands at $2.21 billion, showing a slight increase of 0.75%.
- Scroll: TVL is $766.48 million, down 1.44%.
- Blast: Current TVL is $764.75 million, decreasing by 1.04%.
- Optimism: TVL is $685.66 million, down 1.50%.
In the broader market, Bitcoin (BTC) has dropped to $63,658 from $65,730 yesterday, while Ethereum (ETH) is currently priced at $2,607, down from $2,658.
This weekend saw no new funding rounds reported, maintaining the cumulative fundraising total for the week at $19.80 million.
In recent news, cryptocurrency analyst Murad Mahmudov highlighted a 'meme coin super cycle' at the Token 2049 conference in Singapore. He noted that 13 out of the top 20 outperforming tokens are meme coins, suggesting that tokens like Shiba Inu and Dogecoin could be on the verge of reaching a market cap of $100 billion.
In the realm of traditional investment, CleanSpark CEO Zach Bradford predicted that Bitcoin could reach $200,000 within the next 18 months, citing expectations of a market boost post-election.
Bitcoin ETFs have shown strong performance, pulling in another $1 billion last week. Analysts indicate that the market is becoming increasingly receptive to digital assets, reflecting a growing acceptance among investors.
On the institutional front, Matrixport has acquired Crypto Finance AG from Deutsche Börse Group in an all-cash deal. The firm will be rebranded as Matrixport Asset Management AG, further solidifying its position in the crypto investment landscape.
Additionally, Digital-Asset Manager Kin has launched a $100 million tokenized real estate fund on the Chintai Network. This move represents a significant step toward integrating real-world assets into blockchain, promoting efficiency and faster settlements.
