Cryptocurrency Market Update: Layer 2 TVL Drops, Bitcoin Surges, and XRP ETF Hopes Rise
The cryptocurrency market is experiencing notable fluctuations as of late, with total value locked (TVL) on Layer 2 networks currently at $8.34 billion, down from $8.50 billion yesterday.
Among the top five Layer 2 networks, the TVL is as follows:
- Base: Current: $2.44 billion, Change: -0.85%
- Arbitrum: Current: $2.37 billion, Change: -0.44%
- Scroll: Current: $732.63 million, Change: -4.03%
- Blast: Current: $673.22 million, Change: -2.23%
- Optimism: Current: $659.24 million, Change: -0.60%
In terms of price action, Bitcoin (BTC) is currently valued at $67,622, a rise from $66,702 yesterday. Ethereum (ETH), however, has seen a slight dip, currently priced at $2,522, down from $2,524.
Today's fundraising efforts have accumulated a total of $29.20 million, with the largest rounds being:
- Variational: $10.30 million
- Validation Cloud: $10.00 million
- Fluid Protocol: $3.90 million
This week’s cumulative fundraising stands at $48.30 million.
On the broader market front, Bitcoin's open interest has surged past $40 billion, reaching $40.5 billion on October 21. This surge indicates increased leverage and market activity, with Bitcoin's price nearing the pivotal $70,000 mark. Investors are buzzing, pondering if this is the breakout moment they have been anticipating.
Meanwhile, Ripple CEO Brad Garlinghouse has expressed confidence in the inevitability of an XRP ETF, despite regulatory hurdles. He highlighted the growing institutional demand for crypto, underscoring the success of Bitcoin ETFs post-approval.
In Ethereum news, the upcoming “Verge” upgrade aims to significantly lower hardware requirements, enabling node operations on devices like smartphones and smartwatches.
On a regulatory note, India is contemplating a ban on Bitcoin and Ethereum, favoring the launch of its own central bank digital currency (CBDC). Key regulatory bodies are pushing for this shift, as the government prepares to discuss future crypto regulations.
Looking ahead, analysts from Bernstein have projected that Bitcoin could hit $200,000 by 2025, driven by increasing institutional demand and the impact of supply reduction following the next halving event.
