Cryptocurrency Market Update: Layer 2 TVL Drops to $8.26B Amid Bitcoin and Ethereum Price Gains

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Cryptocurrency Market Update: Layer 2 TVL Drops to $8.26B Amid Bitcoin and Ethereum Price Gains

The cryptocurrency market is experiencing notable fluctuations as of late. The total value locked (TVL) across Layer 2 networks has dropped to $8.26 billion, down from $8.57 billion yesterday.

Top Layer 2 Networks

Here's a quick look at the TVL for the top five Layer 2 networks:

  • Arbitrum: Current TVL is $2.40 billion, reflecting a decrease of 3.64% from yesterday.
  • Base: Current TVL stands at $2.18 billion, showing a 1.94% decline.
  • Scroll: Currently at $728.55 million, down 4.09%.
  • Blast: Current TVL is $713.45 million, down 4.00%.
  • Optimism: Current TVL is $643.82 million, down 4.83%.

Current Prices

In terms of market prices, Bitcoin (BTC) is trading at $61,792, up from $60,939 yesterday. Meanwhile, Ethereum (ETH) is priced at $2,457, a slight increase from $2,451.

Market Activity and Fundraising

As for fundraising, the weekend has seen no major rounds reported, with a cumulative total of $19.80 million raised over the current week.

Recent Developments

In recent news, LayerZero Labs has partnered with Eigen Labs to introduce a new CryptoEconomic DVN framework. This initiative aims to enhance security through cryptoeconomic guarantees, a critical development in the evolving landscape of decentralized finance.

In other news, a notable crypto whale who previously made $20 million on Dogecoin (DOGE) is predicting an 8,500% surge for an AI-powered token priced under $0.05. This token, CYBRO, leverages AI-powered yield aggregation on the Blast blockchain, presenting a unique investment opportunity.

Despite the market's challenges, some tokens are defying trends. Moo Deng (MOODENG) surged 30% in just 24 hours, indicating rising volume and social dominance, suggesting potential further increases to prices between $0.28 and $0.35.

Amidst these developments, Grayscale's research highlights a growing interest in crypto among voters. Approximately 56% of voters support pro-crypto candidates in the upcoming 2024 US election, indicating a shift in public sentiment towards digital assets.

As the market navigates these changes, experts suggest that the upcoming US election and a more favorable monetary environment could potentially ignite the next crypto bull market.

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