Cryptocurrency Market Update: Layer 2 TVL Rises to $10.39B Amid Bitcoin Surge and ETF Buzz
The current state of the cryptocurrency market shows a slight uptick in total value locked (TVL) across Layer 2 networks. As of now, the total TVL on L2 Beat stands at $10.39 billion, up from $10.32 billion yesterday.
Among the top five Layer 2 networks, Base leads with a TVL of $3.94 billion, reflecting a daily increase of 1.77%. Arbitrum follows closely with a TVL of $3.27 billion, experiencing a slight dip of -0.14%. Optimism shows resilience with a TVL of $768.75 million, up 0.20% from the previous day. Blast and Mantle have seen minor declines, with TVLs of $576 million and $464.22 million, down -0.45% and -0.52% respectively.
In the broader market, Bitcoin (BTC) has surged to a price of $99,495, a notable increase from $96,627 yesterday. Ethereum (ETH) also gained momentum, currently priced at $3,773, up from $3,623.
Today’s fundraising efforts in the crypto sector reached a total of $68.25 million. The largest rounds included Klickl with $25 million, Exabits at $15 million, and Relai securing $12 million. Cumulatively, fundraising for the week has hit $89.25 million.
Recent developments in the market have sparked significant institutional interest, particularly following the launch of Bitcoin exchange-traded funds (ETFs). Industry leaders at the Benzinga Future of Digital Assets event noted that these ETFs simplify the investment process, making it easier for traditional financial institutions to enter the digital asset space without needing specialized infrastructure. Superstate's CEO remarked, "The doors have been blown off," highlighting the transformative impact of these products.
In a related note, billionaire investor Ray Dalio expressed his preference for "hard money" such as gold and Bitcoin over debt assets, citing concerns over rising global debt levels. Speaking at Abu Dhabi Finance Week, he emphasized the risks associated with unsustainable debt, particularly in major economies like the U.S. and China.
In a bid to engage users, Binance has launched a $5 million "Airdrop Carnival," celebrating its revamped Wallet and enhanced Airdrop Zone, which is now its largest platform for airdrops to date.
On the macroeconomic front, U.S. inflation has met expectations at 2.7% for November, matching forecasts and boosting bullish sentiment in the crypto market.
