Cryptocurrency Market Update: Layer 2 TVL Rises to $9.28B as Bitcoin Surges to $95,753!

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Dec 31, 2024 — 1 min read

The cryptocurrency market shows a slight uptick in total value locked (TVL) across Layer 2 networks, with the current TVL on L2 Beat at $9.28 billion, up from $9.26 billion yesterday. The top five Layer 2 networks are performing as follows:

Base: Current TVL at $3.60 billion, a rise of 0.78% since yesterday.
Arbitrum: Current TVL at $3.02 billion, up by 0.38%.
Optimism: Current TVL at $761.11 million, down by -1.01%.
Blast: Current TVL at $456.80 million, down by -1.00%.
Mantle: Current TVL at $448.34 million, down by -1.74%.

Bitcoin (BTC) price has surged to $95,753, a notable increase from $92,461 yesterday. Ethereum (ETH) also sees a rise, currently priced at $3,433, up from $3,358.

Funding Highlights

Today, the total fundraising in the crypto space stands at $2.30 million, with the biggest round coming from Accountable, which raised the full amount. Cumulative fundraising for the week is also $2.30 million.

Market Movements and News

MicroStrategy continues its bullish stance on Bitcoin, purchasing 2,138 BTC for $209 million. This marks the eighth consecutive week of buying, bringing its total holdings to 446,400 BTC, valued at approximately $41.5 billion at current prices. The company expects a yield of 74% in 2024.

In regulatory news, a Hong Kong legislator has proposed adding Bitcoin to the national reserves, aiming for enhanced financial stability under the “one country, two systems” framework.

On the legal front, the Blockchain Association has filed a lawsuit against the IRS over new digital asset reporting rules, claiming the regulations requiring DeFi platforms to report crypto transactions are unconstitutional.

Looking ahead, predictions suggest that by 2025, AI agents will dominate 80% of blockchain activity, indicating a significant shift in how blockchain ecosystems will operate.

In a significant move, Tether has shifted $780 million in Bitcoin to its reserves, marking its largest transfer in nine months.

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Current Cryptocurrency Market Overview The cryptocurrency market is witnessing notable shifts as the total value locked (TVL) in Layer 2 networks has increased to $8.88 billion, up from $8.46 billion yesterday. This growth highlights the expanding interest in Layer 2 solutions as they gain traction among users and