Cryptocurrency Market Update: Layer 2 TVL Rises to $9.44B Amid Bitcoin Price Fluctuations
The cryptocurrency market is currently in a state of flux, with significant movements in both price and total value locked (TVL) across various networks. As of now, the total TVL on L2 Beat stands at $9.44 billion, up from $9.24 billion yesterday.
Top Layer 2 Networks
Among the top five Layer 2 networks, Base leads with a TVL of $3.65 billion, reflecting a modest increase of 1.75% from the previous day. Arbitrum follows closely with $3.08 billion, marking a gain of 2.62%. Optimism has a TVL of $772.36 million, up by 3.89%. Meanwhile, Mantle and Blast report TVLs of $468.70 million and $458.34 million, respectively, with daily changes of 1.98% and 0.45%.
Bitcoin and Ethereum Prices
In the price arena, Bitcoin (BTC) is currently trading at $95,444, down from $95,677 yesterday. Ethereum (ETH) is experiencing a slight uptick, currently priced at $3,354, up from $3,326.
Market Activity and Fundraising
Today's fundraising efforts in the crypto space have yielded a total of $17 million, with ChainOpera AI leading the charge with a significant raise of $17 million. This brings cumulative fundraising for the week to $58.62 million.
Market Events and Expectations
Today marks a pivotal moment for the cryptocurrency market as Bitcoin options worth over $14 billion have expired, one of the largest expiries in history. This event, according to Deribit, accounted for 70% of the total Open Interest for BTC options. The large volume of options expiring is expected to introduce major volatility as market participants react to the changes.
Corporate Moves in Crypto
In notable corporate news, KULR Technology has made headlines with its $21 million Bitcoin treasury purchase, joining a growing list of firms integrating Bitcoin into their balance sheets. Additionally, the SEC has approved hybrid Bitcoin-Ethereum index ETFs, paving the way for a more regulated investment route into digital assets.
Community Initiatives
On a philanthropic note, memecoin enthusiasts have raised significant funds for rare cancer research, spurred by a father’s plea, showcasing the community's potential to contribute positively beyond mere trading.
