Layer 2 Networks Soar to $10.78B TVL as Bitcoin and Ethereum Prices Surge Amid Institutional Interest
The cryptocurrency market is witnessing notable movements as the total value locked (TVL) in Layer 2 networks has reached $10.78 billion, a slight increase from $10.75 billion yesterday. Among the top Layer 2 networks, Base leads with a TVL of $4.09 billion, marking a growth of 0.97%. Arbitrum follows closely at $3.43 billion with a 0.37% rise, while Optimism has recorded a TVL of $811.45 million, up 1.67%. Other notable networks include Blast at $599.05 million with a slight dip of -0.53% and Mantle at $493.98 million, increasing by 1.41%.
In the price arena, Bitcoin (BTC) is trading at $100,949, up from $100,080 yesterday. Ethereum (ETH) has also seen a significant rise, now priced at $3,945, compared to $3,868 the previous day.
Today’s fundraising efforts have totaled $274.40 million, with the most significant round coming from Avalanche, which raised $250 million ahead of its Avalanche9000 launch. Other noteworthy rounds include Waterfall Network at $11.60 million and AgriDex at $4 million. Cumulatively, the week has seen $444.80 million in fundraising.
Looking ahead, a report from Matrixport suggests Bitcoin could reach $160,000 by 2025. This projection hinges on sustained demand for Bitcoin ETFs, a favorable macroeconomic climate, and the expansion of the global liquidity pool. Institutional adoption is a key driver, with ETFs facilitating significant inflows. The report emphasizes that Bitcoin is becoming a mainstream asset for institutional strategies.
In related news, BlackRock is focusing on expanding its Bitcoin and Ethereum ETFs, citing strong institutional demand. The firm has delayed plans for altcoin ETFs like those for Solana and XRP due to regulatory challenges. Meanwhile, in Texas, a new bill has been introduced to establish a strategic Bitcoin reserve within the state treasury, positioning Texas as a leader in cryptocurrency adoption.
As the market evolves, developments in technology continue to shape the landscape. Google has launched its new AI model, Gemini 2.0, which is generating buzz but is somewhat overshadowed by OpenAI's recent product releases.
Overall, the cryptocurrency market is experiencing a dynamic phase, with increasing TVL in Layer 2 networks, rising asset prices, and significant institutional interest driving the next wave of growth.
