Layer 2 Networks Surge as Crypto Market Shifts: Arbitrum Leads with $2.59B TVL Growth
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The cryptocurrency market is currently witnessing a notable shift, particularly in the realm of Layer 2 (L2) networks. The total value locked (TVL) across these networks has seen a modest increase, now standing at $8.58 billion, up from $8.52 billion yesterday.
Among the top five L2 networks, Arbitrum leads with a TVL of $2.59 billion, reflecting a slight increase of 0.96% from the previous day. Following closely is Base, which has achieved a TVL of $1.97 billion, marking a growth of 1.91%. Scroll and Blast have both experienced minor declines, with Scroll at $794.72 million (down -0.25%) and Blast at $782.85 million (down -0.81%). Optimism rounds out the top five with a TVL of $677.42 million, up 1.03%.
In the broader cryptocurrency market, Bitcoin (BTC) is currently priced at $63,483, down from $64,335 yesterday. Ethereum (ETH) is trading at $2,602, a decrease from $2,655 the previous day.
On the fundraising front, today has seen a total of $10 million raised, with the largest rounds coming from Daylight at $6 million and Meridian at $4 million. This brings the cumulative fundraising for the week to $133.40 million.
Recent developments in the financial sector are also impacting the crypto landscape. The Federal Reserve has made headlines by cutting its federal funds target rate by 50 basis points to 5.00% p.a. This pivot could have significant implications for the crypto community, according to Andre Dragosh, head of research Europe at CoinShares.
Moreover, Visa is taking steps to enhance the crypto ecosystem by launching the Visa Tokenized Asset Platform (VTAP). This platform will facilitate the creation of fiat-backed tokens on Ethereum, leveraging smart contracts to streamline the process.
In other notable market movements, Polkadot (DOT) has seen a price increase of 4.76% in the last 24 hours, now trading at $4.74. This follows a positive trend over the past week, with a total gain of 17.0% from $4.01.
Additionally, Floki (FLOKI) is generating buzz with its recent partnership between Valhalla, a play-to-earn MMORPG, and Alliance. Traders anticipate that this collaboration will set the stage for a rally, potentially leading to 'new highs' for the meme coin.
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