Layer 2 Networks Surge to $8.83 Billion: Bitcoin and Ethereum Prices Rise Amid Crypto Market Shifts
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The cryptocurrency market is currently experiencing notable shifts, with a total value locked (TVL) on Layer 2 networks rising to $8.83 billion, up from $8.69 billion yesterday. This increase indicates a growing interest in Layer 2 solutions as they continue to attract capital.
Top Layer 2 Networks
- Arbitrum: Current TVL at $2.58 billion, down 0.77% from yesterday.
- Base: Current TVL at $2.13 billion, up 5.35% from yesterday.
- Scroll: Current TVL at $795.09 million, down 0.46% from yesterday.
- Blast: Current TVL at $788.08 million, up 0.74% from yesterday.
- Optimism: Current TVL at $696.37 million, up 1.24% from yesterday.
Current Price Movements
Bitcoin (BTC) has seen a price increase, currently sitting at $66,051, compared to $65,108 yesterday. Ethereum (ETH) has also risen to $2,684 from $2,630.
Funding Activity
Today’s fundraising efforts have totaled $25.80 million, with the largest rounds coming from:
- Mawari - $10.80 million
- Mind Network - $10.00 million
- Amino Chain - $5.00 million
This week has seen cumulative fundraising reach $234.38 million.
Market Insights
Economist Henrik Zeberg has made headlines by predicting that a Solana-based memecoin, dogwifhat (WIF), could surge nearly 1,000% in a matter of weeks. This forecast comes after the coin has broken out from a consolidation phase, sparking interest among traders.
Regulatory Developments
In regulatory news, the US ambassador to the United Nations is pressing Nigeria to release jailed Binance executive Tigran Gambaryan, indicating heightened scrutiny on crypto operations in the region.
Innovations in Energy
WPP Energy, a Swiss company, is making strides in the renewable energy sector by integrating blockchain technology. The firm aims to tackle challenges in the $11 trillion energy market, showcasing the intersection of green technology and cryptocurrency.
Data Breach Concerns
A massive data breach has exposed sensitive information of approximately 100 million Americans, including names, locations, and phone numbers. This incident raises significant concerns about data security within the crypto and tech sectors.
ETF Inflows
Bitcoin ETFs have reported a $700 million monthly inflow, signaling a potential price surge for October. This follows a positive shift after August’s net outflow of $92 million, reflecting renewed investor confidence.
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