Layer 2 Networks Surge to $8.87B TVL as Bitcoin Hits $67,791: Market Insights and Trends
The cryptocurrency market shows a dynamic shift as total value locked (TVL) on Layer 2 networks has risen to $8.87 billion, up from $8.79 billion yesterday. Among the top Layer 2 networks, Base leads with a TVL of $2.48 billion, experiencing a slight decline of 0.50%. Arbitrum follows closely with $2.43 billion, gaining 0.43%. Notably, Scroll has surged by 8.97% to reach $996.90 million, while Optimism holds $688.52 million with a minor increase of 0.37%. Blast has seen a decrease of 1.26%, settling at $662.80 million.
In the broader market, Bitcoin (BTC) has hit a price of $67,791, climbing from $67,091 yesterday. This marks the highest level for BTC since late July. However, the strength of the US dollar, reaching three-month highs, poses a risk of an 'exit pump' that could undermine bullish sentiment among Bitcoin investors. Ethereum (ETH) has also seen a slight increase, currently priced at $2,607, up from $2,605.
Today’s fundraising efforts have totaled $859.05 million, with major rounds including Praxis Society at $525 million and Blockstream at $210 million. Azra Games secured $42.70 million. For the week, cumulative fundraising stands at $876.75 million.
In notable developments, Blockstream has raised $210 million for Bitcoin Layer-2 development, with a portion allocated to mining infrastructure and Bitcoin purchases. This funding round was led by Fulgur Ventures. Additionally, institutional interest in Ethereum is on the rise, with validators increasing by 30% in the past year, largely driven by the capital efficiency of restaking and liquid staking.
In other news, the BNB Chain announced plans to shut down its Beacon Chain by mid-November, urging users to migrate their assets to the Binance Smart Chain (BSC). Furthermore, US spot Bitcoin ETFs have seen significant inflows, totaling $556 million in the biggest day since June, coinciding with Bitcoin's surge past $66,000.
