Layer 2 Networks Surge to $9.92 Billion as Bitcoin and Ethereum Prices Rise Amid Active Fundraising
The cryptocurrency market is currently experiencing a notable shift, with the total value locked (TVL) on Layer 2 networks reaching $9.92 billion, up from $9.64 billion yesterday. This growth reflects a robust interest in scaling solutions as the market evolves.
Top Layer 2 Networks
Among the top five Layer 2 networks, Base leads with a TVL of $3.44 billion, showing a slight increase of 4.39% from the previous day. Arbitrum follows closely with $3.06 billion, marking a 2.51% rise. Optimism stands at $750.63 million, up by 2.17%, while Blast and Mantle have TVLs of $607.33 million and $589.06 million, respectively, with increases of 2.67% and 3.61%.
Current Prices
Bitcoin (BTC) is currently priced at $94,735, up from $91,952 yesterday. Ethereum (ETH) has also seen a rise, now trading at $3,529 compared to $3,327 the day prior. This upward movement in prices indicates renewed investor confidence in leading cryptocurrencies.
Fundraising Activities
Today, the total fundraising in the crypto sector reached $15.91 million. The largest funding rounds include Schuman Financial at $7.36 million and Talus Network at $6 million, with BRKT securing $1.75 million. Cumulatively, this week’s fundraising efforts have totaled $73.41 million, highlighting an active investment climate.
Noteworthy News
In significant developments, OpenAI has secured $1.5 billion in funding from SoftBank, allowing its employees to cash out a portion of their shares. This move reflects SoftBank's growing interest in tech investments.
Additionally, Deutsche Bank has joined the funding round for the blockchain payment network Partior, contributing as a strategic investor. Partior raised a total of $80 million, with backing from major players like JPMorgan and Standard Chartered.
In the stablecoin sector, market capitalization has surged to a record $190 billion, surpassing the pre-Terra crash peak. This increase is attributed to heightened demand driven by the recent crypto rally and the upcoming U.S. presidential election.
Market Speculations
Market analysts are drawing parallels between Bitcoin's current performance and the infamous "Thanksgiving Day Massacre" of 2020, pondering whether history will repeat itself or if this holiday season will mark a turning point for new highs. Notably, Cardano's founder, Charles Hoskinson, has predicted that Bitcoin could soar to between $250,000 and $500,000 in the next 12 to 24 months, fueled by institutional investment and the growth of decentralized finance.
