Sunday , April 14 2024
Home / Bitcoin (BTC) / Ethereum’s Layer 2 TVL Nears $30 Billion as ETH-Related Tokens Surge

Ethereum’s Layer 2 TVL Nears $30 Billion as ETH-Related Tokens Surge

Summary:
Ethereum has witnessed a notable surge in the past week as its Layer 2 TVL nears the billion milestone with sustained momentum. As shown by L2Beat, the cryptocurrency, second only to Bitcoin in market capitalization, has shown an upward trajectory. It is worth highlighting that assets and tokens associated with its ecosystem have also demonstrated positive movements. Arbitrum Leads Ethereum L2 TVL Surge Ethereum is up more than 10% over the last week to trade at ,254, a new multi-month high. The Ethereum L2 TVL has also seen growth, reaching a new peak of .60 billion, a 12.08% growth over the last seven days. Arbitrum takes the lead with 45.18% of the total TVL, representing .37 billion, followed by OP Mainnet at 25.55%, or .56 billion. Other notable ones

Topics:
Wayne Jones considers the following as important: , ,

This could be interesting, too:

Martin Young writes LINK Prices Lifted Following Chainlink Transporter Launch

Wayne Jones writes Pac Finance Sudden Parameter Change Sparks Million Liquidation

Jordan Lyanchev writes Bitcoin (BTC) Price Tumbles K, Liquidations Skyrocket to 0M in 1 Hour

Chayanika Deka writes Do Kwon’s Fate Hangs in Limbo, Signs Point to US Extradition

Ethereum has witnessed a notable surge in the past week as its Layer 2 TVL nears the $30 billion milestone with sustained momentum.

As shown by L2Beat, the cryptocurrency, second only to Bitcoin in market capitalization, has shown an upward trajectory. It is worth highlighting that assets and tokens associated with its ecosystem have also demonstrated positive movements.

Arbitrum Leads Ethereum L2 TVL Surge

Ethereum is up more than 10% over the last week to trade at $3,254, a new multi-month high. The Ethereum L2 TVL has also seen growth, reaching a new peak of $29.60 billion, a 12.08% growth over the last seven days.

Arbitrum takes the lead with 45.18% of the total TVL, representing $13.37 billion, followed by OP Mainnet at 25.55%, or $7.56 billion. Other notable ones were Manta Pacific at $1.89 billion, Starknet at $1.38 billion, and Base at $929 million.

The ongoing surge in the ETH price and the Ethereum L2 TVL could have come from the increasing adoption and use of Layer 2 solutions.

One of the most notable increases was in Mantle, an Ethereum Layer 2 blockchain, which rose over 20% to hit an all-time high of $0.9494. While the price has since consolidated to $0.92, the trading volume is at $254 million, a 50% increase over the last day.

Other L2 solutions such as Cybria, Polygon Ecosystem Token, and Polygon were the biggest gainers, up 14.7%, 4.6%, and 4.75 respectively, according to CoinGecko data.

Ethereum Takes Center Stage

In 2023, Bitcoin outpaced Ethereum regarding price gains with a surge of over 150%, while the latter had only about 90% growth. BTC’s increase at the time came about due to the anticipated spot Bitcoin ETF approvals that would potentially skyrocket capital inflow.

However, as time passes following the approval of the ETFs, the attention is slowing down, and the focus seems to be shifting to Ethereum. The ETH community is looking forward to the launch of spot Ethereum ETFs after several companies applied to provide them following the Bitcoin ETF approval.

Analysts see the ETH ETFs going live in May 2024 since the spot Bitcoin ETFs approval has laid the foundation. Meanwhile, the upcoming Dencun upgrade is coming closer, bringing more positive sentiment.

Currently, Ethereum is trading above $3,254 and the 100-hourly Simple Moving Average. The primary resistance lies around the $3,275 mark, with a notable hurdle near $3,320.

You Might Also Like:

Leave a Reply

Your email address will not be published. Required fields are marked *