ethereum has witnessed a notable surge this past week as its Layer 2 TVL approaches the $30 billion milestone with sustained momentum.
As L2Beat shows, the cryptocurrency, second only to bitcoin in market capitalization, has shown an upward trajectory. It should be noted that the assets and tokens associated with its ecosystem have also shown positive movements.
Arbitrario leads ethereum L2 TVL surge
ethereum has risen more than 10% over the past week to trade at $3,254, a new multi-month high. The ethereum L2 TVL has also seen growthreaching a new high of $29.6 billion, a growth of 12.08% in the last seven days.
Arbitrum takes the lead with 45.18% of the total TVL, representing $13.37 billion, followed by OP Mainnet with 25.55%, or $7.56 billion. Other notables were Manta Pacific with $1.89 billion, Starknet with $1.38 billion and Base with $929 million.
The continued rise in the price of eth and ethereum's L2 TVL could be due to the increasing adoption and use of Layer 2 solutions.
One of the most notable increases came on Mantle, an ethereum Layer 2 blockchain, which rose more than 20% to reach an all-time high of $0.9494. While the price has since consolidated at $0.92, the trading volume is $254 million, a 50% increase from the last day.
Other L2 solutions such as Cybria, Polygon Ecosystem Token and Polygon gained the most, with an increase of 14.7%, 4.6% and 4.75 respectively, according to CoinGecko. data.
ethereum takes center stage
In 2023, bitcoin surpassed ethereum in terms of price gains with an increase of over 150%, while the latter only had around 90% growth. btc's surge at that time occurred due to early approvals of spot bitcoin ETFs that would potentially trigger capital inflows.
However, as time passes following the approval of ETFs, attention is slowing down and attention appears to be shifting towards ethereum. The eth community is looking forward to the launch of ethereum spot ETFs after several companies requested to provide them following the approval of the bitcoin ETF.
Analysts see eth ETFs going live in May 2024 as the timely approval of bitcoin ETFs laid the groundwork. Meanwhile, the next Dencun update is approaching, leading to more positive sentiment.
Currently, ethereum is trading above $3,254 and the 100 hourly simple moving average. The main resistance lies around the $3,275 mark, with a notable hurdle near $3,320.
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