GBTC discount narrows as approval for BTC and ETH ETFs expected soon

Extreme Market Volatility Highlights Arbitrum as Lead Performer in Layer 2 Race

In a recent note shared with CoinDesk, Ben Yorke, WOO Ecosystem VP, emphasized the significant market volatility and the impact it had on layer-2 blockchains. Yorke pointed out that Arbitrum is leading the way in the L2 race, with six times the 24-hour trading volume of Optimism and 25 times that of Base. This dominance in trading volume reflects Arbitrum’s strong position in the market.

Yorke also highlighted the enduring influence of Ethereum, stating that it remains the “end boss” in the cryptocurrency world. Despite the impressive performance of layer 2 scaling solutions, Ethereum still oversees more than twice the trading volume of all L2 solutions combined. This is partially driven by the market’s response to Blackrock’s apparent filing for an ETH ETF, indicating the enduring power of Ethereum in the cryptocurrency market.

The significance of these developments underscores the ongoing evolution and competition within the cryptocurrency ecosystem. As volatility continues to shape the landscape, it is clear that both layer 2 blockchains and Ethereum will continue to play pivotal roles in the market.

For more information on layer-2 blockchains and their importance, click here.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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