While Bitcoin (BTC) was ringing the bull bells, all eyes turned to layer-2 projects such as Arbitrum, Polygon and Optimism, which have not yet separated from the market.
The cryptocurrency market has made a sensational debut recently. Bitcoin (BTC) focusing on January and reaching record levels also mobilized altcoins. BTC managed to rise above $41,000 ahead of the Bitcoin spot ETFs to conclude in January. BTC’s bull run has helped altcoins revive.
All eyes are on a major altcoin bull run, qualifying as altcoin season. In some altcoins, there was no noticeable increase even though BTC reached 41 thousand dollars. One of these altcoins was layer-2 projects. Layer-2 projects such as Arbitrum (ARB), Optimism (OP) and Polygon (MATIC) have not yet realized the expected bull run.
BTC lit the fire: All eyes on layer-2 projects
The start of Bitcoin’s (BTC) bull run has turned eyes to altcoins that could potentially rise. Crypto investors have started looking at altcoins that have not experienced a bull run for the possible altcoin season. Additionally, many crypto investors are focused on layer-2.
Layer-2 projects could not gain the desired momentum these days, when bullish expectations increased with the rise of BTC. Major layer-2 projects such as Arbitrum, Optimism and Polygon have not yet achieved the expected launch.
Considering the rise of Celestia (TIA), one of the crypto market’s newest products, it appears that layer-2s have not realized their potential rise.
The one-week performance of the top four Tier-2 projects according to market value ranking attracted attention. Polygon (MATIC) experienced a 10 percent increase in one week. Mantle (MNT) increased by nearly 10 percent in a week. On the other hand, Optimism (OP), which was followed with great expectations, increased by 4 percent and Arbitrum (ARB) by 12 percent in a week.
The one-week performance of all four layer-2 projects was in line with the BTC-based crypto market. BTC has increased by more than 11 percent in the last week.
Layer-2 projects that could not be separated from BTC were evaluated with the possibility of a potential bull run in the future. Expectations for ARB and OP are quite high in the layer-2 sector, which is said to be one of the pioneers of the altcoin season.
The last 24-hour situation of cryptocurrencies, which are the best layer-2 projects according to market value, is as follows;
- Polygon (MATIC) transaction volume increased by 33 percent in the last 24 hours and reached 601 million dollars.
- Arbitrum (ARB), trading volume dropped 14 percent in the last 24 hours to $326 million.
- Optimism (OP) transaction volume increased by 20 percent in the last 24 hours and reached 158 million dollars.
- Mantle (MNT) achieved a transaction volume of 109 million dollars with a 6 percent increase in the last 24 hours.
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