The Layer 2 projects have just recorded a price increase again in the context of Bitcoin (BTC) approaching the historic threshold of $100,000. This is the group of coins that many holders in Vietnam are most hopeful about and hold the most. But so far, they have not really made the profits they hoped for.
Here are the observations from BeInCrypto on the signs that Layer 2 may continue to rise in the near future.
Layer 2 and PayFi coin groups lead the market's upward trend as Bitcoin approaches the $100,000 threshold
Statistics on the 24-hour change in the market capitalization of Altcoin groups from Sosovalue show that Layer 2 and PayFi are the two groups with the most impressive growth rates. This picture has changed significantly, as last week, meme coins and AI were the two areas with the most impressive growth in the market.
Changes in 24h in the Crypto market sectors. Source: Sosovalue.If we look deeper into PayFi, we can see that XRP has carried most of the upward momentum of this group. XRP has risen more than 25% in a day, while the rest of the altcoins have not seen significant increases. XRP rose due to the positive news that Gary Gensler will soon resign.
But the Layer 2 group has seen a simultaneous increase across many Altcoins. Among them, Optimism (OP) is leading the Layer 2 uptrend with an increase of nearly 40% on November 21.
Fluctuations of Layer 2 Altcoins. Source: Sosovalue.Many other Layer 2 coins that are held by many Vietnamese holders, such as Arbitrum (ARB), zkSync (ZK), and Starknet (STRK), have also seen good increases today. The Layer 2 wave is a wave representing "technology coins". Recently, the interest in meme coins has caused these "technology coins" like Layer 2 to be suppressed in price for a long time. The recent movements have given hope to Layer 2 holders.
Many Layer 2 Altcoins show signs of breaking out of the accumulation range
BeInCrypto has observed that a few Layer 2 coins have shown a breakthrough price phenomenon. For example, Optimism (OP) has broken above the $2 resistance, with a trading volume of nearly $1.2 billion, three times the medium of the previous days. This price behavior is the basis for expecting OP's price to continue rising to higher levels, with $2 becoming a good support.
Optimism (OP) price performance. Source: TradingView.In addition, StarkNet (STRK), which is quite interesting to many Vietnamese investors, has maintained well above the $0.45 support level. Yesterday, STRK also rose nearly 20% in a day. STRK's price is likely to complete the N-price measurement and continue to rise to the $0.65 resistance level. BeInCrypto's recent analysis of STRK shows that this altcoin needs to rise to $1.2 for many Vietnamese investors to break even.
StarkNet (STRK) price fluctuations. Source: TradingView.Additionally, the Arbitrum (ARB) price has broken above the important $0.67 resistance level that has persisted for nearly two quarters, and is currently trading above $0.7. Yesterday, ARB recorded an increase of more than 25%, with a trading volume of over $1.3 billion, the highest daily volume since May.
Arbitrum (ARB) price performance. Source: TradingView.All of these signs are opening up brighter prospects for Layer 2 holders in particular and the "technology coin" sector in general. The Layer 2 market capitalization today has exceeded $16.3 billion, up 11% in 24 hours with a trading volume of over $4 billion, according to CoinMarketCap.
Also Read: Altcoin Trading Volume Hits 4-Year High, New Investor Class Emerging
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