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Layer2 Tokens Lead Crypto Market Gains as Bitcoin Tops $92,000

SocialFi and Layer1 projects posted notable gains, with Canton Network surging over 19%, while Layer2 and DeFi sectors saw modest declines amid Bitcoin’s rise past $88,000.

BTC
ETH

Summary

The crypto market saw mixed performance, with SocialFi up 3.28% and Bitcoin rising 1.63% to break $88,000. Ethereum advanced 1.54% to around $2,900. Layer1 tokens gained 1.39%, driven by a 19.46% jump in Canton Network. Layer2 fell 0.63% and DeFi declined 0.92%. Merlin Chain rose 3.94% and Kamino surged 10.39% despite sector downturns.

Terms & Concepts
  • Layer2: A secondary framework built on top of a blockchain to improve scalability and transaction speed.
  • Bitcoin: The first and largest cryptocurrency, operating on a decentralized network without a central authority.
  • Ethereum: A blockchain platform supporting smart contracts and decentralized applications, using its native currency Ether.