- Sidechain dominance grows with Merlin Layer 2 leading at $1.20B TVL, signaling interest in scalability solutions.
- Despite market downturns, projects like MAP Protocol maintain investor interest with $122M TVL.
- Individual cryptocurrencies like Stacks and Core show varied price movements amidst the broader market fluctuations.
Amidst the ongoing bear market, investors are seizing the opportunity to accumulate Bitcoin at lower prices, with hopes of cashing out when the market rallies. As highlighted by Crypto Rover, an analyst, Bitcoin continues its journey, and traders are eyeing a significant price target ranging between $100,000 to $150,000 per coin.
As further noted by CryptoRank, an onchain analytic firm, Merlin Layer 2, boasting a total value locked (TVL) of $1.20 billion, leads the pack in terms of sidechain dominance. Its rising prominence signals a growing interest in layer 2 solutions to scale blockchain networks.
Despite the bearish sentiment in the broader market, some sidechains have managed to maintain resilience. MAP Protocol, though down by 16.58% in the last 24 hours, continues to attract investors with a TVL of $122 million.
Similarly, CoreDAO, with a TVL of $40.7 million, and Blocksquare, with $35.4 million locked, weather the storm with relative stability. These fluctuations, while concerning for short-term traders, underscore the inherent volatility of the crypto market.
Crypto Market Overview: Bitcoin Struggles Below $68K as Altcoins DipInterlay and Rollux Layer 2, with TVLs of $9.8 million and $4.2 million respectively, represent emerging players in the sidechain arena. Their modest yet growing presence hints at the potential for innovation and disruption in the space. As these projects mature and gain traction, they could introduce novel solutions to longstanding challenges within the crypto ecosystem.
Amidst the backdrop of sidechain developments, individual cryptocurrencies experience their own ebbs and flows. Merlin Chain, with its native token trading at $0.531284 and a 24-hour trading volume of $70,037,279, maintains a steady course, albeit with marginal gains.
Conversely, Stacks sees a dip of 4.72% in the last 24 hours, with its token priced at $1.90 and a trading volume of $81,666,809. Rootstock Infrastructure Framework and MAP Protocol follow suit, experiencing slight declines in price and trading volume now trading at $0.164382 and $0.013336 respectively.
Core, Blocksquare Token, and Interlay mirror this trend, albeit with varying degrees of fluctuation. While Core dips by 3.25%, trading at $1.92 with a volume of $61,836,921, Blocksquare Token remains relatively stable, down by only 0.28% at $0.694657. Interlay, with its token priced at $0.020341 and a volume of $92,121.76, experiences negligible movement.
