CandleFocus

Bitcoin Layer 2 Sees Major Growth in September, Reveals Footprint Analytics Report

Author: Content Editor
In September 2024, the blockchain sector experienced significant growth due to favorable macroeconomic conditions and regulatory advancements. Bitcoin's Layer 2 solutions outperformed Ethereum's Layer 2 networks in terms of growth. The total value locked in Bitcoin Layer 2 increased by 33%, with Core leading the market with a 30.5% market share. Bitcoin's price also rose by 10.5% during the month. Sui, a Layer 1 blockchain, made a breakthrough by entering the top 15 chains by market cap for the first time with a 132.2% increase in market cap. The positive momentum was driven by macroeconomic factors and regulatory progress, including the US Federal Reserve's rate cut and the SEC's approval of options for Bitcoin spot exchange-traded products. Despite some scrutiny on Ethereum's ecosystem, the overall outlook for the blockchain sector remains strong. The rise of Bitcoin Layer 2 solutions and the emergence of chains like Sui showcase the rapid evolution of the space. Layer 2 scaling solutions and innovative blockchain projects are becoming increasingly important as the sector matures and expands.

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