Bitcoin’s market dominance drives Layer 2 popularity
Bitcoin (BTC) has been leading the crypto market rally since late September 2023, with its dominance rising steadily from around 40% in 2022 to over 50% by May 2024. This surge is largely attributed to the approval of Bitcoin Spot exchange-traded funds (ETFs) in the US, driving increased trading volume on platforms like Bybit. Consequently, Bitcoin’s popularity is fueling interest in Layer 2 solutions aiming to enhance Bitcoin’s scalability and functionality for faster and cheaper transactions. Picks for you Machine learning algorithm predicts Bitcoin price on May 31, 2024 57 mins ago Bank of Canada warns ‘financial system on the brink’ and ‘prepare for fallout' 1 hour ago Severe crisis incoming? Expert Michaël van de Poppe questions 4-year Bitcoin cycle 1 hour ago R. Kiyosaki warns US dollar to crash as ‘BRICS gold crypto’ emerges 3 hours ago Understanding Bitcoin Layer 2 Bitcoin Layer 2 refers to networks closely linked wi...