Legacy Tokens on a Bullish Path?

• Ethereum TVL rose to $65 billion as the cryptocurrency moved closer to $4,000.
• Arbitrum and Optimism continue to dominate the ETH layer 2 scaling sector.
• ARB and OP both turned bullish, surging 6.46% and 5.05%, respectively.

Prominent legacy coins, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Arbitrum (ARB) and Optimism (OP) show significant possibility of gains in the near future as the total value locked (TVL) in some of these ecosystems continue to rise as market leader BTC moves closer to the $100,000 price level. 

With a dominance of 57.4%, BTC leads the market as the oldest cryptocurrency. According to CoinMarketCap data, Bitcoin’s market cap is $1.87 trillion, and it trades at $94,868.30, following a 41.19% price surge last month. Created as a hedge against inflation and a Store of Value by Satoshi Nakamoto, Bitcoin continues to draw investors worldwide.

On the other hand, Ethereum is the largest DeFi and smart contract protocol. With the introduction of ETH staking and the Merge, the blockchain protocol is positioned for massive gains from the adoption of blockchain technology. Meanwhile, the protocol’s TVL has recovered to May levels, above $65 billion.

Over the past 24 hours, ETH rose 1.1% to $3,428.46. It is down 30% from its all-time high of $4,891.70 but gained 9.72% last week and 38.40% last month. It is up 64.85% since November 2023.

Legacy Altcoins Show Upside

Solana’s (SOL) TVL reached all-time high levels from 2021, above the $9 billion mark, according to DefiLlama data. The altcoin also recently hit a new all-time high at $263.83 and now trades at $238.87, down 9.59% from the ATH. Last month, the altcoin rose 38.54% and 309.00% since November 2023.

Read also: Solana Tops $260 as Meme Coin Craze and ETF Buzz Drive Momentum

ARB and OP were both bullish yesterday, gaining 6.46% and 5.05%, respectively. ARB trades at $0.9107, down 62.2% from its all-time high of $2.40, while OP trades at $2.30, down 52.86% from its ATH of $4.85.

Optimism and Arbitrum are Ethereum layer 2 scaling solutions that dominate their respective industries with market capitalizations of $2.88 billion and $3.73 billion, respectively. These altcoins continue to generate excitement.