What makes Layer 1 blockchains the centerpiece of the current bull run, and can they prove their utility beyond speculation?

Layer 1s hit $2.8 trillion

Layer 1 blockchains have emerged as the focal point of the ongoing crypto bull run. According to data from CoinGecko, these foundational platforms have surged an astonishing 7,000% in value since January 2024. 

This milestone comes on the heels of Donald Trump’s election victory, which appears to have reignited enthusiasm within the crypto space.

As of Nov. 29, L1 blockchains collectively command a market cap exceeding $2.8 trillion. Bitcoin (BTC), the dominant L1, accounts for nearly 70% of this market share. Trading at $98,300, BTC recently set a new all-time high of $99,600 on Nov. 22.

Ethereum (ETH), often hailed as the backbone of decentralized applications, has also seen significant gains. Up by over 34%, ETH is currently trading at $3,630. 

Other L1 platforms are riding the bullish wave as well. Solana (SOL), a key competitor to Ethereum, reached an all-time high of $263.83 on Nov. 23 before pulling back slightly to $244, marking a 40% monthly gain.

Cardano (ADA) has taken the market by surprise with an impressive 200% surge over the past month, now trading at $1.09. 

Emerging platforms like Hedera (HBAR) and Mantra (OM) have also shown exceptional performance, posting gains of 220% and 138%, respectively. 

Mantra has been particularly remarkable, soaring ove

Go to Source to See Full Article
Author: Ankish Jain