Cryptocurrency

Arbitrum

Mantle

Polygon

Billion

<ul class="list-ic vertical">
 <li>1 <a>The layer 2 cryptocurrencies have a combined market capitalization of $19.153 Billion.</a></li>
 <li>2 <a>The transaction volume reached $1.92 Billion after a massive intraday rise of 62.54%.</a></li>
</ul>
As the cryptocurrency market continues to evolve, investors are shifting their attention to ventures that demonstrate robust core principles and ongoing progress. The layer 2 solutions which are designed to enhance the scalability and performance of blockchain infrastructure are attracting investors.
As of Now, the layer 2 crypto has a combined market capitalization of $19.153 Billion with an intraday trading volume of $11.92 Billion. Polygon, Arbitrum and Mantle have emerged as the top layer 2 cryptocurrencies by market cap.
Let’s examine the top layer 2 cryptos and analyze whether they are set for robust growth in the second half of 2024.
<h2 class="wp-block-heading" id="strong-polygon-matic-cryptocurrency-strong">Polygon (MATIC) Cryptocurrency</h2>
Polygon aims to enhance Ethereum by turning it into a comprehensive multi-chain network, comparable to the ‘Internet of Blockchains’. It is a well-structured easy-to-use platform for Ethereum scaling and infrastructure development.
Technical analysis highlights that Polygon has been on a steady downfall since mid-March. The crypto has dropped over 56% from the recent swing highs in the last three months, highlighting bearish sentiments.
The bulls are dominating intraday, however, the long term as well as short term trend outlook is bearish, which is a sell-on-rise opportunity for the short term investors.&nbsp;
At the time of writing, MATIC was exchanging hands at close to $0.56, indicating a moderate intraday rise of 2.09%. Market capitalization was $5.55 Billion and it is ranked 19th in the cryptoverse. The volume to market cap ratio at 3.32% suggests low volatility.
<h3 class="wp-block-heading" id="strong-arbitrum-arb-strong">Arbitrum (ARB)</h3>
<a href="https://www.thecoinrepublic.com/2024/06/26/arbitrum-price-near-its-all-time-low-will-it-bounce-back-soon/" target="_blank" rel="noopener noreferrer nofollow">Arbitrum </a>is an Ethereum layer-two scaling solution. It employs optimistic rollups to bolster the speed, scalability, and cost-effectiveness of the Ethereum network. With a live market capitalization of $2.668 Billion, it ranks 32nd in the overall crypto market and 2nd among the layer 2 cryptos.
Moreover, the security of Arbitrum is anchored in the Ethereum network, which ensures the integrity and finality of its transactions. Essentially, Ethereum underpins the accuracy of Arbitrum’s computations and the availability of data for those computations conducted off-chain.
Moreover, the daily ARB/USD chart reveals that Arbitrum crypto was stabilizing near a multi-month low after a sharp selloff from the highs. From a technical point of view, ARB had dropped below the 20, 50 and 200 EMAs, highlighting a bearish outlook.
The bulls are trying to make a recovery in the recent sessions, however, it requires more buying volume inflow to counter the selling pressure. On the higher side, a breakout above the recent supply of $0.96 may indicate a bullish reversal.
<h3 class="wp-block-heading" id="strong-mantle-mnt-strong">Mantle (MNT)</h3>
Mantle Network is revolutionizing Ethereum’s scalability with its Layer 2 technology. It strives to be compatible with the Ethereum Virtual Machine. Mantle ranks 35th in the cryptoverse and 3rd among the top layer 2 cryptos. Out of 6.2 Billion total supply, 52% i.e. 3.26 Billion MNT tokens are circulating.
Moreover, the network’s innovative modular design allows for the independent upgrading of its components, which handle transaction processing and data storage ensuring that Mantle stays at the forefront of technological advancements.
The daily chart shows that Mantle crypto is headed for a recovery after a sharp crash that dragged MNT below the 200 day EMA, turning the long term trend bearish.
Moreover, the price may reclaim bullish territory if the buyers surpass the 200 day EMA. whereas, if MNT gets rejected from the higher side and breaks below the recent support of $0.766, it may continue to be bearish in the short term.
<h4 class="wp-block-heading">Disclaimer</h4>
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Projecting The Market Trends for Top Layer 2 Crypto Assets

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