Layer 1 blockchains are spearheading the 2024 bull run, with notable platforms showcasing remarkable growth. The total market capitalization of L1 blockchains has soared to $2.8 trillion, led by Bitcoin.
*Top Performers:*
1. *Bitcoin (BTC)*: Dominating the space with a market capitalization of nearly 70% of the total L1 market cap.
2. *Ethereum (ETH)*: Price increase of over 34%, with a total value locked (TVL) of $70 billion.
3. *Solana (SOL)*: Price surge of 40%, with a TVL increase of 50%.
4. *Cardano (ADA)*: TVL reaching an all-time high of $619 million.
*The Fee Race:*
Solana has taken the lead in daily fees, generating $7.4 million, surpassing Ethereum's $6.19 million.
*Outlook:*
As the bull run continues, L1 blockchains must address scalability, attract developers, and adapt to intensifying competition. Sustaining momentum and proving utility beyond speculative cycles will be crucial.
