Layer 2 Token Market Value Rebounds by 65%, Nears $12 Billion

The market value of Layer 2 tokens has rebounded by about 65% since its lowest point in late July, reaching $11.5 billion as of September 21.

This recovery comes after a decline of over 40% from January's level, when the sector was worth $12 billion.

The surge in Layer 2 token prices is attributed to Standard Chartered's initiation of coverage on Arbitrum on September 16 and price spikes on September 18, with ARB rising about 17% that day.