Bitcoin scaling tokens and BRC-20 coins soared on Monday. They outperformed the wider crypto markets and even BTC, despite BTC tapping its 25-month high of $56,379. Bitcoin layer-2 network tokens, like Stacks (STX) and RSK Infrastructure Framework (RIF), made double-digit gains. This was amid a wider crypto rally.
Stacks, a Bitcoin-focused smart contract platform, skyrocketed 30%. It went from an intraday low of $2.44 to top out at $3.21 in early trading on Feb. 27. This doubled its price over the past 30 days, according to CoinGecko.
The big move has pushed the STX $3.15 token to within 9% of its December 2021 all-time high of $3.39. Stacks has seen some of the largest increases in social activity over the last year. This is according to Social Intelligence company Lunar Crush.
Social interactions are up nearly 16,000%. Activity and social metrics are rising sharply. This is driven by excitement about Bitcoin layer-2s, it noted. The native token for RSK Infrastructure Framework, RIF, has also surged. It gained 25% from its intraday low of $0.193 to reach $0.242 before retreating slightly.
Rootstock: Smart Contracts Elevate Bitcoin; DeFi Surges
The Rootstock Infrastructure Framework is a service layer. It is built on top of the Rootstock blockchain. This brings smart contract capabilities to Bitcoin. The platform also enables the deployment of decentralized applications (DApps) without compromising Bitcoin’s core principles.
According to DefiLlama, Rootstock has just over half of the total value locked on all Bitcoin sidechains. This is around $161 million. Stacks has $138 million TVL or around 43%.
Source: DefiLlama
Other Bitcoin-related scaling and smart contract tokens have also performed well. This includes MAP, the native BTC L2 peer-to-peer omni-chain MAP Protocol token. MAP has gained 16% to reach $0.035 during early trading on Feb. 27, according to CoinGecko.
BRC-20 tokens also appear to be pumping. Tokens, including MUBI, TRAC, INSC, PEPE $0.000002, and MEME, have all surged at least 20% daily.
Meanwhile, Bitcoin hit its highest price since December 2021, reaching $56,700 during early trading on Feb. 27. The asset has since retreated slightly to trade at $55,684 at the time of writing.
Source: CoinMarketCap
Related Reading | Dogecoin: Echoes Of 2020 Surge Amidst Growing Adoption
Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
Comments (No)