Bitcoin L2 tokens rise by double digits as BTC reaches 25-month high
Bitcoin scaling tokens and BRC-20 coins surged on Monday.
Bitcoin Layer-2 network tokens such as Stacks (STX) and RSK Infrastructure Framework (RIF) posted double-digit gains amid a broader crypto rally.
Stack, a Bitcoin-focused smart contract platform, surged 30% from an intraday low of $2.44 to $3.21 in early trading on Feb. 27.
The big move pushed the STX token 9% to its December 2021 all-time high of $3.39.
According to social intelligence company LunarCrush, Stack has seen a significant increase in social activity since last year.
Social interaction is up nearly 16,000%, driven by Bitcoin Layer 2s enthusiasm with activity and social metrics increasing significantly, he said.
Which property has seen the highest social activity growth in the past year? One of the strongest is $STX. With the growing excitement about #Bitcoin Layer 2s, so is the social movement for @Stacks.
Social media is accelerating activity by nearly 16,000%… pic.twitter.com/xPSJ8JyTCI
— LunarCrush (@LunarCrush) February 27, 2024
The native token of RSK Infrastructure Framework RIF also rose, gaining 25% from its intraday low of $0.193 to reach $0.242 before retreating slightly.
The Rootstock Infrastructure Framework is a service layer built on the Rootstock blockchain that brings smart contract capabilities to Bitcoin. The platform enables the deployment of decentralized applications (DApps) without violating the core principles of Bitcoin.
According to Defillama, Rootstock has just over half the total value locked across all Bitcoin sidechains, which is around $161 million. Stack has $138 million TVL or about 43%.
Other Bitcoin-related metrics and smart contract tokens have also performed well, including MAP, a descendant of Bitcoin's L2 peer-to-peer omni-chain MAP protocol. CoinGecko reports that MAP gained 16% to reach $0.035 during early trading on February 27.
Related: Bitcoin Needs More Layer-2 Networks Than Ethereum
BRC-20 tokens also seem to be blowing up. Tokens including Multibit (MUBI), OriginTrail (TRAC), INSC, Pepe (PEPE) and MEME rose at least 20% on the day.
Meanwhile, Bitcoin hit its highest price since December 2021, reaching $56,700 during early trading on February 27. The property retreated slightly to trade at $55,684 at the time of writing.
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