Bitcoin scaling tokens and BRC-20 coins demonstrated remarkable performance on Monday, showcasing significant gains that surpassed the broader crypto market, including Bitcoin, which tapped its 25-month high.
Bitcoin Layer-2 tokens lead the surge
Bitcoin layer-2 network tokens, notably Stacks and RSK Infrastructure Framework (RIF), emerged as frontrunners in the surge, boasting double-digit gains amidst a wider crypto rally.
Stacks, a Bitcoin-focused smart contract platform, skyrocketed by 30% from an intraday low of $2.44 to peak at $3.21 during early trading on Feb. 27, doubling its price over the past 30 days, according to CoinGecko data. This surge has propelled the STX token to within 9% of its December 2021 all-time high of $3.39.
Furthermore, Stacks has witnessed a significant uptick in social activity over the last year, with interactions surging by nearly 16,000%, driven by escalating excitement surrounding Bitcoin layer 2 solutions.
The native token for the RSK Infrastructure Framework, RIF, also experienced a notable surge, gaining 25% from its intraday low of $0.193 to peak at $0.242 before slightly retracing. The Rootstock Infrastructure Framework, built atop the Rootstock blockchain, facilitates smart contract capabilities for Bitcoin and enables deployment of decentralized applications (DApps) without compromising Bitcoin’s core principles.
Other notable performers
Additional Bitcoin-related scaling and smart contract tokens, such as MAP (the native token for the Bitcoin L2 peer-to-peer omni-chain MAP Protocol), have also demonstrated strong performance. MAP witnessed a 16% increase to $0.035 during early trading on Feb. 27.
BRC-20 tokens, including Multibit (MUBI), OriginTrail (TRAC), INSC, Pepe, and MEME, have all surged by at least 20% daily, indicating a broader bullish sentiment within the Bitcoin ecosystem.
Meanwhile, Bitcoin reached its highest price since December 2021, hitting $56,700 during early trading on Feb. 27. Although the asset has slightly retraced to trade at $55,684 at the time of writing, its upward trajectory signals continued investor confidence in the cryptocurrency market.
Bitcoin layer-2 tokens and BRC-20 coins have demonstrated remarkable strength and resilience, outperforming wider market trends and even Bitcoin itself. The surge in these tokens underscores growing investor interest and confidence in Bitcoin’s scaling solutions and smart contract capabilities. As the crypto market continues to evolve, such developments pave the way for further innovation and adoption within the broader cryptocurrency ecosystem.
Source: https://www.cryptopolitan.com/bitcoin-layer-2-tokens-surge-outperforming-market-trends/