Bitcoin L2 tokens surge double digits as BTC notches 25-month high

    2024.02.27 | exchangesranking | 113onlookers

    Bitcoin scaling tokens and BRC-20 coins surged on Monday, outperforming the wider crypto markets and even Bitcoin (BTC) itself despite tapping its own 25-month high.

    Bitcoin layer-2 network tokens, such as Stacks (STX) and RSK Infrastructure Framework (RIF), made double-digit gains amid a wider crypto rally.

    Stacks, a Bitcoin-focused smart contract platform, skyrocketed 30% from an intraday low of $2.44 to top out at $3.21 in early trading on Feb. 27, doubling its price over the past 30 days, according to CoinGecko.

    The big move has pushed the STX 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, according to social intelligence company LunarCrush.

    Social interactions are up nearly 16,000%, with activity and social metrics rising sharply, driven by excitement about Bitcoin layer 2s, it noted.

    The native token for the RSK Infrastructure Framework, RIF, has also surged, 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 top of the Rootstock blockchain, which 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, which is around $161 million. Stacks has $138 million TVL or around 43%.

    TVL on Bitcoin sidechains. Source: DefiLlama

    Other Bitcoin-related scaling and smart contract tokens have also performed well, including MAP, the native token for the Bitcoin L2 peer-to-peer omni-chain MAP Protocol. MAP has gained 16% to reach $0.035 during early trading on Feb. 27, according to CoinGecko.

    Related: Bitcoin needs layer-2 networks more than Ethereum does

    BRC-20 tokens also appear to be pumping. Tokens, including Multibit (MUBI), OriginTrail (TRAC), INSC, Pepe (PEPE) and MEME, have all surged at least 20% on the day.

    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.

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