FTX price pumps 93%
Bitcoin’s Layer 2 (L2) tokens, once underrated, are stealing the spotlight, with MUBI, TRAC, INSC, PEPE, and MEME witnessing substantial price surges that closely align with Bitcoin’s recent climb to $56,700 on February 27th.
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The beginning of this week showcased Bitcoin scaling tokens and the remarkable performance of BRC-20 coins, outpacing the broader crypto market. Even Bitcoin, reaching $56,443, marked a 25-month high.
Undoubtedly, the Bitcoin rally has paved the way for smart contract and scaling platform tokens, exemplified by Stacks (STX) and RSK Infrastructure Framework (RIF), highlighting the market’s confidence in Bitcoin’s scalability and smart contract capabilities.
On February 27th, Stacks (STX) gained significant attention, experiencing a remarkable surge of 30%. This propelled its value from an intraday low of $2.44 to a peak of $3.21 during early trading, effectively doubling its value over just 30 days—a clear indicator of a bullish trend.
Stacks’ rising value brought its token, STX, within striking distance of its all-time high, reaching $3.11—just 9% below its peak in December 2021. This resurgence signals a renewed investor confidence in Stacks and its growth potential.
Stacks has not only been thriving in value but has also seen a substantial boom in social activity over the past year. Interactions surged by nearly 16,000%, driven by growing excitement surrounding Bitcoin Layer-2 solutions, with Stacks emerging as a prominent player.
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Another token associated with Bitcoin’s ecosystem, the native token of the RSK Infrastructure Framework (RIF), also experienced a notable surge of 25% on the same day, climbing from $0.193 to $0.242 before a slight dip. Rootstock Infrastructure Framework adds smart contract abilities to Bitcoin, enabling DApps without altering Bitcoin’s core.
As per the DefiLlama report, RIF holds over half of all Bitcoin sidechains’ TVL, around $161M, while Stacks has $138M, approximately 43%.
Positive Sentiments
Moving forward, other Bitcoin-related scaling tokens like MAP and BRC-20 tokens such as MUBI and MEME saw substantial increases in value on the same day. This suggests a broader positive sentiment towards projects within Bitcoin’s ecosystem.
Overall, the surge in Bitcoin’s Layer 2 tokens underscores the importance of scalability solutions in unlocking Bitcoin’s full potential as a digital currency.
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What are your thoughts on the growth of Bitcoin Layer-2 solutions?
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