Bitcoin scaling tokens and BRC-20 coins experienced a notable surge on Monday, surpassing the broader crypto markets and even outshining Bitcoin itself, despite achieving its own 25-month high.
Tokens operating on the Bitcoin layer-2 network, such as Stacks and RSK Infrastructure Framework (RIF), witnessed significant double-digit gains amidst a broader crypto market rally.
Stacks, a platform focusing on smart contracts for Bitcoin, surged by 30% from an intraday low of $2.44 to a peak of $3.21 in early trading on February 27, doubling its value over the past month, as reported by CoinGecko.
This substantial leap propelled the STX token to within a 9% reach of its all-time high of $3.39 recorded in December 2021.
According to social intelligence company LunarCrush, Stacks has observed some of the most substantial spikes in social engagement over the past year, with social interactions soaring by nearly 16,000%, driven by mounting enthusiasm surrounding Bitcoin layer 2 solutions.
Similarly, the native token of the RSK Infrastructure Framework, RIF, also saw a surge, climbing 25% from an intraday low of $0.193 to $0.242 before experiencing a slight pullback.
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The Rootstock Infrastructure Framework serves as a layer of service built upon the Rootstock blockchain, facilitating smart contract functionalities for Bitcoin while enabling the deployment of decentralized applications (DApps) without compromising Bitcoin’s foundational principles.
According to DefiLlama, Rootstock accounts for slightly over half of the total value locked across all Bitcoin sidechains, amounting to approximately $161 million, while Stacks boasts a TVL (Total Value Locked) of $138 million, roughly constituting 43%.
Other Bitcoin-related scaling and smart contract tokens also demonstrated noteworthy performances, with MAP, the native token of the Bitcoin L2 peer-to-peer omni-chain MAP Protocol, witnessing a 16% surge to reach $0.035 during early trading on February 27, according to CoinGecko.
Additionally, BRC-20 tokens showcased signs of substantial momentum, with tokens like Multibit (MUBI), OriginTrail (TRAC), INSC, Pepe, and MEME all experiencing surges of at least 20% on the day.
Meanwhile, Bitcoin reached its highest price since December 2021, peaking at $56,700 during early trading on February 27, before slightly retracting to trade at $55,684 at the time of composing this article.
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