On Monday, Bitcoin scaling tokens and BRC-20 tokens experienced significant surges, surpassing the broader crypto market and even Bitcoin itself, which reached a 25-month high.
Layer 2 network tokens associated with Bitcoin, such as Stacks and RSK Infrastructure Framework (RIF), witnessed double-digit gains amid the overall cryptocurrency rally.
Stacks, a Bitcoin-focused smart contract platform, surged by 30% from an intraday low of $2.44 to a high of $3.21 on February 27, marking a doubling in price over the past 30 days according to CoinGecko data.
This substantial increase propelled the price of the STX token to within 9% of its December 2021 all-time high of $3.39. Notably, Stacks experienced the highest surge in social activity last year, with social interactions increasing by nearly 16,000%, driven by excitement surrounding Bitcoin Layer 2 solutions.
Similarly, RIF, the native token of the RSK Infrastructure Framework, saw a significant uptick, rising by 25% from an intraday low of $0.193 to reach $0.242 before experiencing a slight pullback. The Rootstock Infrastructure Framework serves as a services layer atop the Rootstock blockchain, facilitating smart contract functionality for Bitcoin while enabling the deployment of decentralized applications (DApps) without compromising Bitcoin's core principles.
According to DefiLlama data, Rootstock boasts over half of the total value locked (TVL) in Bitcoin sidechains, amounting to approximately $161 million, while Stacks boasts a TVL of $138 million, equivalent to about 43%. Additionally, other Bitcoin-related scaling and smart contract tokens, including MAP, the native token of Bitcoin's L2 peer-to-peer full-chain MAP protocol, witnessed positive momentum, with MAP recording a 16% increase in early trading on February 27, reaching $0.035.
Moreover, BRC-20 tokens also experienced notable gains, with tokens such as Multibit (MUBI), OriginTrail (TRAC), INSC, Pepe, and MEME all recording increases of at least 20% on the day.
Concurrently, Bitcoin itself reached its highest price since December 2021, surging to $56,700 in early trading on February 27 before experiencing a slight retreat to $55,684 at the time of writing.
