Bitcoin scaling tokens and BRC-20 coins experienced a significant surge on Monday, surpassing the broader cryptocurrency markets and even outperforming Bitcoin (BTC) itself, despite Bitcoin reaching its own 25-month high.
Tokens associated with Bitcoin layer-2 networks, such as Stacks (STX) and RSK Infrastructure Framework (RIF), saw double-digit gains in the midst of a larger cryptocurrency rally.
Stacks, a smart contract platform focused on Bitcoin, skyrocketed by 30% from a low of $2.44 to a peak of $3.21 in early trading on February 27th, doubling its price over the past 30 days, as reported by CoinGecko.
This significant movement has brought the STX token within 9% of its all-time high of $3.39, which was reached in December 2021.
LunarCrush, a social intelligence company, has noted that Stacks has experienced some of the largest increases in social activity over the past year. Social interactions have increased by nearly 16,000%, with activity and social metrics rising sharply due to the excitement surrounding Bitcoin layer 2s.
The native token for the RSK Infrastructure Framework, RIF, has also experienced a surge, gaining 25% from its intraday low of $0.193 to reach $0.242 before experiencing a slight retreat.
The Rootstock Infrastructure Framework, built on top of the Rootstock blockchain, brings smart contract capabilities to Bitcoin. The platform also allows for the deployment of decentralized applications (DApps) without compromising Bitcoin’s core principles.
According to DefiLlama, Rootstock currently holds just over half of the total value locked on all Bitcoin sidechains, amounting to approximately $161 million. Stacks has a TVL of $138 million, accounting for around 43%.
Other scaling and smart contract tokens associated with Bitcoin have also performed well. MAP, the native token for the Bitcoin L2 peer-to-peer omni-chain MAP Protocol, has gained 16% to reach $0.035 during early trading on February 27th, according to CoinGecko.
BRC-20 tokens, including Multibit (MUBI), OriginTrail (TRAC), INSC, Pepe (PEPE), and MEME, have all experienced surges of at least 20% on the day.
In the meantime, Bitcoin reached its highest price since December 2021, reaching $56,700 during early trading on February 27th. At the time of writing, the asset has slightly retreated and is trading at $55,684.
Wolf Of All Streets, a magazine, expresses concerns about a scenario where Bitcoin reaches $1 million, highlighting its potential impact in the Hall of Flame.