Bitcoin scaling tokens and BRC-20 coins experienced a significant surge on Monday, surpassing the broader cryptocurrency markets and even Bitcoin (BTC) itself, despite reaching its own 25-month high.
Tokens associated with Bitcoin’s layer-2 network, such as Stacks (STX) and RSK Infrastructure Framework (RIF), saw double-digit gains in the midst of a wider crypto rally.
Stacks, a smart contract platform focused on Bitcoin, saw a remarkable 30% increase, rising from an intraday low of $2.44 to a peak of $3.21 in early trading on February 27. This surge doubled its price over the past 30 days, according to CoinGecko.
As a result, the STX token is now just 9% away from its all-time high of $3.39, which was reached in December 2021.
LunarCrush, a social intelligence company, revealed that Stacks has witnessed some of the largest increases in social activity over the past year. Social interactions have surged by nearly 16,000%, with activity and social metrics rising significantly due to the enthusiasm 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 while allowing for the deployment of decentralized applications (DApps) without compromising Bitcoin’s core principles.
According to DefiLlama, Rootstock currently accounts for just over half of the total value locked on all Bitcoin sidechains, which is approximately $161 million. Stacks, on the other hand, has a TVL (Total Value Locked) of $138 million, representing around 43%.
Other scaling and smart contract tokens related to Bitcoin have also performed well. This includes MAP, the native token for the Bitcoin Layer 2 peer-to-peer omni-chain MAP Protocol, which has gained 16% to reach $0.035 during early trading on February 27, according to CoinGecko.
In addition, BRC-20 tokens have also experienced significant increases. Tokens such as Multibit (MUBI), OriginTrail (TRAC), INSC, Pepe (PEPE), and MEME have all surged by at least 20% on the day.
Meanwhile, Bitcoin reached its highest price since December 2021, hitting $56,700 during early trading on February 27. At the time of writing, the asset has slightly retreated and is trading at $55,684.
In an interview with Wolf Of All Streets, concerns were raised about a future where Bitcoin reaches $1 million, highlighting the potential consequences and implications of such a scenario.