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Bitcoin scaling tokens and BRC-20 coins surged on February 26, reaching their highest levels in 25 months, outperforming the broader crypto markets and even Bitcoin itself. Bitcoin Layer-2 network tokens such as Stacks and RSK Infrastructure Framework (RIF) achieved double-digit gains amidst a wider crypto rally.
What’s Happening in the Bitcoin Ecosystem?
According to CoinGecko, Stacks, a Bitcoin-focused smart contract platform, saw a 30% increase from its intraday low of $2.44 to $3.21 on February 27, doubling its price in the last 30 days. This significant move brought the STX token close to its all-time high of $3.39 reached in December 2021.
Data analytics firm LunarCrush reported that Stacks saw some of the largest increases in social activity last year. Social interactions surged by approximately 16,000%, with activity and social metrics sharply rising due to excitement around Bitcoin Layer-2 networks.
The native token of the RSK Infrastructure Framework, RIF, also experienced a surge, gaining 25% from its intraday low of $0.193 to $0.242 before a slight pullback. The Rootstock Infrastructure Framework is a service layer built on top of the Rootstock blockchain network, which brings smart contract capabilities to Bitcoin. The platform also enables the deployment of decentralized applications (DApps) without compromising Bitcoin’s core principles.
Intense Interest in the Bitcoin Ecosystem
Blockchain data analytics firm DefiLlama reports that Rootstock holds just over half of the total value locked in all Bitcoin sidechains, amounting to approximately $161 million. Stacks has a TVL (Total Value Locked) of $138 million.
Other Bitcoin-related scaling and smart contract tokens, including the native token of the Bitcoin Layer-2 peer-to-peer multichain MAP Protocol, MAP, also performed well. According to CoinGecko, MAP gained 16% in value during early trading on February 27, reaching $0.035.
BRC-20 tokens also appear to be on the rise. Tokens like Multibit (MUBI), OriginTrail (TRAC), INSC, Pepe, and MEME all showed at least a 20% increase during the day. Meanwhile, Bitcoin reached $56,700 in early trades on February 27, marking its highest price since December 2021. Bitcoin has since slightly retreated, trading at $56,022 at the time this article was written.
