Key Points
On Monday, Bitcoin scaling tokens and BRC-20 coins experienced a surge, outshining the broader crypto markets and even Bitcoin itself, which reached its own 25-month high.
Layer-2 network tokens associated with Bitcoin, such as Stacks (STX) and RSK Infrastructure Framework (RIF), enjoyed double-digit gains in the midst of a broader crypto rally.
Stacks, a smart contract platform focused on Bitcoin, saw a 30% rise from an intraday low of $2.44, peaking at $3.21 in early trading on February 27.
This significant increase has brought the STX token within 9% of its all-time high of $3.39 from December 2021.
Surge in Social Activity
Over the past year, Stacks has witnessed some of the largest increases in social activity, as noted by Lunar Crush, a Social Intelligence firm.
Social interactions have risen by nearly 16,000%, with activity and social metrics surging due to the growing excitement about Bitcoin layer-2s.
The RSK Infrastructure Framework’s native token, RIF, has also seen a surge, gaining 25% from its intraday low of $0.193 to reach $0.242 before experiencing a slight dip.
Rootstock, the blockchain on which the RSK Infrastructure Framework is built, brings smart contract capabilities to Bitcoin and allows for the deployment of decentralized applications (DApps) without compromising Bitcoin’s core principles.
DefiLlama reports that Rootstock has just over half of the total value locked on all Bitcoin sidechains, approximately $161 million, while Stacks has around $138 million TVL or approximately 43%.
Other Bitcoin-related scaling and smart contract tokens, including MAP, the native token for BTC L2 peer-to-peer omni-chain MAP Protocol, have also performed well.
MAP has gained 16% to reach $0.035 during early trading on Feb. 27, according to CoinGecko.
BRC-20 tokens are also experiencing a surge.
Tokens, including MUBI, TRAC, INSC, PEPE, and MEME, have all surged at least 20% on the day.
Meanwhile, Bitcoin reached its highest price since December 2021, hitting $56,700 during early trading on Feb. 27.
The asset has since retreated slightly to trade at $55,684 at the time of writing.
