Bitcoin layer 2 tokens outperform BTC in post-halving appreciation

After the long-awaited Bitcoin halving, BTC Layer 2 solutions tokens demonstrated superior performance to the largest cryptocurrency on the market.

Since the event, these tokens have registered appreciation of 5% to 20%, surpassing the main cryptocurrency in market value.

According to data from CoinGecko, the “market cap” of Bitcoin Layer 2 solutions is US$4.3 billion, marking an increase of 5.6% in the last 24 hours. Meanwhile, the trading volume is $184 million.

Stacks (STX), a Layer 2 Bitcoin solution, has been among the best-performing cryptocurrencies over the past 24 hours, according to data from CoinGecko. The STX token has soared nearly 20% to $2.87 since the halving event.

On the other hand, Bitcoin did not show significant growth. The token is up slightly more than 4.5% to $66,046 since the halving, 1.7% in the last 24 hours and 0.8% in the last 7 days.

Bitcoin price has seen significant volatility over the past week, dropping from over $66,800 to below $60,000. However, it has since recovered.

Tokens de layers 2 do Bitcoin

Other Layer 2 tokens, such as Elastos’ ELA token and SatoshiVM’s SAVM, have also seen gains of 11% and 5%, respectively, since the halving.

Other altcoins saw slight daily gains, except for TON, which experienced a significant double-digit drop despite Tether’s announcement of expansion to the TON blockchain.

Bitcoin Layer 2 solutions address blockchain’s scalability and transaction speed limitations. These projects operate on the Bitcoin blockchain, offering scalability when processing transactions outside of the mainnet.

On April 19, when the halving took place and the launch of the Runes protocol, Bitcoin transaction fees reached an average of US$128.45, according to data from ycharts. This value is more than six times higher than the previous day’s average rate and approximately double the previous record set three years ago.

The increase in fees can be attributed to the launch of the Runes protocol, which allows users to “burn” and issue tokens on the Bitcoin blockchain. The introduction of Runes sent speculators rushing to burn tokens and trade memecoins, leading to an increase in transaction activity and consequently higher transaction costs. According to data from Ord.io, the total number of Runes inscriptions on the Bitcoin blockchain has already reached 3,700.