After a Bitcoin halving event, three cryptocurrency projects referred to as Layer 2 protocols for Bitcoin have surpassed Bitcoin’s performance.
Currently, Bitcoin (BTC) is being bought and sold for more than $65,000 based on the latest information from CoinGecko. Over the past day, its value has risen by 2.9%. This short-term price trend following Bitcoin’s halving event isn’t remarkable when compared to past market cycles.
Based on historical trends, Bitcoin’s value has been known to experience significant volatility and price fluctuations around every four years. Following these periods of instability, there is typically a prolonged surge in Bitcoin’s price, resembling a parabolic rise. However, it’s important to note that past growth patterns for Bitcoin have rarely progressed in a consistent or linear fashion.
After a modest price increase for Bitcoin following its halving, the development of protocols based on the leading cryptocurrency’s blockchains experienced more significant growth within the last 24 hours and over the past week. Among five Bitcoin L2 solutions ranked by CoinGecko with a combined value exceeding $4 billion, three tokens particularly shone.
SatoshiVM
SatoshiVM (SAVM) is a declared solution that can work with Bitcoin’s blockchain using the Ethereum Virtual Machine (EVM), a well-known platform in crypto. By employing native Bitcoins for transaction fees, SAVM empowers developers to introduce assets, apps, and innovations connected to the Bitcoin network.
SAVM surged 12% over the past day and returned more than 17.9% to holders in the last week.
Elastos
In the last 24 hours, Elastos (ELA) investors experienced a growth of over 5.5%. However, the increase was merely 3.6% in the past week. The primary goal of Elastos is to enhance the efficiency and scalability of Bitcoin through its L2 solution named BeL2. This layer 2 platform, constructed using SmartWeb technology, is designed to facilitate smart contracts on Bitcoin.
Stacks
Stacks (STX) tailed Elastos for daily growth at 5.4% but outpaced ELA on the weekly timeline with a 10.6% increase. According to the team, Stacks supports dapp developments and on-chain settlement on Bitcoin.
According to the protocol, the Stacks layer has the capability to release approximately $500 billion in Bitcoin value through this direct settlement method.
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2024-04-22 23:30