Bitcoins from layer 2 solutions have outperformed Bitcoin itself since the mining reward was reduced during the much-anticipated Bitcoin blockchain event called the halving.
Since the event, these tokens have surged by 5% to 20%, outpacing the top crypto by market cap.
Stacks (STX) Takes Center Stage
Based on information from CoinGecko, the total value of Bitcoin layer 2 solutions is currently $4.3 billion. This represents a rise of 5.6% over the previous 24 hour period. At the same time, there have been trading transactions worth $184 million in the past day.
According to information from CoinGecko, Stacks (STX), a Bitcoin secondary layer solution, has been one of the top-performing cryptocurrencies in the previous 24 hours. The value of STX tokens has significantly increased by nearly 20%, reaching $2.87 since the halving event occurred.
Bitcoin, on the contrary, hasn’t seen notable expansion. Its value has risen by approximately 4.5% to reach $66,046 since the halving occurred. There’s been a minor increase of 1.7% in the past 24 hours, but it decreased by 0.8% over the last week.
Last week, Bitcoin’s value went through considerable fluctuations, dipping from around $66,800 to under $60,000. Yet, it bounced back since then.
Tokens like Elastos’ ELA and SatoshiVM’s SAVM from the second layer have seen increases of approximately 11% for ELA and 5% for SAVM following the halving event.
Some alternative cryptocurrencies have seen small daily increases, with the exception of TON, which experienced a considerable drop of over 10% following Tether’s announcement of integrating with the TON blockchain.
Significantly, Bitcoin second-layer technologies tackle the scalability and slowness issues of the blockchain’s transaction processing. These initiatives run on the Bitcoin network, expanding its capacity by handling transactions away from the primary chain.
Bitcoin Fees Surge
On April 20th, as the Bitcoin halving took place and the Runes protocol was introduced, the typical transaction fee reached an astounding $128.45, based on ycharts’ statistics. This fee amount is more than six times greater than the preceding day’s average and nearly double the old record from three years ago.
An increase in fees can be explained by the arrival of the Runes protocol, allowing users to create and engrave tokens on the Bitcoin network. This innovation caused a surge in token minting and meme coin trading among speculators, resulting in more transactions and ultimately higher fees.
Significantly, the fees have decreased, with a transaction fee of $34.8 being recorded on April 21. At the same time, information from Ord.io indicates that there are now over 3,700 Runes inscriptions on the Bitcoin blockchain.
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2024-04-22 18:36