The price of Bitcoin (BTC) has gone through the roof in the last few days. Thanks to an increase of more than 10 percent, the price has reached $47,000. As usual, the king of cryptocurrencies is dragging the rest of the market with him, especially when it comes to Bitcoin-related projects. Both Layer 2 and BRC-20 tokens are currently in full bloom.
Bitcoin projects are increasing rapidly
The prices of various Bitcoin smart contract projects have increased twice.
Stacks (STX), ranked 22nd in the crypto market, is up 30.77 percent compared to 24 hours ago. With a current price of $3.25, STX is up an impressive 114 percent in the last 30 days.
Thanks to the significant increase, the stacks are getting closer All-time high from $3.39 in December 2021.
It is the third fastest riser today, behind Theta Network (THETA) in 2nd place and Pepe (PEPE) in 1st place.
RIF, the native token of the Rootstock Infrastructure Framework, also rose 25 percent over the past day, as did Map Protocol (MAP), which increased in value by 16 percent.
The Rootstock Infrastructure Framework is a service layer built on top of the Rootstock blockchain that gives Bitcoin smart contract capabilities. The MAP protocol is a Layer 2 on Bitcoin aimed at interoperability.
BRC-20 tokens, i.e. altcoins with ordinal inscriptions, are also currently performing very well.
BTC price explosion
Of course, it’s not just Bitcoin-related cryptos that are booming right now. The lion’s share of the market is at least a few percent higher than yesterday.
Bitcoin has reached its highest price since December 1st and is now just 20 percent away from its all-time high of $69,000 reached in November 2021. The total crypto market capitalization has also increased by 8.4 percent to $2.262 trillion in the last 24 hours.
Spot exchange-traded funds (ETFs), launched last month, are playing an important role in Bitcoin’s price explosion and thus the revival of the crypto market.
Yesterday, the nine newly launched funds, or all spot ETFs except Grayscale’s GBTC, recorded a record volume of $2.4 billion.
Net inflows for all funds combined also reached $520 million, marking the fourth-best trading day since inception.