$STX Ela and SAVM! Beat Bitcoin's Performance After Halving
The fourth Bitcoin halving is now behind us. Now everyone is expecting an increase in the price of Bitcoin and cryptocurrencies. BTC, the flagship of cryptocurrencies, broke the $66,000 resistance today. As the price of Bitcoin surged, Bitcoin Layer-2 coins outpaced the cryptocurrency BTC with a 5% to 20% increase after the mining reward halving. The surge comes amid a Runes-led increase in transaction fees on the Bitcoin Blockchain.
Bitcoin Layer-2s are gaining traction
With BTC's halving, tokens associated with Bitcoin Layer-2 solutions stood out in particular. Stacks' (STX) native token, STX, rose nearly 20% to $2.87 on the back of the halving. Bitcoin, meanwhile, gained just over 4.7% to $66,300. According to Velo Data, the cryptocurrency STX was one of the top 25 best-performing cryptocurrencies in the last 24 hours.
Other Layer-2 coins, such as Elastos' ELA token and SatoshiVM's SAVM, also rose by 11% and 5% respectively after the halving.
Bitcoin Transaction Fees Increase
The rise of Bitcoin Layer-2 coins in the market comes amid a surge in transaction fees on the Bitcoin Blockchain. According to data from Glassnode, the average transaction fee rose to around 0.0020 BTC after the halving, reaching its highest level since early 2018.
One reason for the increase in fees is the launch of a new protocol called Runes, which allows users to mint and trade tokens. The launch of Runes accelerated the trading activity of speculators, causing transaction costs to rise.