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Bittime – Institutional investors are increasingly interested in crypto assets, especially Bitcoin (BTC). This can be seen from the massive purchases made by MicroStrategy Inc. and the inflow of cash into Bitcoin exchange-traded fund (ETF) products. As a result, the price of Bitcoin reached its highest level this year and brought gains to Bitcoin-based Layer-Two (L2) coins.
Bitcoin, the oldest and largest crypto asset in the world, has set a new record. On Monday (26/2), software company MicroStrategy Inc (NASDAQ: MSTR) announced that it had purchased 3,000 Bitcoins worth $155 million (around Rp 2.25 trillion) at an average price of $51,663 (around Rp 750 million) per coin. As such, MicroStrategy now has a total of 193,000 Bitcoins worth around $10.9 billion on their balance sheet.
In addition to MicroStrategy, CoinShares, Europe's leading digital asset investment firm, also reported that the crypto market experienced cash inflows of $598 million last week, with most of it allocated to Bitcoin ETF products. This product allows investors to participate in the crypto market without having to own the coins directly.
As a result, the price of Bitcoin surged to its highest level this year at around $56,700 (approximately USD 825 million) in the last 24 hours. Bitcoin's significant rise, especially ahead of the upcoming halving event in May 2024, has increased the optimism of the crypto market as a whole, particularly Web3 projects with real utility such as the L2 network.
Bitcoin L2 and BRC-20 Networks Follow in Bitcoin's Footsteps
The L2 network is a scalability solution that aims to increase transaction capacity and speed on the main (Layer-One) blockchain networks, such as Bitcoin and Ethereum. The L2 network allows users to conduct transactions in a second layer separate from the main network, thereby reducing the burden and cost on the main network.
One of the advantages of the L2 network is the ability to support smart contracts in Bitcoin. Smart contracts are protocols that allow automatic agreement and execution of transactions without intermediaries. Smart contracts can be used for a variety of applications, such as DeFi, NFTs, gaming, and more.
Along with the price of BTC hitting a 25-month high, L2 tokens for networks that support smart contracts in Bitcoin experienced significant gains. According to on-chain data analysis provided by LunarCrush, interest in Bitcoin's L2 network has resulted in a rapid increase in social activity.
Also Read How to Buy Crypto:
STX and ORDI cs Streaking
A significant increase in social activity for L2 Bitcoin helped increase the liquidity and trading volume of the respective tokens. Stacks (STX), one of the leading L2 smart contracts in Bitcoin with a Total Value Locked (TVL) of around $140 million, posted a gain of more than 25 percent in the last 24 hours to around $3.11 on Tuesday.
According to market data provided by CoinMarketCap, Stacks (STX) experienced an increase in average daily trading volume by 514 percent to around $600 million in the last 24 hours.
Other tokens that also experienced significant gains include Interlay (INTR) and Map Protocol (MAP) with gains of around 5 percent in the last 24 hours. Meanwhile, the market capitalization of BRC-20, the standard token created on the Bitcoin blockchain, jumped about 6.4 percent to around $3.04 billion led by Ordi (ORDI), SATS (Ordinals), and Multibit (MUBI).
Conclusion
The increasing popularity of Ethereum (ETH) as the leading blockchain for smart contracts inspired the development of Bitcoin-based smart contracts. In addition, Bitcoin has higher liquidity than Ethereum due to significant adoption from institutional investors in the past year.
However, the Bitcoin network still lags behind in terms of programmability compared to Ethereum, Solana (SOL), and Cardano (ADA). As a result, most L2 Bitcoin networks use Bitcoin-pegged coins to enable the use of Bitcoin in the vast DeFi ecosystem. According to data from DefiLlama, to date the Bitcoin network has around $2 billion (around Rp 29 trillion) in TVL.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Bitcoin (BTC) is available on Bittime with the BTC/IDR market pair. To be able to buy BTC IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is Rp10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor the price chart movements of Bitcoinn (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Bitcoin Soars to $57,000, Up More Than 10% in 24 Hours, Here's the Analysis
BRC-20 Token: Definition, Advantages, and Disadvantages
What is ORDI? BRC-20 Based Token to be Listed on Bittime
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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