Bitcoin Layer 2 Coins Surge Following BTC Halving Event 2024
Bitcoin Layer 2 coins have experienced a surge in value following the successful halving event of Bitcoin on April 19. STX, the native cryptocurrency of Stacks, has seen a 20% increase in value, making it one of the top-performing cryptos in the top 25 list. Other Layer 2 coins such as Elastos' ELA token and SatoshiVM's SAVM have also seen an increase in value. The surge in transaction volumes and speculation following the introduction of the Runes protocol has led to a spike in transaction fees, with the average fee reaching its highest level since early 2018. However, transaction fees have since cooled down to a range of $8-$10 for medium-priority transactions.
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