Win The Bull Market! 5 Layer 2 Crypto To Buy Should Bitcoin Reclaim $72,000

Business

Win The Bull Market! 5 Layer 2 Crypto To Buy Should Bitcoin Reclaim $72,000 – Crypto News

Published

12 months ago

June 4, 2024

Dripp

Investors observing Bitcoin price and wanting to win big in the next bull market could seek exposure to layer 2 crypto to buy directly or indirectly connected to the king of crypto. Bitcoin experienced a mini-bull run since January, hitting a new all-time high of $73,837, but sentiment argues that the main one is yet to come.

Layer 2 projects will be key in bringing volume to the Bitcoin blockchain and hence can’t be left out of portfolios. These layer 2 cryptos have the potential to positively impact your portfolio in 2024 and 2025.

1. Crypto To Buy – SatoshiVM (SAVM)

SatoshiVM is a Bitcoin ZK Rollup layer 2 solution that uses native BTC as gas. SAVM is the native token of the layer 2 network and is used for governance. SatoshiVM is also fully compatible with the Ethereum Virtual Machine (EVM) while using Bitcoin as the settlement layer. The project has a myriad of tools being built on it, including a decentralized exchange that includes a DeFi yield protocol for staking and BTC yield.

SatoshiVM price has been on a downward trend since the launch of its alpha mainnet in March 2024. Nevertheless, trading volume is rising, indicating investors are accumulating and waiting for a breakout. SatoshiVM has a market cap of $21 million, making it a gem in rough awaiting Bitcoin DeFi summer to take shape.

2. Elastos (ELA)

Elastos is an old player in the crypto arena and markets itself as the forefront of a Smarter Web. Its technology enables a smarter, more secure, and private digital ecosystem, powered by Bitcoin.

The technology stack that Elastos has built enables developers to build layer 2 networks on it. Elastos is also developing BeL2, a Bitcoin Elastors layer 2 protocol that will allow EVM smart contracts to run directly on top of Bitcoin.

Layer 2 Crypto To Buy - Elastos

ELA price is currently at $2.62, with a $54 million market cap. The price of Elastos at an all-time high (over 6 years ago) was $89.14, which shows the great hidden potential of the project. Now that Bitcoin DeFi is closer than ever, the potential of Elastos hitting a billion-dollar market cap project is high.

3. Merlin Chain (MERL)

Merlin Chain is a native Bitcoin Layer 2 network powered by Bitmap Tech, and building upon the native assets, protocols, and products on Bitcoin Layer 1. The L2 network has made strides in bringing DeFI to Bitcoin by building a functional bridge.

Through the Merlin Chain, over 190,000 BTC (over 12.9 billion USD) has been bridged to other networks like Solana, BNB chain, Ethereum and Manta.

MERL

When it comes to the price of MERL, it is clear that it has not yet caught up with the fundamentals. Merlin price is sitting around $0.5, a 7% increase in the past 7 days. MERL price is down 65% from its all-time high of $1.45 two months ago. Investors who get in now may be receiving a 65% discount on the price of MERL as it may surge during Bitcoin’s rally.

4. Stacks (STX)

Perhaps one of the largest Layer 2 cryptos associated with Bitcoin, Stacks is a Bitcoin Layer 2 network enabling smart contracts and apps with Bitcoin as a secure base layer. Stacks price received a boost recently after Grayscale Investment introduced the Grayscale Stacks Trust. This financial instrument focuses solely on investing in STX.

stacks - Layer 2 Crypto To Buy The Stacks market soared along with its price, rising to $2.88 billion. The STX daily trading volume also surged by 215%, signaling a recent rise in market activity.

Stacks registered its all-time high price two months ago, around $3.86. The journey back to that price may be simple and may not have much ROI. However, as the only Bitcoin Layer 2 crypto trusted by Graysclae, STX price may continue to rise for the foreseeable future and the gains may be exponential if Bitcoin revisits $72,000.

5. Optimism (OP)

Optimism is a well-known Ethereum Layer 2 network. However, due to continuous building, the Optimism OP stack has caught the eye of Build on Bitcoin (BOB), the first hybrid Layer 2 network, connecting Bitcoin security with EVM liquidity.

While the connection may be indirect, the rise of Bitcoin, especially after the BOB network has launched, may affect the Optimism network’s token, OP.

OP price is performing well, even though it’s been down 4.5% in the past 7 days. In March, Optimism announced an $89 million private sale of 19.5 million OP tokens. The announcement received mixed feelings among the Ethereum community and negatively impacted the price. Nevertheless, Optimism is a fundamentally sound project and they continue to build.

Conclusion

Tapping into the layer 2 crypto to buy before Bitcoin begins the second phase of this cycle’s bull run, may be a good way to boost your portfolio exponentially. However, ensure you do your due diligence before you decide to invest in any layer 2 cryptos.

<!–

–>