Across the cryptocurrency market solana Including its competitors, there is a small decrease in prices. Cryptocurrencies such as Stacks (STX), Bitrock (BITROCK), and Mintlayer (ML) are currently attracting the attention of investors. These cryptocurrencies may experience significant increases in their market values in the near future. They are of great interest among investors looking for high returns in a volatile market.
Stacks (STX)
Stacks (STX) has made significant progress by introducing a new layer on top of Bitcoin, namely smart contract and decentralized applications. Thanks to this technology, transactions can be carried out directly on the Bitcoin blockchain. However, despite this technological success, the price of Stacks dropped by 17% in the last day to $1.96.
Bitcoin benefits from this innovation of Stacks as it adds functionality for the decentralized finance industry and leverages its significant $500 billion market cap. According to DefiLlama data, there has been significant growth in the Stacks ecosystem, especially with a Total Value Locked (TVL) of $116.31 million. This achievement reinforces Stacks’ status as a powerful Layer 2 solution built on Bitcoin.
Investors note that Stacks has proven to be a strong competitor in the tier 2 space, similar to Solana, particularly with its potential for a bull market outlook for 2024. It currently ranks 34th in CoinMarketCap’s rankings with a market cap of $2.84 billion.
Bitrock (BITROCK)
Bitrock (BITROCK) operates as an Ethereum sidechain and uses the IBFT 2.0 Proof of Authority consensus mechanism. This mechanism ensures minimal transaction costs and a fast, scalable infrastructure. The platform also hosts a unique multi-chain exchange.
One of the key features of Bitrock is that it allows cryptocurrency trading on its local networks. This trade does not require specific on-chain tokens and does not incur local gas fees. Transactions use the BITROCK-20 token for all external fees.
Recently, Bitrock’s value has experienced a slight decline. It is currently priced at $0.1085. Additionally, it represents a 12% drop in 24 hours. Despite this decline, Bitrock has shown impressive growth, rising by 2895% in the past month alone. This increase pushed its market cap to $9.8 million, making it stand out on CoinMarketCap. This development has positioned the coin as a formidable competitor for Solana in the crypto market.
Mintlayer (ML)
Mintlayer (ML) enhances Bitcoin’s capabilities by offering a Layer 2 solution. This development allows decentralized finance (DeFi), smart contracts, atomic swaps, NFTs and decentralized applications (dApps) to run directly on the Bitcoin network.
As of today, Mintlayer price is at $0.304728. Additionally, it indicates a decrease of 5.57% in the last 24 hours. Mintlayer, positioned at 837 on CoinMarketCap, has a market capitalization of $19 million. Notably, Mintlayer’s price has risen 319% in the past year, challenging Solana by promising significant returns.
