The digital currency landscape is witnessing a minor dip in prices across the board, including for Solana rivals. Stacks (STX), Bitrock (BITROCK), and Mintlayer (ML) are now drawing investor interest. These cryptocurrencies could see considerable increases in their market values soon. Each is gaining traction among investors eager for substantial returns in a fluctuating market.

1. Stacks (STX)

Stacks (STX) has recently made significant strides as a new layer on Bitcoin, introducing smart contracts and decentralized apps that use Bitcoin as the primary asset. This advancement allows for transaction finalizations directly on the Bitcoin blockchain. Despite its technological success, Stacks price has seen its price fall to $1.96, a 17% decrease in just one day.

Bitcoin itself benefits from this innovation, as it adds functionalities for the decentralized finance sector, leveraging its substantial market cap of $500 billion. Stacks has shown remarkable growth in its ecosystem, notably in its Total Value Locked (TVL), which just reached a record $116.31 million, according to DefiLlama. This milestone solidifies its status as a formidable Layer 2 option atop Bitcoin.

Stacks price chart

Investors are taking note as Stacks proves to be a strong competitor in the Layer 2 space, akin to Solana, particularly with its potential in the bullish market outlook for 2024. It currently holds the 34th spot in CoinMarketCap’s rankings with a market cap of $2.84 billion.

2. ​​Bitrock (BITROCK)

​​Bitrock (BITROCK), an Ethereum sidechain, operates using the IBFT 2.0 Proof of Authority framework. It promises minimal transaction costs and features a fast, scalable infrastructure. The platform also hosts a unique multichain exchange. 

This allows cryptocurrency trading on their native networks without requiring specific chain tokens or incurring native gas fees. Transactions instead use the BITROCK-20 for all external fees.

Bitrock price chart

Recently, Bitrock’s value experienced a slight decline. It is currently priced at $0.1085, marking a 12% decrease over 24 hours. Despite this dip, Bitrock has shown impressive growth, skyrocketing by 2895% in the last month alone. This surge has propelled its market cap to $9.8 million, placing it prominently on CoinMarketCap and positioning it as a formidable competitor to Solana in the crypto market.

3. Mintlayer (ML) 

Mintlayer (ML) is enhancing Bitcoin’s capabilities by introducing a Layer 2 solution. This development allows for decentralized finance (DeFi), smart contracts, atomic swaps, NFTs, and decentralized applications (dApps) to operate directly on Bitcoin’s network. 

Mintlayer price chart

As of today, the Mintlayer price stands at $0.304728, marking a 5.57% drop over the last 24 hours. Positioned at 837 on CoinMarketCap, it has a market cap of $19 million. Notably, Mintlayer’s price has increased by 319% over the past year, challenging Solana by promising significant returns.

Bottom line

As the crypto market undergoes fluctuations, Stacks, Bitrock, and Mintlayer stand out. Their potential for substantial gains makes them attractive to investors aiming to profit from shifts in the digital currency sphere.

The post 3 Solana Rivals To Turn $1 Into $100 In May appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am