A Bitcoin Layer for smart contracts, Stacks (STX), sets its sights on the $2 mark as its trading volume increases by 36%. In the last 24 hours, STX has emerged as an altcoin with standout performance in the cryptocurrency space.
Trading Volume on the Rise in Stacks
CoinMarketCap’s latest data shows a significant 36% increase in Stacks’ 24-hour trading volume, reaching $166.6 million. According to experts, Stacks, currently trading at $1.86, is now aiming for $2. The market cap also showed a noteworthy increase, rising by 4% in the last 24 hours to $2.6 billion. Stacks’ recent resurgence can be attributed to several key factors.
A pivotal moment for the altcoin was marked by the price breaking through the resistance trendline of a long triangle formation that had constrained its movement for over 21 months. This breakout indicated a shift in sentiment and could pave the way for further price appreciation. Additionally, the Stacks ecosystem, especially in terms of Total Value Locked (TVL), has seen rapid development in recent weeks. According to DefiLlama, Stacks reached an all-time high in TVL, amounting to $64.3 million.
Critical Process for Bitcoin
A notable event is the upcoming launch of the Nakamoto upgrade mainnet, potentially expected on April 15, ahead of the latest Bitcoin halving prediction. This update promises faster upgrades for Bitcoin and facilitates decentralized movement among Bitcoin’s Layer 2 ecosystems. Such developments are seen as milestones for Stacks and could serve as catalysts for further growth. Pantera Capital’s Managing Partner Cosmo Jiang highlighted in a post on X:
Stacks is in the best position to capitalize on this moment. It is the only smart contract blockchain that will be secured with post-Nakamoto Bitcoin certainty.
Stacks’ price has shown significant growth in recent months, yet it has not surpassed its all-time high of $3.31 reached on October 10, 2021. However, with a current circulating supply of 1.44 billion STX out of a maximum supply of 1.82 billion STX and an annual supply inflation rate of 6.97%, Stacks continues to be well-positioned for future growth and adoption. This situation could align with a broader Bitcoin ecosystem bolstered by the revival of this altcoin.
