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BTC price has seen a significant increase, and this altcoin has a justified reason for its even larger surge, which could continue rapidly in the future. Just as other stakeholders in the Ethereum ecosystem benefit from its price increase, Bitcoin‘s rising price also leads to an increase in STX Coin. The growing interest in Bitcoin layer2 solutions is triggering this.
Stacks (STX)
Bitcoin-focused Stacks (STX) has seen a 300 percent increase since October. Back then, we discussed how the heated debates over a spot Bitcoin ETF and BTC price fluctuations could impact STX Coin prices. Today, various crypto companies have started working on more Bitcoin layer2 platforms, which is multiplying the interest.
STX trading volume has also risen by more than 2000% along with the price. The volume reached $437.6 million on February 22, and the ongoing demand is promising. This year’s interest in Bitcoin layer-2 projects is not only due to spot Bitcoin ETFs, which currently manage more than $10 billion in assets under management (AuM), but also due to the growth of Bitcoin Ordinals.
STX Coin May Rise
Before the Bitcoin block reward halving in April, the Stacks team will release a new update to accelerate transactions and launch the sBTC token, among other steps. The new token will make it easier for those who want to support smart contracts with Bitcoin security. Data from the crypto analysis firm Artemis shows that the number of daily active addresses on Stacks has increased more than fourfold in the last 90 days.
Daily transactions jumped from 8340 to 33,000. The total value locked in the network also saw an 830% increase, from $12.3 million in October 2023 to a full $114 million. All these indicate that user interest is rapidly growing along with the price, which could continue to rise in the future.
Even as new Bitcoin layer2 solutions enter our lives, Stacks, which has been in this business for a long time, is a few steps ahead of the others. The performance of the upcoming bull season will be determined by whether the team can attract more developers to the network.
Ultimately, the concept of a layer2 with cheaper smart contract capabilities, using Bitcoin as the main network and its security, is a story that will find many buyers. Of course, it’s not possible to see the future, but today’s data supports optimism.
