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While Bitcoin continues its struggle to maintain a position above $44,000, the majority of altcoins seem to prefer a state of calm. In such early stages of a bull season, Bitcoin experiences rapid increases and altcoins show weakness. However, the future price performance of STX Coin is dependent on Bitcoin’s growth. Here’s what you need to know and some predictions before it’s too late.
STX, Solana, and XRP Coin
The year 2024 holds the potential to carry markets upwards with significant developments. The abnormal rise in December and even the price bubble are due to these expectations. The increasing demand reflects the belief in the approval of a spot Bitcoin ETF. Also, next year we have the Bitcoin halving event and the Fed is expected to begin lowering interest rates.
According to Kaiko Research, the trading volume of altcoins increased by 67% last week, marking the highest recovery since the Terra Luna crash. Bitcoin’s price also rose to levels seen before last year’s interest rate cuts. XRP recorded a 3.6% increase over the past seven days, while Solana (SOL) saw a 7.5% increase.
The cumulative value of cryptocurrencies is approaching $1.7 trillion. Similarly, the cumulative volume is pushing the $100 billion threshold. However, Stacks (STX) Coin is among the altcoins that truly merit attention. According to LunarCrush, this project, which enables the deployment of smart contracts on the Bitcoin network, has seen a 37% increase over the week, reaching $1.05.
The Future of Stacks (STX) Coin
Every smart contract platform has its own ecosystem. For instance, Ethereum is the largest smart contract platform and hosts massive applications. Avalanche, Solana, and others also house popular applications. Yet, Bitcoin, which is the largest cryptocurrency by market value, lacks such applications on its network.
The taproot update was an important milestone for Bitcoin to build its own ecosystem. Following that, Ordinals came along, making Stacks even more significant. Princeton University graduates Muneeb Ali and Ryan Shea launched the Stacks network in 2013, and this protocol allows applications to benefit from the security of the Bitcoin network.
The continuous growth of STX beyond this latest surge will depend on the number of smart contracts deployed. As interest in Bitcoin grows and BTC becomes more talked about with ETF demand, STX Coin could see greater attention as a builder of its ecosystem. Naturally, the future of STX Coin is tied to the growth of Bitcoin.
