Stacks (STX) Eyes $2 as Trading Volume Jumps 36%

Stacks (STX), a Bitcoin layer for smart contracts has seen its trading volume jump by 36%, with its eyes set on the coveted $2 mark. 

Stacks Recent Performance

In recent trading sessions, STX has emerged as a standout performer in the crypto space. According to the latest data from CoinMarketCap, the Bitcoin layer for smart contracts has seen a remarkable 36% increase in 24-hour trading volume, reaching $166.6 million. Trading at $1.86, Stacks is now setting its sights on the $2 mark. The market capitalization has also experienced a notable uptick, rising by 4% to $2.6 billion within the last 24 hours.

The recent resurgence of Stacks can be attributed to several key factors. One crucial turning point was marked by the coin’s price breaching the resistance trendline of an elongated triangle pattern that had constrained its movement for over 21 months. This breakout signaled a shift in sentiment and paved the way for further price appreciation.

Furthermore, the Stacks ecosystem has experienced rapid development in recent weeks, particularly in terms of Total Value Locked (TVL). According to DefiLlama, Stacks has hit an all-time high in TVL, reaching $64.3 million. 

Stacks Upcoming Nakamoto Upgrade

A noteworthy event on the horizon is the anticipated Nakamoto upgrade mainnet launch, potentially as soon as April 15th, preceding the latest Bitcoin halving estimate. 

This update holds the promise of faster upgrades for Bitcoin rails and facilitating the decentralized movement of Bitcoin between Layer 2 ecosystems. Such developments are viewed as milestones for Stacks and could serve as catalysts for further growth.

Cosmo Jiang, PM at Pantera Capital, emphasized in a post on X that “Stacks is best positioned to seize this moment. It is effectively the only smart contract blockchain that, post-Nakamoto, will be secured by Bitcoin finality.”

It is worth noting that while Stacks’ price has experienced remarkable growth in recent months, it has yet to surpass its all-time high price of $3.31, which was 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 a yearly supply inflation rate of 6.97%, Stacks remains well-positioned for future growth and adoption. This aligns with the altcoin reboot, boosting by the general outlook of Bitcoin.

The post Stacks (STX) Eyes $2 as Trading Volume Jumps 36% appeared first on CoinGape.

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Godfrey Benjamin
CoinGape