Bitcoin Layer 2 Stacks (STX) Price Up By 55% After This Update

Coingapestaff
February 20, 2023
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Stacks (STX) Skyrockets 15% As STX20 Inscription Minting Causes Network Congestion

Stacks (STX), the native token of Bitcoin layer 2 Stacks Network, managed to stand out today after making spectacular gains over the last 24 hours. STX has been in a consistent uptrend for the past four weeks. Therefore, if the layer 2 blockchain’s token successfully conquered the $0.70 resistance, there will only be a few resistance levels left before it reaches $1.0.

The price of STX has been on the rise becasue of the new Ordinals Protocols. It is a new protocol that allows NFTs to be stored on the Bitcoin blockchain.

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Stacks (STX) Bags Inflows

In the last two weeks, Stacks noted a massive price surge, but today, the altcoin exploded and rose by 66.84%. In doing so, the coin marked a local top of $0.6831. But the bullishness over the last 30 days combined with the cues from the broader market is the actual reason behind this rise.

Source – CoinMarketCap

According to data from the crypto market tracker CoinMarketCap, STX has observed rising bullishness since the beginning of this year, after successfully marking a bullish crossover on the day before. In the past four weeks, the token has surged nearly 120%, putting it among the top-performing cryptocurrencies so far.

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Transaction Volume Soars by 500%

Stacks (STX) is currently ranked the 52nd-largest digital asset by market capitalization, but its price of $0.6831 is having one of the best days out of the top 100 cryptocurrencies. Thus, the allure of the Stacks led to a significant rise in the activity from investors as well. And the altcoin noted a nearly 500% increase in 24-hour trading volume, with Binance, Coinbase, and Kucoin hosting the majority of those trades.

With a market capitalization of $929,658,327 and a 24-hour trading volume up by 497.62%, STX stands at $830,635,783. At the same time, the circulating supply is approximately 1,360,897,676 STX, as per CMC.

Also Read: Crypto Is ‘Dangerous’ And Similar to Gambling, Says World Wide Web Inventor

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.