Stacks (STX) Aims for $2 Milestone in Recent Surge
Stacks (STX), a platform built on top of Bitcoin for executing smart contracts, has observed a surge in trading activity, marking a notable 36% increase in its trading volume.
The coin is currently priced at $1.86, with aspirations to breach the $2 mark. Over the past 24 hours, its market capitalization has risen by 4%, reaching $2.6 billion.
This upturn in Stacks‘ performance can be attributed to multiple factors, including its recent breakout from a long-standing resistance trendline, signaling a shift in sentiment among investors.
Additionally, the Stacks ecosystem has witnessed significant growth, particularly in terms of TVL, which has reached an all-time high of $64.3 million.
Looking ahead, a key event on the horizon is the anticipated Nakamoto upgrade mainnet launch, expected to occur around April 15th. This upgrade promises to facilitate decentralized transfers of Bitcoin between Layer 2 ecosystems, potentially driving further growth for Stacks.
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Despite its recent price surge, Stacks has yet to surpass its all-time high price of $3.31 achieved in October 2021.
However, with its 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, aligning with the broader resurgence of altcoins alongside Bitcoin’s trajectory.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
