Stacks has initiated the rollout of its Nakamoto upgrade introducing improvements to its Bitcoin layer two (L2) solution. The upgrade aims to bolster transaction speed and security, potentially revitalizing interest in Bitcoin’s extended capabilities. Stacks Initiates Nakamoto Upgrade, Targets Enhanced Bitcoin Scalability Stacks, an L2 protocol addressing Bitcoin’s scalability challenges and expanding its blockchain functionalities, […]
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Stacks Accelerates Toward Mainnet With Strategic Nakamoto Testnet Rollout
The layer two (L2) project Stacks has officially released its public Nakamoto Testnet, offering a refined testing ground for developers and signers ahead of the mainnet launch. Stacks Introduces Nakamoto Testnet for Comprehensive Pre-Mainnet Testing In a significant step forward for the Stacks ecosystem, the Nakamoto Testnet has been introduced, providing a formal and public […]
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Bitfrost and Stacks Foundation Team up to Enhance Bitcoin Utility
In a recent development, the Bitfrost Foundation has allied with the Stacks Foundation to explore new opportunities within the Bitcoin ecosystem. This partnership is dedicated to harnessing Bitcoin’s potential by introducing innovative use cases and improving interoperability with assets and protocols based on Bitcoin. Bitfrost and Stacks Foundation Partner to Expand Bitcoin Ecosystem On Thursday, […]
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Stacks (STX) Stuns: Price Soars Over 60% In Epic Recovery As TVL Explodes
Stacks (STX), a cryptocurrency facilitating smart contracts on the Bitcoin blockchain, has defied broader market turbulence to emerge as a standout performer. Over the past week, STX price skyrocketed over 60%, reaching a nine-day high of .15 and flirting with its all-time peak of .45. This impressive rally has propelled Stacks into the top 25 cryptocurrencies by market cap, leaving many wondering: what’s driving the surge?
Stacks (STX) Climbs Over 60% On Back Of Bitcoin Ascent
Several factors appear to be fueling Stacks’ ascent. Firstly, its unique ability to bring smart contract functionality to Bitcoin resonates with investors seeking advanced applications on the world’s oldest blockchain. Unlike Ethereum, Bitcoin inherently lacks support for smart contracts, limiting its DeFi and NFT capabilities.
Stacks bridges this gap by anchoring itself to Bitcoin while offering smart contract features. This innovative approach has garnered significant attention, particularly as Bitcoin itself enjoys a recent price appreciation, reaching more than ,000 at the time of writing.
The correlation between Stacks and Bitcoin is undeniable. Both assets saw pronounced recoveries in February’s second week, with STX mirroring Bitcoin’s climb from ,500 to ,000. This intertwined fate highlights the influence of Bitcoin’s broader sentiment on Stacks’ price action.
STX Gets Boost On Soaring TVL
Beyond price movements, another bullish indicator emerges from Stacks’ DeFi ecosystem. According to DefiLlama, the total value locked (TVL) within Stacks’ DeFi protocols has surged over 50% in the last three weeks, reaching .21 million. This growth signifies rising investor confidence and active capital commitment within the Stacks DeFi landscape.
Technical analysis further amplifies the optimistic outlook. Analysts predict a potential continuation of the rally, with price targets ranging from .475 to .82. This bullish forecast hinges on STX breaching the recent swing high resistance of .06, a decisive technical milestone achieved earlier this week.
.@Stacks has gone from around #60 ranked coin market cap to #34 in a year, passing many household names in the same
Expect it to enter top 20 around the halving as Bitcoin L2 narratives start dominating the discourse and L1 network fees reach new all-time-highs
As we go into…
— trevor.btc — b/acc (@TO) February 12, 2024
However, it’s crucial to acknowledge the inherent volatility of the cryptocurrency market. Recent US inflation data triggered a sell-off across the entire market, reminding investors of the unpredictable nature of this asset class. While Stacks managed to recover rapidly, the episode underscores the importance of responsible investment practices and thorough risk assessment.
Despite the risks, Stacks’ unique value proposition and recent momentum cannot be ignored. Its ability to connect the smart contract functionality of Ethereum with the security and immutability of Bitcoin positions it as a potentially disruptive force in the blockchain space.
Featured image from Pexels, chart from TradingView
Stacks (STX) Skyrockets Over 43% And Smashes $2 Threshold, Setting Sights On New All-Time Highs
Stacks (STX) has garnered significant attention in the cryptocurrency industry as it emerges as a leading altcoin contender. With an impressive performance surpassing all top 100 tokens, except for Dymension (DYM), Stacks has witnessed a remarkable surge in the past 24 hours, catapulting its value well above the mark and inching closer to its all-time high (ATH) of .492.
This surge can be attributed to various factors, including its positioning as a Bitcoin layer for smart contracts, the recent surge in Bitcoin’s price, and the token’s adoption and growth rate.
Stacks Climbs The Market Cap Rankings
As outlined in the project’s white paper, Stacks serves as a Bitcoin layer for smart contracts, enabling trustless utilization of Bitcoin as an asset in smart contracts and facilitating transaction settlements on the Bitcoin blockchain.
The recent surge in Bitcoin’s price over the past few weeks has also acted as a catalyst for Stacks’ price surge. Currently trading at ,156, Stacks has experienced a significant recovery from its low of ,241 during a market downturn that bottomed on January 23.
Notably, this recovery coincided with Bitcoin’s price rebound from ,500 to ,000, highlighting the correlation between the two assets.
Market expert Trover.btc, known on X (formerly Twitter), has noted Stacks’ impressive ascent in the market cap rankings. From being ranked around 60, Stacks has climbed to the 34th position within a year, surpassing well-known projects.
With the Bitcoin Layer 2 narrative gaining prominence and Layer 1 network fees reaching all-time highs, expectations are high for Stacks to enter the top 20 rankings around the halving, according to Trevor.btc.
STX Sets All-Time High Total Value Locked
A key metric to consider is its market capitalization (fully diluted) to gauge Stacks’ adoption and growth rate. According to Token Terminal data, Stacks’ market cap has experienced a notable surge of 187% in the past 90 days and an impressive increase of over 527% year-to-date, aligning with the token’s price surge.
Moreover, data from on-chain analytics aggregator DefiLlama reveals that Stacks’ total value locked (TVL) has reached an all-time high of .41 million.
This represents a significant increase of over 400% in just four months, highlighting the growing confidence and demand for Stacks within the decentralized finance (DeFi) ecosystem.
As the demand and interest in the protocol and its native token continue to grow, whether Stacks will surpass its previous all-time high or experience a correction remains to be seen.
The notable correlation between STX and BTC suggests that Bitcoin’s retracement from its current two-year high could also impact the price of STX.
However, the token has significant interest, as reflected in the highlighted metrics above. With the anticipated bull run gaining momentum leading up to the Bitcoin halving event, STX has the potential to reach even higher levels and climb the crypto rankings within the industry.
Observing how the STX price reacts in the coming days and weeks will be interesting. While uncertainties exist, the token’s current high level of interest suggests a positive outlook for its future performance.
Featured image from Shutterstock, chart from TradingView.com
Is Stacks The New Safe Haven? STX Soars 16% In Turbulent Market
In a stunning divergence from the recent altcoin carnage, Stacks (STX) has emerged as a beacon of green. The token has not only weathered the storm but thrived, soaring for seven consecutive weeks and etching its highest price point since March 2023.
At the time of writing, STX was trading at .80, down 10% in the last 24 hours, but managed to sustain a solid 16% rally in the last seven days, data from Coingecko shows.
This bullish defiance is no fluke. Stacks broke through a key resistance level, showcasing investor confidence. The lack of pullbacks underscores the sustained buying pressure, while the flash crash’s long wick transformed the once-intimidating barrier into a sturdy support floor.
STX Resilience Amid Market Volatility
Even amid the broader market correction, STX’s resilience speaks volumes about its relative strength. While this remarkable ascent undoubtedly excites, prudent skepticism remains.
The rapid climb without pullbacks might trigger a sudden correction, and concerns about potential overheating linger. Ultimately, STX’s fate remains intertwined with the overall cryptocurrency market sentiment.
Stacks has surged 694% in the past year, benefiting from the Bitcoin boom and standing out amid a recent decline in altcoins. This growth is driven by a mix of optimism around Bitcoin and Stacks serving as a prominent layer 2 solution for the cryptocurrency.
STX Price Movement Amid Anticipation Of BTC ETF Nod
Meanwhile, the potential approval of a Bitcoin ETF has generated excitement in the crypto community, benefiting projects like Stacks.
Stacks’s ability to incorporate smart contracts and decentralized applications onto the secure Bitcoin blockchain positions it well for potential developments in DeFi and NFTs within the Bitcoin ecosystem.
As a leader in the Bitcoin layer 2 space, Stacks is well-positioned to meet the rising demand for scaling solutions. This advantage allows it to attract developers and users interested in building on the security of Bitcoin.
However, the crypto market is volatile, and Stacks’s success depends on ongoing innovation and adoption, given intense competition in the layer 2 sector.
While acknowledging these challenges, Stacks’s impressive performance should be monitored by investors.
The cryptocurrency is navigating the evolving landscape of the Bitcoin resurgence, and its ability to sustain momentum and establish a lasting presence remains uncertain. Nonetheless, the current chapter of Stacks’s story is filled with exciting possibilities.
STX Technical Overview
Stacks (STX) is feeling the heat from the bulls, who are aiming to break through the .80 psychological barrier and potentially climb to .95, the upper channel limit.
This bullish sentiment finds fuel in a rising Relative Strength Index (RSI) at 66, suggesting buyer dominance, and upward-trending moving averages, hinting at favorable market conditions. If the bulls conquer .95, .0, a 14% climb from current levels, could be the next stop.
However, caution lurks beneath the optimism. Buyer exhaustion or profit-taking could trigger a correction, sending STX dipping towards .6 and even .48, the lower channel boundary. The moving averages currently act as strong support zones, potentially buffering this potential dip.
While the bulls lead the charge, keep an eye on the RSI and price action around .80 and .95. A clean break could propel STX higher, but consolidation or a dip is also a possibility.
Featured image from Shutterstock
L2 Crypto Token Stacks Leads With 29% Gain in Varied Week for Cryptocurrencies
This week witnessed a 5% uptick in bitcoin’s value, while ethereum experienced a 1.6% dip over the same period. Leading the charge among the top 100 cryptocurrencies, stacks (STX) soared 29.2%, with osmosis (OSMOS) closely trailing with a 17% increase against the U.S. dollar.
Mixed Week for Crypto: Stacks Witnesses 29% Surge, Heavy Losses for Many
Among the top 100 cryptocurrencies by market cap, eight have posted double-digit growth. These include STX, OSMOS, AKT, INJ, ARB, TIA, CORGIAI, and GMT. Specifically, STX surged over 29% this week, OSMOS climbed by 17%, and AKT ascended 16.4%.
Currently, STX boasts a market valuation of .78 billion and has seen 6 million in global trade volume in the past day. Other cryptos showing notable increases this week were SEI, BGB, BEAM, and LDO.
However, the week also recorded significant losses, outnumbering the gainers. HNT plummeted by 29%, BSV by 28.6%, and KLAY by 24.5% against the U.S. dollar. Cryptos such as FIL, FTM, SATS, and IOTA also endured noteworthy declines.
This week, 49 cryptocurrencies from the top 100 experienced double-digit losses. At the time of writing, from over 12,000 crypto assets listed across 964 exchanges globally, the total value of the crypto economy stands at .74 trillion, marking a 0.5% increase over the last day.
Bitcoin dominates with 50.5% of the total market cap, while ethereum (ETH) accounts for 15.6% of the aggregate. The global trading volume for all existing crypto assets reaches 0.72 billion, with SOL, XRP, ARB, BNB, AVAX, and SEI leading the volume among coins other than BTC, ETH, and stablecoins.
In the last day, alternative crypto assets, excluding bitcoin, have seen .15 million liquidated in long positions, compared to bitcoin’s .01 million. According to coinglass.com metrics, the top three assets for liquidations in the last 24 hours are ETH, SOL, and PEOPLE, with .35 million, .24 million, and .69 million respectively.
In total, 0.91 million in both long and short positions were eradicated in the last 24 hours, predominantly comprising 1.37 million in longs from altcoins other than bitcoin (BTC). As traders anticipate the possible approval of a spot BTC exchange-traded fund (ETF), the forthcoming week holds promise for the performance of alternative crypto assets.
What do you think about the performance of some of the top 100 crypto assets this week? Share your thoughts and opinions about this subject in the comments section below.
Social Frenzy: Stacks (STX) Hits 8-Month High, But It Unveiled An Intriguing Twist
In contrast to the majority of cryptocurrencies, which began the week on a downward trajectory, Stacks (STX) deviated from the prevailing trend and registered gains.
Stacks Network’s native token, STX, had a strong 600% increase in 2023. Stacks is a noteworthy 2019 SEC-qualified token that functions as a layer-2 Bitcoin protocol for smart contracts.
Stacks Surges: Social Buzz And Growth
Stacks has been the talk of the cryptocurrency community lately, receiving a lot of attention on social media. The altcoin’s market value has experienced a notable upswing, having reached a new eight-month high, concomitant with this rise in social volume.
STX’s price has increased by more than 30% in the last week, which has been an impressive rise. This increase in social media mentions and the price gain that followed highlight the rising attention and involvement that Stacks is getting, pointing to increased excitement and hope among investors and the cryptocurrency community as a whole.
Furthermore, in the last few hours, the Bitcoin scaling solution minted its first STX-20. The inscription caused a spike in network activity that led to a sharp rise in transactions and brief network congestion.
The upsurge coincided with the excitement surrounding Bitcoin Ordinals and BRC-20. The average transaction amount experienced a record increase earlier this month, rising from to .
Because more users were etching non-financial data onto the Bitcoin blockchain, there was an increase in demand for block space, which contributed to the growing transaction costs.
The token’s price has been steadily rising for the past month, which has encouraged more social contact among members of the cryptocurrency community.
Meanwhile, on-chain data provider Santiment cautioned in a recent post on X (formerly Twitter) that excessive social media activity frequently leads to “fear of missing out” (FOMO) buying.
#Solana (+13%), #Stacks (+23%), and #NEARprotocol (+17%) are the top trending assets, according to rising social volumes. In each case, when there is mainstream talk at this level, #FOMO will create price tops. If holding any, take a cautious approach. https://t.co/bb3O2lFJd1 pic.twitter.com/oMnVvAI0ea
— Santiment (@santimentfeed) December 21, 2023
STX Price Surge Raises Red Flags
The emergence of local price peaks is usually the result of this trend, and as the initial euphoria wears off, prices frequently correct quickly. Following a spike in enthusiasm and speculative interest that drives price increases, there follows a correction phase in the market.
The Bollinger Bands (BB) indicator for STX shows a growing gap between its upper and lower bands, indicating more volatility following the recent price ascent. Since December 3rd, the Average True Range (ATR) has increased by 140% to reach 0.12, suggesting that there may be notable price swings.
Due to the spike in demand, STX’s major momentum indicators—the Money Flow Index (MFI) at 80.22 and the Relative Strength Index (RSI) at 71.56—have reached overbought levels, indicating a potential for a short-term price decrease and the probability of buyer exhaustion.
Despite an endorsement from billionaire investor Tim Draper, it seems that STX couldn’t leverage this significant support to its fullest potential.
In a recent interview with Coin Bureau, Draper designated Stacks as the foremost “showstopper” among crypto projects, highlighting it as the most impactful project he discovered this year.
As STX captures attention and climbs to new heights, the unfolding twists in its journey continue to captivate the cryptocurrency space, leaving enthusiasts eager to see what the next chapters hold for this compelling digital asset.
Featured image from Shutterstock
Investors Flock To Stacks (STX) As It Gains 10% Against The Bears – Here’s Why
Although the market is experiencing an enormous pullback from its month-long rally, a few outliers continue on their upward march. Stacks (STX) is one of the few altcoins that stemmed the bearish tide and even went against the grain of the market. According to Coingecko, the token is up nearly 21% in the weekly timeframe.
However, STX is starting to feel the pressure. As of writing, the token is already down 3% in the past hour. This brings the question of whether STX bulls can continue the rally or will falter along with the others.
A New Project Enters The Fray
In an exciting turn of events, the Stacks Status X account posted an update about network congestion that happened yesterday.
“An exciting new project bringing Ordinals and Stacks closer together launched this weekend. We’re thrilled to see it, but flagging that as a result, the network is seeing increased fees and likely congestion,” said the X account on their recent thread.
This event is taken as a sign that Stacks is entering a painful growing phase that may or may not signal a brighter future for the network. However, running alongside this congestion is the most recent blog post of the dev team.
An exciting new project bringing Ordinals and Stacks closer together launched this weekend. We’re thrilled to see it, but flagging that as a result, the network is seeing increased fees and likely congestion. More
— Stacks Status (@stacksstatus) December 17, 2023
According to muneeb.btc, the code for the Nakamoto Testnet (now branded as Neon) is not complete and will be launched by the end of the month.
Nakamoto will be the update that will define the network.
The Stacks’s Notion site announced:
“The Nakamoto release brings many new capabilities and improvements to the Stacks blockchain by focusing on a set of core advancements: improving transaction speed, enhancing finality guarantees for transactions, mitigating Bitcoin miner MEV (miner extractable value) opportunities that affect PoX, and boosting robustness against chain reorganizations.”
If this testnet launch betters the usability of the network and the experience of its users, it will bring a certain bullish yearend for STX.
Related Reading: Internet Computer Loses Grip On , But Still Inks 82% Rally – Details
Stacks Stuck In Between Two Rocks
At the time of writing, STX bulls are trying to break out of the .1185 price ceiling which has been held by the bears since the start of the month. If the bulls manage to take this price level, STX will continue to reach higher highs.
However, the current market conditions might prohibit such price movements. Even with a bullish case for the yearend, the token might stabilize between .9594 and .1185 in the coming days.
Featured image from Pixabay
Hedge Fund Predicts Stacks (STX) As Best Altcoin In Upcoming Months
North Rock Digital, a player in the digital assets hedge fund arena, recently made a bold prediction regarding the altcoin Stacks (STX). In a statement released on X, the fund highlighted its investment strategy and reasoning for STX being the best altcoin to long at the moment.
“When looking for long ideas, we target those with strong fundamentals, supportive tokenomics, and significant upcoming catalysts. STX stands out with the most compelling catalyst path over the next few months and the greatest chance to rerate,” the fund stated.
In-Depth Analysis Of Stacks’ Prospects
North Rock Digital’s full thesis, published on Medium, delves into the details underpinning their positive outlook on STX. The thesis asserts, “Key developments have brought our initial STX thesis into further focus […] demand for Bitcoin block-space has solidified, increasing the demand for the product STX is building.”
Significant is the Nakamoto upgrade, scheduled before the Bitcoin halving in April. This upgrade is seen as a pivotal moment for STX, promising dramatic improvements in speed and efficiency, including 5-second block times and support for sBTC, a secure version of wrapped Bitcoin. This development, according to North Rock Digital, positions STX closer to being a true Bitcoin L2.
The hedge fund also points out the broader context within the Bitcoin ecosystem that favors STX. The rising demand for Bitcoin’s block space, notably with a 50x spike in network average gas fees this year, alongside the development of Ordinals, indicates a growing interest in utilizing Bitcoin beyond just a store of value. These developments, coupled with the anticipated US spot Bitcoin ETF approval, are expected to boost the demand for STX’s offerings.
Furthermore, STX has been somewhat overlooked recently, providing what North Rock Digital sees as a unique investment opportunity. “Despite these positive developments, attention on STX has declined […] leaving us with a unique opportunity,” the thesis elaborates. Notably, the Stacks developer team’s progress towards the Nakamoto upgrade is on track, with the Mockamoto milestone already completed.
The fund also emphasizes Stacks’ international partnerships and upcoming initiatives. These include the launch of a marketing campaign in Asia and the roll-out of the second Nakamoto testnet by January. “Stacks is expanding their footprint globally… They will run a marketing campaign to raise awareness for Bitcoin L2s in the first quarter of ’24 with a focus in South Korea, Singapore, Hong Kong and Dubai,” the fund explains.
“Stacks is expanding their footprint globally… They will run a marketing campaign to raise awareness for Bitcoin L2s in the first quarter of ’24 with a focus in South Korea, Singapore, Hong Kong and Dubai,” the hedge fund explained. Moreover, the introduction of new Bitcoin L1 tools like BitVM is also seen as a significant step towards realizing a true Bitcoin L2 vision without needing changes to Bitcoin L1.
STX Valuation
In terms of valuation, STX is currently seen as undervalued, especially when compared to other L1/L2 ecosystems. With the Nakamoto upgrade and the proximity to the next BTC halving, STX is expected to narrow its valuation discount relative to other assets, North Rock Digital claims.
Post-Nakamoto, STX is anticipated to enable a range of applications, including a performant BTC-denominated NFT marketplace and traditional DeFi applications. The potential for these applications, combined with the strong BTC-centric community of STX, presents a compelling case for its future growth.
At press time, STX stood near its yearly high and was trading at .15.