Daily Trading Volume Of Top Token Multiplies 18 Times, Here’s Why

After performing around the $0.42 level last week, the Stacks STX token rose significantly in the last 24 hours. The token traded at as high as $0.54, while the 24 hour low was $0.40, according to CoinMarketCap.

High STX Trading Activity

As of writing, STX is trading at $0.49, up nearly 15.45% in the last 24 hours. More importantly, the token saw a massive jump of 1424% in daily trading volume of $208 million. At one stage, the trading volume on a daily basis increased by as much as 18 times.

Also, the current CoinMarketCap ranking of Stacks is 66, with a live market cap of $654 million. This is compared to the $532 million as of June 26, meaning there was a 23% increase in market cap in just 24 hours.

Stacks provides a consensus algorithm between two blockchains, thus leveraging security and capital of Bitcoin for dApps and smart contracts. The smart contracts are brought to Bitcoin without changing its security and stability, including other features.

Sudden Rise In Hourly Trading Volume

STX is not performing well not just in terms of price and market cap. In its market volume measured on hourly basis, Stacks reached a peak in a few months. According to an insight from Lunar Crash, which collects social and market activity for crypto, the hourly peak of STX was highest in 90 days.

“The Stacks market volume measured hourly hit $41.71 million, the highest point in the last 90 days.”

That Stacks extends Bitcoin with new functionality makes it unique. Instead of starting from scratch like other crypto projects, Stacks is built on Bitcoin. Stacks extends Bitcoin with additional functionality, without needing to fork or change the original Bitcoin blockchain.

Bitcoin is STX’s secure and robust base layer where all transactions are settled. Stacks adds complex apps and smart contracts. The Stacks apps can interact with Bitcoin state, so that the users can have an app that uses Bitcoin as its currency.

Anvesh reports major developments around crypto adoption and price analysis. Having been associated with the industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.