Stacks (STX) Price Rallies by 65%

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.

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.

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.

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

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.

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.