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

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.

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.

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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