Stacks (STX) Pulls Ahead Of Top 50 Altcoins With 10% Price Spike
11 April 2023 - 2:23PM
NEWSBTC
Stacks, the blockchain platform that promises to bring smart
contracts to Bitcoin, has outperformed most altcoins in the top 50
roster in the market today. While other cryptocurrencies struggled
to make significant gains yesterday, the tables have turned today
as Stacks’ native token rises to new heights. This spike in
value has left many investors wondering if Stacks is poised to
become the next big thing in the world of blockchain technology.
Related Reading: Bitcoin Price Poised To Hit $50,000, This Crypto
Expert Predicts STX Price Rallies In Last 7 Days The price of STX
at Coingecko has bounced back strong, rallying 10% in just 24
hours. The current price of $0.843249 per token indicates a renewed
interest in this cryptocurrency. In the last week, STX has proven
its resilience, maintaining a 9% run to lead other major altcoins.
As investors and traders keep a close eye on the market, STX’s
sudden surge may be a sign that it is once again a viable
investment opportunity. Whether this trend will continue, however,
remains to be seen. Source: Coingecko Meanwhile, Ethereum has
gained 1.5% in value and is currently trading at $1,860. Last week,
the second-largest cryptocurrency hit a peak price of over $1,950,
which was the highest it has been in eight months. Source:
Coingecko Additionally, altcoins such as Avalanche, Cardano,
Dogecoin, Litecoin, MATIC, Polkadot, Ripple, Shiba Inu, Solana, and
Tron have all experienced slight gains above 1%. Although LDO
performed poorly yesterday, it has since rebounded and is now
sitting at $2.42 after a 4.4% increase in value today. STX Bullish
Perception Prevails Despite Some Bearish Sentiment The current
perception of STX is generally positive, with a bullish tendency
prevailing among investors. According to a recent assessment by
LunarCrush, there was a 95% increase in bullish sentiment between 2
April and the time of the analysis. This indicates a strong
interest in the token and its potential for growth. However, there
was also an increase in bearish sentiment towards STX during the
same period, with a growing number of posts expressing cynicism
about the token’s future prospects. This suggests that while many
investors are optimistic about STX, others are more cautious. STX
total market cap now at $1.3 billion on the daily chart at
TradingView.com Related Reading: Is Bitcoin Price Headed For A
Correction Or A Breakout From $28,000? In addition to its price
action, STX has also seen significant growth in its Total Value
Locked (TVL), which measures the amount of unique smart contract
deposits in a protocol. However, the rapid increase in TVL has
slowed down since 25 March. Despite this, STX remains a top choice
among traders, as evidenced by its 24-hour 230% rise in trading
volume. This high volume indicates significant buying and selling
activity, highlighting the token’s attractiveness to investors.
-Featured image from Kraken Blog
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