These days, the Stacks protocol, or Bitcoin Layer-1, is gaining attention. According to rumors, the total value locked (TVL) on Stacks has soared to a whopping $75.48 million. And get this: A jaw-dropping 60% increase in just one month! Let’s take a closer look at this STX price article.
How has STX price moved recently?
So check it out. Today, the price of Stacks (STX) has risen significantly to $2.38. In the last 24 hours alone, trading was crazy, with a volume of $721.59 million. Talk about serious action. Yes?
Now, when we talk about the market capitalization, Stacks holds a cool $3.42 billion, which shows that it is a decent size in the world of cryptocurrencies. And get this, what is its market power? A reasonable 0.18%.
But what’s important is that STX has surged a whopping 10.79% in the last 24 hours. This is what I call a power move!
Do you remember the high moment on October 10, 2021, when STX hit an all-time high of $3.31? Yeah, it was a good time. But not everything went smoothly. It hit its lowest point on March 13, 2020, plummeting to $0.044267. ouch!
Since then we’ve seen it come back. The lowest since the peak is $0.199932 (cycle low), but there have been some recent highs (cycle high) of $2.38. So, you win some and lose some. Yes?
Now let’s talk about the vibe. Sentiment on Stax’s price predictions appears very bullish, with the Fear and Greed Index reading at 74 (greed). People seem pretty confident about where things are headed.
And when it comes to supply, Stacks doesn’t mess around. Currently, 1.44 billion STX units are in circulation out of a maximum supply of 1.82 billion units, showing significant potential. In addition, the annual supply inflation rate reached 6.99%, showing slight growth, with 94.07 million STX created last year alone.
Why is STX price rising?
So what is the deal behind all this fuss? It looks like the inflows into Bitcoin ETFs are really making waves. It’s not just the Bitcoin price that’s feeling the warmth. The entire cryptocurrency market is on fire.
But amidst all this chaos, there may be one cryptocurrency that is truly stealing the show. This is STX. how? In just 24 hours, the price of STX surged 16% to an incredible $2.40.
STX’s trading volume also doubled, reaching an astonishing record of $480 million. It seems like more and more people are jumping on the Stax train.
How much can STX prices rise?
Bitcoin is no longer an asset. Stacks is making it less difficult than ever to conduct transactions on the Bitcoin blockchain, and it’s got people buzzing.
And guess what? Stacks is doing all of this using some very cool technologies, like proof-of-transfer consensus and disambiguation language. With these devices in his arsenal, Stacks is like a superhero of the cryptocurrency world, giving him access to all the data stored in your Bitcoin.
And there’s a great element here. All transactions made on Stacks are mechanically hashed and settled at Bitcoin Layer 1. And what is the cherry on top? It is a unique and comfortable method thanks to 100% Bitcoin hash power.
And according to insights from analytics platform DefiLlama, Stacks’ TVL hit $75.48 million in just three weeks. This surge tells us that there is a huge amount of money flowing around STX DeFi and people are pretty confident about it.
So the predictions for Stacks (STX) look pretty interesting. It may trade within the range of $2.22 to $4.73. Now, if we hit our upper price target, we’re talking about a potential increase of almost 98% and could go as high as $4.73. That’s some serious growth potential right there!
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