Stacks (STX) Rises 74% In Last Week, Is $1 Possible?

2023-6-23 01:00

The past few days saw excitement among market participants as many cryptocurrencies soared to new highs amid improving sentiments. Stacks (STX) was among the tokens that stood out even when the market appeared gloomy and once again, the bulls achieved an incredible feat in the last 24 hours, pushing the price to a new 60-day high. 

Stacks (STX) demonstrated a significantly bullish momentum in seven days, going from $0.5501 to $0.8743, the highest price attained in the last 60 days. With this impressive price movement, a $1 milestone seems imminent.

Stacks Defends Its Price Momentum

According to CoinMarketCap data, STX has recorded a remarkable price increase of 72.66% in the last seven days, positioning it as the highest gainer on the weekly chart. The token maintains the bullish momentum at the time of writing, with a 24-hour price increase of 12.23%, leaving the current value at $0.8406.

Related Reading: Bitcoin Whales Show Most Active Hour In 3 Months As BTC Breaks $30,000

With this bullish price movement, Stacks’ market cap has increased significantly by 13.45% to $1.172 billion. Stacks also witnessed a massive boost in trading volume in the last seven days. The trading volume went from $32.19 million on June 18 to $450 million on June 21, a nearly 1300% increase. 

The massive increase in trading volume demonstrates a surge in investor demand and buying pressure, reflecting the positive sentiment in Stacks markets. Though the volume seems to stall over the past 24 hours, the token still sustains its momentum, reaching over $351 million. 

What’s Influencing Stacks’ Price Moves

Stacks is a Bitcoin blockchain layer that enables developers to deploy smart contracts, NFTs, DeFi, and dApps on the Bitcoin network. Simply put, Stacks brings DeFi to Bitcoin, unlocking billions in capital and setting the pace to activate a Bitcoin economy.

STX, being Stacks’ native token, has been soaring recently due to the increased demand for Ordinals NFTs on the Bitcoin blockchain. Dune analytics data shows that Ordinals’ daily inscription spending has increased from $29 million in May to $48 million in June. 

This increased network activity is significantly pushing the STX token price higher. Moreover, Bitcoin’s increasing market sentiment following news of BlackRock’s spot BTC ETF application must have robbed off on STX.

Another factor behind STX’s price action is the increased investor sentiment due to the regulatory approval by the US SEC. Stacks recently became the first SEC-certified token offering in the United States. The legitimacy contributed to boosting STX’s price by attracting investors’ interest.

Related Reading: ‘Ripple (XRP) Is A Must-Hold For The Next Bull Run,’ Says Bitcoin Maxi

The broader crypto market performance has also contributed to boosting STX price. The global crypto market cap has increased by 3.23%, with most coins adding massive gains in the last day.

STX Price Outlook

Notably, STX has bounced off all Moving Averages, a strong bullish indicator for more price uptick. STX’s primary support and resistance levels are $0.74054 and $0.8840, respectively. The token has already conquered the $0.8 resistance and turned it into a support level, indicating higher upticks as the bulls mount pressure to break the resistance level at $0.8840.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0020147 (-100%)

new among market stacks stx stood when

Источник: newsbtc.com

new among → Результатов: 126


Фото:

Get Rich Or Get Rugged? RUGME’s Unique Liquidity Mechanism Sparks Controversy

A new token has emerged in the cryptocurrency world, causing a stir among investors. Rug Me (RUGME) has a unique liquidity mechanism that is daring investors to try to “rug” the contract. According to the DeFi researcher Tsubasa, this high-stakes competition has a big brain game that challenges the most intelligent investors to solve a complex puzzle, promising high rewards.

2023-5-29 20:00


Interest in DigiToads (TOADS) Remains High as Lens Protocol Introduces Bonsai, a Blockchain Scaling Solution for Social Media

DeFi companies are coming up with new developments to provide greater security, faster transactions, and more earning opportunities for crypto traders. For example, DigiToads (TOADS) is among the top listed altcoins to watch out for even during the presale, and Lens Protocol has developed a new L-3 decentralized social media scaling solution. DigiToads (TOADS) Continue […]

2023-5-12 00:00


Super Six Tournament at 1xBit: A New Round with More Prizes is on the Horizon!

If you are among the 90 lucky winners who have gained hefty prizes from the recently concluded second round in the Super Six tournament at 1xBit, congratulations to you! However, if you are yet to win anything, this is not the time to give up yet as there is a new prize draw on the […] The post Super Six Tournament at 1xBit: A New Round with More Prizes is on the Horizon! appeared first on CoinJournal.

2023-5-11 16:29


Pepe prints millionaires in March into top 100 assets

Ethereum-based Pepe (PEPE) meme coin is making waves in the crypto market with massive gains over the last few weeks, turning some smart money into millionaires. Since its launch, the meme coin has rallied more than 1000% to new all-time highs and now ranks among the top 100 crypto asset by market cap, according to […] The post Pepe prints millionaires in March into top 100 assets appeared first on CryptoSlate.

2023-5-2 11:50


DigiToads (TOADS), Monero (XMR), and Dogecoin (DOGE): The Unlikely Trio Shaking Up the Crypto World

The cryptocurrency world constantly evolves, with new coins and tokens emerging daily. However, some cryptocurrencies stand out from the rest due to their unique features and widespread adoption. DigiToads (TOADS), Monero (XMR), and Dogecoin (DOGE) are three such cryptocurrencies that have gained popularity among investors and traders alike.

2023-4-24 00:00


Most Americans remain wary of cryptocurrencies due to safety concerns

A new survey by Pew Research revealed that the majority of Americans who know about cryptocurrencies consider the current methods to invest and interact with them “unsafe and unreliable. ” Cryptocurrencies remain an obscure niche for most Americans and recent events seem to have sowed more distrust toward the industry among the average person.

2023-4-11 23:54


Reddit Rolls Out Gen 3 NFT Avatar Contracts On Polygon Network

Reddit’s latest announcement unveils the deployment of Gen 3 NFT “Reddit Avatars” on the Polygon blockchain network, ushering in a new era of blockchain-based digital collectibles. Reddit launched these Non-fungible tokens on Polygon’s blockchain on April 5th, which led to speculation among users that these NFTs would sell out quickly. A collector who had acquired […]

2023-4-7 20:39


Bitcoin Retests $20,000 In Violent Selloff: Will The Key Support Hold?

Today, Bitcoin price lost over 6% of its value in mere hours as the top cryptocurrency by market retested the key level of $20,000 per coin.   Why is this level especially critical? And more importantly, will this symbolistic line in the sand drawn by bulls be washed away in a wave of sudden sell pressure? Bitcoin Joins Broader Crypto Market Bloodbath The cryptocurrency market was a bloodbath today as news broke that the New York Attorney General’s office filed a lawsuit against crypto exchange Kucoin for selling unregistered securities — which named Ethereum among them.

2023-3-10 02:48


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Stacks (STX) Posts Positive Moves While Top Cryptos Nosedive

Nowadays, achieving the slightest percentage gain amid the crypto market-wide reproach seems like a noble fit. The fear in the market has caused a rise in volatility with strained investor sentiment, making it nearly impossible for digital coins to raise their head.