Bitcoin is striving to maintain a position above $44,000, while most altcoins prefer a calmer stance. In the early stages of the bull season, Bitcoin rises rapidly while altcoins show weakness. However, the future price performance of STX Coin is tied to Bitcoin’s growth. Here’s what you need to know and some predictions before it’s too late.
2024 holds the potential to push the markets higher with significant developments. The abnormal rise in December and even the price bubble are due to these expectations. The increase in demand reflects the belief that a spot Bitcoin ETF will be approved. Next year also brings the Bitcoin halving event and the expectation that the Fed will begin to lower interest rates.
According to Kaiko Research, altcoin trading volume increased by 67% last week, recording the highest recovery since the Terra Luna collapse. Bitcoin’s price has also risen to levels seen before last year’s interest rate cuts. XRP has seen a 3.6% increase in the last seven days, while Solana (SOL) has recorded a 7.5% increase.
The total value of cryptocurrencies is approaching $1.7 trillion. Similarly, the total trading volume is pushing the $100 billion threshold. However, the Stacks (STX) Coin, which enables the distribution of smart contracts over the Bitcoin network, really commands attention among altcoins, with a 37% increase to $1.05 throughout the week, according to LunarCrush.
Every smart contract platform has its own ecosystem. For example, Ethereum is the largest smart contract platform and hosts major applications. Avalanche, Solana, and others also host popular applications. However, Bitcoin, the largest cryptocurrency by market value, does not have such applications on its network. The Taproot update was an important milestone for Bitcoin to create its own ecosystem. Following that, the advent of Ordinals made Stacks even more significant. Launched in 2013 by Princeton University graduates Muneeb Ali and Ryan Shea, the Stacks network allows applications to benefit from the security of the Bitcoin network. The continuous growth of STX will depend on the number of smart contracts deployed. As interest in Bitcoin increases and BTC is talked about more with ETF demand, STX Coin could attract more attention as an ecosystem builder. Of course, the future of STX Coin is tied to the growth of Bitcoin.