The Stacks (STX) cryptocurrency, affiliated with Bitcoin‘s smart contract platform, saw a noteworthy ascent in value, following the community’s green light to an important network update. The altcoin’s value soared by more than 30%, touching a new peak of $3.65 before settling at $3.35. This surge marks a remarkable upward trajectory from a daily low of $2.75 and represents a significant rise of 125% from the start of the year.
Community Endorsed Upgrade Propels Stacks Value
The recent increase in STX’s market price is linked to the approval of a substantial upgrade for the Stacks network. This upgrade received a strong majority vote from the Stacks community on March 20th, with a massive participation of over 150 million STX tokens endorsing the update. This indicates a strong community commitment to the project’s growth.
Enhancements and Benefits of the Network Upgrade
The approved upgrade, which is set to go live on the Nakamoto testnet by March 25th, is expected to enhance the network by accelerating block times and reinforcing security. These improvements aim to make transactions on Stacks irreversible by the latter half of May. Furthermore, the upgrade promises to inaugurate the Bitcoin Economy on Stacks L2, offering swift and cost-effective BTC transactions coupled with full-featured smart contracts.
Positive Market Trends for Alternative Cryptocurrencies
Stacks isn’t the sole beneficiary of the market’s current upbeat mood; other altcoins are similarly experiencing substantial gains. Ethereum has climbed by 12%, crossing the $3,500 mark, and Solana‘s price parallels this rise. Additionally, THORChain has seen a notable 19% rise in value. Meme coins such as Dogecoin and Shiba Inu are also part of the upswing, with appreciable gains in their trading value.