Stacks (STX), a smart contract platform on Bitcoin, is targeting a $2 valuation as it witnesses a sharp 36% increase in trade volume. The cryptocurrency has recently stood out in the market, signaling a positive momentum shift.
Surge in Stacks Trading Activity
Recent data from CoinMarketCap highlights a considerable boost in Stacks’ 24-hour trading volume, hitting $166.6 million. With its price at $1.86, Stacks is close to achieving the $2 threshold. Additionally, the market cap has experienced a 4% growth, reaching $2.6 billion, reflecting an uptick in investor interest.
Stacks’ price climbed past a 21-month resistance line within a prolonged triangle pattern, marking a significant milestone. This breakout suggests an uptrend might be on the horizon. The Stacks network has also observed rapid growth in the total value locked (TVL), achieving a record $64.3 million, as reported by DefiLlama.
Bitcoin Set for Nakamoto Upgrade Influence
The upcoming Nakamoto upgrade for Bitcoin, anticipated before the next Bitcoin halving, could accelerate improvements for Bitcoin’s secondary layers. This is a critical phase for Bitcoin and could propel Stacks’ advancement within the ecosystem. Cosmo Jiang of Pantera Capital has expressed confidence in Stacks’ unique position to leverage the upcoming developments in Bitcoin.
While Stacks hasn’t yet surpassed its historical peak of $3.31 from October 2021, its consistent growth trajectory and a circulating supply of 1.44 billion out of 1.82 billion STX, coupled with an inflation rate of 6.97%, place it in a strong position for further expansion amidst a rejuvenating Bitcoin ecosystem.