Stacks Soared 36% In A Day, This Is The Cause!

STX has seen a significant increase in the last 24 hours. (Photo; Doc. Telegaon)

JAKARTA - Stacks (STX) is one of the rising crypto assets. This coin is a layer built on the Bitcoin blockchain, which allows the development of smart contracts and decentralized applications (dApps) that use Bitcoin as a secure base layer.

According to data from CoinMarketCap, Stacks' trading volume has increased by 36% in the last 24 hours, reaching 166.6 million US dollars or around IDR 2.6 trillion. Stacks' price also increased, from 1.86 US dollars or around IDR 29.100 to 2.03 US dollars or around IDR 31,700 per coin. Stacks' market capitalization also rose 4% to USD 2.6 billion or around IDR 40.6 trillion.

There are several factors that encourage the rise of Stacks. First, Stacks managed to penetrate resistance since October 2021. This shows a positive change in market sentiment towards this coin.

Second, the Stacks ecosystem continues to grow rapidly, especially in terms of Total Lock Value (TVL), namely the number of assets stored in DeFi (decentralized finance) protocols on Stacks. According to Defilama, TVL Stacks has reached a record high of 64.3 million US dollars or around Rp 1 trillion.

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One of the most important events to come for Stacks is the launch of the Nakamoto upgrade, which is scheduled for April 15, 2024. This upgrade will increase the speed and efficiency of the relationship between Stacks and Bitcoin, as well as enable more decentralized Bitcoin movement between different layers. This upgrade is considered a milestone for Stacks and can increase the appeal and value of this coin.

Cosmo Jiang, product manager at Pantera Capital, one of the leading crypto venture capital firms, wrote on Twitter that "Stacks is the best position to capture this momentum. This is effective being the only smart contract blockchain that after Nakamoto, will be guaranteed by Bitcoin finality."

Despite this, Stacks still has not reached its all-time high, which is 3.31 US dollars or around IDR 51,700 per coin, which was achieved on October 10, 2021. However, with supply outstanding currently at 1.44 billion STX from a maximum supply of 1.82 billion STX, and an annual supply inflation rate of 6.97%, Stacks still has the potential to grow and develop in the future. This is in line with the trend of altcoin rise, driven by a bullish view of Bitcoin.