YEREVAN (CoinChapter.com) — STX, the native token of the Stacks network, has surged 50% over the past week alone, outperforming major altcoins. In its impressive rise, the token has jumped above the long-awaited $2 mark, with an eye on surpassing its current all-time high (ATH).
While writing, STX exchanges hands at $2.23, marking a 12% increase in 24 hours. Its current ATH from Dec. 1, 2021, stands at $3.39, just 32% more than today’s price. The last time the STX price went above the $2 mark was in Jan. 2022.
The surge in STX price could be due to a combination of various factors, including its unique positioning as a Bitcoin layer for smart contracts and the recent surge in BTC price.
Stack shines in crypto space
The Bitcoin rally to $50,000 has positively impacted altcoins, including STX. The token’s price surge is part of a wider optimism in the cryptocurrency market, spurred by factors such as the recent approval of Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). Moreover, anticipation around the next Bitcoin halving event due in April 2024 has also set an overall positive mood in the market.
The halving, a periodic event that reduces Bitcoin mining rewards, is traditionally seen as a bullish signal.
STX’s performance may have also been impacted by the buzz around Ordinal inscriptions on Bitcoin. Ordinals, a protocol that facilitates the creation of non-fungible tokens (NFTs) on the Bitcoin blockchain, opened new use cases for Bitcoin.
Although Stacks and Ordinals operate independently, both utilize the Bitcoin blockchain for their functions. Moreover, Stacks enable the creation of dApps and smart contracts on the network.
The company also recently noted a 20% surge in STX wallets, which shows growing adoption.
Impressive market cap figures
The recent price rally of STX is not surprising. The token’s fully diluted market cap has surged over the past six months.
According to data from Token Terminal, the token’s current market cap stands above $3.6 billion. This marks around a 190% increase in 180 days.
During the same period, Stacks has also seen considerable growth in its total value locked (TVL). Data from DeFi Llama suggests that the chain’s TVL stands at $75 million.
This marks a sizeable surge from Sep. 2023 figures, when the STX TVL stood at just $10 million.
As the token finds wide adoption and sets the course for a bullish rally, investors hope that the token will soon chart a new all-time high.
