Crypto News

Stacks (STX) Cryptocurrency Surges 10%, Outperforms Top 50 Altcoins

Published by
Nonhlanhla P Dube
  • Stacks (STX), a blockchain platform focused on bringing smart contracts to Bitcoin, has outperformed most altcoins in the top 50 roster in the market today.
  • The price of STX has rallied 10% in just 24 hours, reaching $0.843249 per token, and maintaining a 9% run in the last week to lead other major altcoins.
  • STX’s sudden surge may indicate it is once again a viable investment opportunity, with a growing interest in the token and its potential for growth among investors.

Stacks, a blockchain platform that aims to bring smart contracts to Bitcoin, has surpassed many of the altcoins in the top 50 market in recent times. The token’s value has spiked in recent days, leaving investors speculating whether Stacks has the potential to become the next big thing in the blockchain industry.

The price of STX at Coingecko has risen by 10% in the last 24 hours, reflecting renewed interest in this cryptocurrency. STX has maintained a 9% rally over the past week, outperforming other major altcoins in the market.

While other cryptocurrencies struggled to make significant gains in recent days, STX has proven its resilience. Its sudden surge in value has prompted many investors to consider Stacks as a viable investment opportunity. However, it remains to be seen whether this trend will continue.

Ethereum, the second-largest cryptocurrency, has gained 1.5% in value and is currently trading at $1,860. Last week, the digital asset reached a peak price of over $1,950, the highest it has been in eight months. Other altcoins such as Avalanche, Cardano, Dogecoin, Litecoin, MATIC, Polkadot, Ripple, Shiba Inu, Solana, and Tron have also experienced slight gains above 1%.

Despite a temporary drop in value yesterday, LDO has rebounded and is now sitting at $2.42 after a 4.4% increase in value today. The current perception of STX is generally positive, with a bullish tendency prevailing among investors. According to LunarCrush, a recent assessment shows a 95% increase in bullish sentiment about the token between April 2nd and the time of the analysis, indicating strong interest in the token and its potential for growth.

However, the same period also saw an increase in bearish sentiment towards STX, with a growing number of posts expressing skepticism about the token’s future prospects. This suggests that while many investors are optimistic about STX, others are more cautious.

In addition to its price action, STX has seen significant growth in its Total Value Locked (TVL), which measures the amount of unique smart contract deposits in a protocol. However, the rapid increase in TVL has slowed down since March 25th.

Despite this, STX remains a top choice among traders, as evidenced by its 24-hour 230% rise in trading volume. This high volume indicates significant buying and selling activity, highlighting the token’s attractiveness to investors.

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

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Published by
Nonhlanhla P Dube
Tags: Stacks (STX)

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