Stacks Price Up By 6.69% – Time to buy STX?
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- Stacks Ecosystem Tops Other Digital Asset in the Web3 Bitcoin Project, as more investors move to buy STX
- Bitcoin Decentralised Finance Platform ALEX Launches Mainnet on Stacks
- Global exchange giant Coinbase announces Stacks Listing
Stacks Price Rally Despite Bearish climate of the broader crypto market
Stacks (STX) was a strong outperformer today, despite a broad crypto sell-off that saw the total crypto market drop 2.3% of its value in the last 24 hours. This coin ranked 50th among all tokens in terms of market capitalisation, led the way with a 6.69% growth in the last 24 hours.These values are strong motivators for investors to buy STX.
At press time, the digital asset is trading at $2.153. The token has witnessed an overwhelming 853.28% increase in its 24-hour trading volume leaping to $534 million in the past day.
Stacks Ecosystem Ranks 1st Among Other Web3 Bitcoin Project
On the first anniversary of Stacks, the blockchain that makes Bitcoin programmable, Hiro, the go-to developer tools firm for the Bitcoin economy’s creators, celebrates historical growth.
The Stacks ecosystem has grown from zero to 350 million monthly API requests, 50,000 Hiro Wallet downloads, 2,500 Clarity smart contracts deployed, and dozens of startups started in just one year. Due to this momentum, stacks has become the largest and fastest-growing Web3 project on Bitcoin.
The Stacks ecosystem has gone from zero to 350 million daily API calls, 50,000 Hiro Wallet downloads, 2,500 Clarity smart contract deployments, and dozens of startups in just one year. As a result of this momentum, Stacks has grown to become the largest and fastest-growing Web3 project on Bitcoin.
The asset is the fastest-growing Web3 project on Bitcoin as of December 2021. Hiro’s tools have enabled unique smart contract use cases on the world’s first blockchain, from Bitcoin DeFi, DAOs, and gaming to expressing Bitcoin culture through Bitcoin Non-Fungible Tokens (NFTs).
In this past year, the Stacks community has demonstrated the immense potential of Bitcoin smart contracts, from DeFi to NFTs, city currencies to philanthropic endeavours transferable identities to new infrastructure. The technology and resources are all available, and imaginative builders will determine what occurs next.
ALEX Launches Mainnet on Stacks Network
Bitcoin Decentralised Finance Platform ALEX Launches Mainnet on Stacks
The first full-service DeFi platform based on Bitcoin, ALEX has announced that its mainnet would be hosted on Stacks.
ALEX unlocks Bitcoin’s DeFi potential by providing loan and borrowing services to bitcoin holders, with around $250 billion in total value locked in DeFi, primarily on Ethereum and other chains.
Beginning January 17, users will be able to lend a variety of crypto tokens, borrow at a fixed rate without risk of liquidation, deposit tokens to earn interest and engage in yield farming using ALEX’s platform.
ALEX will also launch an advanced decentralised exchange (DEX), which would provide liquidity to traders. These features will assist in the activation of over $1 trillion of bitcoin that has been sitting idle in wallets.
A launchpad is also available on ALEX for new projects to launch their tokens. Within the Stacks ecosystem, community members will vote on potential token listings.
The platform’s initial token, ALEX’s native token $ALEX, debuted on January 10 for the Stacks community and will be available for staking when mainnet launches on January 17.
Stacks transitioned from testnet to mainnet last year around this time, bringing smart contracts to Bitcoin and paving the path for NFTs, DeFi protocols, and Web3 apps. The ALEX team is bringing Bitcoin DeFi to the next level today by allowing users to spend their Bitcoin in new ways.
Coinbase Announces Stacks Listing
Stacks is the latest victim of the “Coinbase Effect,” a term developed to describe tokens that appreciate dramatically after being listed on Coinbase.
Large-scale exchanges give more liquidity, allowing for a larger investor base and more eyes on the specific listed coins. This has resulted in more than 90% gains in the five days after a Coinbase listing in bull markets.
While inbound transfers for the STX currency are currently enabled on Coinbase, the token will only be available for trade once liquidity requirements are reached.
As a result, there is still considerable doubt about this listing. However, investors eager to get ahead of the official announcement, on the other hand, should buy STX.
For the time being, Stacks is an intriguing Web3 project, with growth that is beginning to be noticed by the major exchanges. Stacks could be an intriguing token to monitor this year if this trend continues.
Stacks Making Stride To Establish Bullish Trend
STX is trading above the 20-day Exponential Moving average (EMA) price of $2.161. The Relative Strength Index (RSI) now stands at 49.57, indicating that the cryptocurrency is neither undervalued nor overbought. The RSI looks to be moving in a consistent, upward pattern, indicating a rise in Stack’s value.
The Simple Moving Average (SMA) indicator depicts a bearish run on the 50-Day SMA and 100-Day SMA trend lines with the current price above the 50 and 100-day SMA support prices of $2.199 and $2.162 respectively.
However, the digital asset appears to be turning the corner and is making great strides to establish a bull run, a motivation to buy STX.
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