Here is why stacks (STX) exploded by 160 % in a week

Here is why stacks (STX) exploded by 160 % in a week

StX-the native Token of the stacks network-has risen by a whopping 160 % in the past seven days.

A possible reason for the significant increase could be the connection between the asset and one of the latest trends in the field of cryptocurrency-the Bitcoin NFTS by the Ordinal Protocol.

The Financial Service platform Matrixport predicted that StX could increase even more in the near future. The main reason is the rapidly growing number of newly shaped order numbers.

The StX price explodes by 160 %

StX-The native cryptocurrency of the stacks network, which brings smart contracts and decentralized apps to Bitcoin-has increased by almost 160 % in the past week and last month (according to Coingecko data ). It is currently being traded at around $ 0.87, an evaluation that was last reached in May 2022.

The Stacks Blockchain (formerly known as block stacks) is a layer 1 blockchain that uses the consensus salgus proof-of transfer (POX). It enables users to validate transactions by holding and stiling Bitcoin. As soon as BTC has been transferred, the user can reduce stacks blocks and earn Stx token as a reward.

The network also enables digital assets and is a necessary prerequisite for people who are willing to act on the gamma marketplace. The venue offers a variety of Bitcoin NFTS and is a social platform that brings collectors and creators of such art together. This should be one of the main reasons for the price increase of StX.

Some of the top collections on Gamma in the last month are BNS: Bitcoin Name System, Megapont Ape Club, Satoshibles, Bitcoin Birds and Bitcoin Monkeys. The first includes over 240,000 articles that generate a trading volume of more than $ 750,000 at today's prices.

The Ordinal Hype

The Ordinales Protocol recently built up on the benefit of the Bitcoin network and produced a massive trend. It enables developers to create and store digital artifacts directly in the BTC blockchain.

The newly shaped order numbers per day flooded from over 20,000 on February 9th. In the past few days the number has fallen under 10,000. However, there are currently over 150,000 registrations, which shows the rapid growth of the sector.

The fees that are issued for registering for ordering also went up and reached over $ 150,000 a week ago.

A few days ago, someone exchanged their original cryptopunk against an Ordinal Punk and thus triggered additional enthusiasm in the community. Both collections had a minimum price of over $ 100,000.

Coincidence or not Cryptocurrency has also went into the green area since the orders have entered the room. BTC is now traded at around $ 24,000. In addition, their creation pushed The number of non-null bitcoin addresses for the first time in the 14-year history of the protocol over 44 million.

will the price of stacks (StX) continue to increase?

According to the Singapore crypto investment company, order numbers StX could transform stx into a "new multi-billion dollar token". Es described You are considered the "latest hype" in the industry, while the fact that they are shaped directly on the Bitcoin blockchain offers "greater permanentity and unchable in distributed ledger"

In contrast to conventional non-fungal tokens, order numbers cannot be changed by smart contract developers, which offers additional transparency and security.

Matrixport also explained that the stacks network enables users to block their STX tokens and earn rewards of up to 10 % APY that are paid in BTC.

"With its ability to use the security of the Bitcoin blockchain for the processing of transactions, stacks is well positioned to develop Bitcoin Defi. Since the full potential of the stacks network is recognized, it can further heat the Stx token rally," concluded that Company.

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