Altcoins
Stacks (STX) leads top 50 Altcoins with 10% price rise
Stacks, the blockchain platform that promises to bring smart contracts to Bitcoin, has outperformed most altcoins in the current market’s top 50. While other cryptocurrencies struggled to make significant gains yesterday, the situation reversed today as Stacks’ native token hits new highs.
This surge in value has many investors wondering if Stacks is poised to become the next big thing in the world of blockchain technology.
STX Price Rise Over Last 7 Days
The price of STX at Coingecko rebounded strongly, gathering 10% in just 24 hours. The current price of $0.843249 per token indicates renewed interest in this cryptocurrency. Over the past week, STX has proven its resilience, maintaining a 9% rise to lead other major altcoins.
As investors and traders closely monitor the market, STX’s sudden rise could be a sign that it is once again a viable investment opportunity. However, it remains to be seen whether this trend will continue.
Source: Coingecko
Meanwhile, Ethereum has gained 1.5% in value and is currently trading at $1,860. Last week, the second-largest cryptocurrency hit a record price of over $1,950, the highest level in eight months.
Source: Coingecko
Additionally, altcoins such as Avalanche, Cardano, Dogecoin, Litecoin, MATIC, Polkadot, Ripple, Shiba Inu, Solana, and Tron all saw slight gains above 1%.
Although LDO performed poorly yesterday, it has since rebounded and now sits at $2.42 after a 4.4% increase today.
STX Bullish Perception Prevails Despite Some Bearish Sentiment
The current perception of STX is generally positive, with a predominant bullish trend among investors. According to a recent evaluation of LunarCrush, there was a 95% increase in bullish sentiment between April 2 and the time of analysis. This indicates strong interest in the token and its growth potential.
However, there has also been an increase in bearish sentiment towards STX over the same period, with an increasing number of posts expressing cynicism about the token’s future prospects. This suggests that while many investors are bullish on STX, others are more cautious.
STX total market cap now at $1.3 billion on the daily chart at TradingView.com
In addition to its price action, STX has also seen significant growth in its total value locked (TVL), which measures the amount of unique smart contract deposits in a protocol. However, the rapid rise in TVL has slowed since March 25.
Despite this, STX remains the top choice for traders, as evidenced by its 230% increase in 24-hour trading volume. This high volume indicates significant buying and selling activity, highlighting the token’s attractiveness to investors.
-Featured image from Kraken Blog