Stacks Rises 50% In One Week — Is STX Eyeing New All-Time High?
As Stacks price blasts thought $2, will we see a new all-time high next?
Key Takeaways
- STX is one of the best-performing altcoins, and is trading near an all-time high.
- Bitcoin smart contracts have seen both STX adoption and price surge.
- Stacks’ market cap and TVL have shown significant growth.
Stacks (STX) has emerged as a standout altcoin in the cryptocurrency market recently. Stacks has shown an extraordinary performance that outshines nearly all of the other top 100 tokens.
Over the 24 hours to February 14 2024, STX’s price jumped significantly, pushing its value above the $2 mark and nearing its all-time high of $2.492. This momentum is largely driven by its role as a Bitcoin layer 2, the recent uptick in Bitcoin’s value, and the growing adoption and interest in the STX crypto.
Why Is Stacks Soaring?
The factors relating to Stacks’ price rise include:
- Smart Contracts on Bitcoin. Stacks introduces smart contract capabilities to Bitcoin, enabling trustless Bitcoin transactions within smart contracts. This approach has propelled its recent surge, especially as Bitcoin enjoys a price increase.
- Correlation with BTC: The recovery of Bitcoin to $43,000 from $38,500 has mirrored in STX’s climb from $1,241 to $2,156. This strong correlation shows the intertwined fate of these two assets.
- Climbing the Ranks: Market expert Trevor.btc highlights Stacks’ journey from 60th to 34th in market cap rankings within just a year, with sights set on the top 20 as the next Bitcoin halving approaches.
- Market Capitalization A 187% growth over the past 90 days and a year-to-date increase of 527%.
- Total Value Locked (TVL): Achieving a new all-time high of $70.41 million, showcasing a growth of over 400% in four months, indicating soaring confidence and demand within the DeFi space.
STX Price Analysis
From its bear market low of $0.21 on January 2023, the price of STX started its next bull cycle. We saw its first uptrend, reaching $1.31 on March 18, followed by a downtrend to its first higher low of $0.43 on September 15.
This is when the next uptrend started, leading to a high of $2 on January 8. This was wave three out of the five-wave count and, after the price landed on $1.30 for its fourth wave, the current uptrend began.
From January 24, we saw a rise of 83%, with the price now at $2.40 and climbing further as it goes parabolic. This should be its final wave from the larger uptrend, but there could still be more room for upward movement.
STX might cool off with another correction in the short term, but it could revisit its all-time high of around $3 on the next push. Will it reach a new all-time high? We don’t know for sure, but considering the amount of increase in one go, this would be more unlikely.
Disclaimers
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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