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Stacks Price Prediction 2024: STX Down From March Peak, What Lies Ahead?

Last Updated 37 seconds ago
Peter Henn
Last Updated 37 seconds ago

Key Takeaways

  • STX, a crypto approved by the United States Securities and Exchange Commission, has performed well recently.
  • Designed to support a platform that brings DApps to Bitcoin, it has been around since 2019.
  • Can it restart its run of good form after a recent downturn?
  • One Stacks price prediction says the coin can reach $10.00 in 2025.

The Stacks cryptocurrency is a rare outlier. One of the few cryptos explicitly approved  by the United States Securities and Exchange Commission (SEC), the coin, which helps people use the Bitcoin (BTC)  blockchain in much the same way they would Ethereum (ETH), still suffered when the market fell following the SEC’s lawsuits against Binance and Coinbase in early June 2023.

However, the news of investment firm Blackrock filing for a Bitcoin exchange-traded fund (ETF) helped boost the price later on in the month, with STX recovering from the market slump better than most, even if the best of the recovery was over by early July. 

In late 2023 and early 2024, excitement about spot Bitcoin ETFs saw it reach its best price in almost two years in early January.

Although the price has fallen back below $2 since then, Stacks is keeping itself busy, promising  a “DeFi Summer” and getting ready for the Bitcoin halving later this year.

Stacks has also been busy in gearing up to implement its Nakamoto Upgrade tentatively scheduled for April 16, aligning closely with the estimated Bitcoin halving date of April 20. Through this upgrade, the protocol aims to transition into a Bitcoin Layer 2 chain.

The price has slowed, but the market wonders if it’s just a momentaneous dip.

Stacks did not respond to a request for comment.

But what is Stacks (STX)? How does Stacks work? Let’s take a look and see what we can find out, and also examine some of the Stacks price predictions that were being made on May 23, 2024.

Stacks Coin Price Prediction 

Let’s cast our eyes over some of the Stacks price predictions that were being made on May 23, 2024. It is vital to remember that price predictions, especially when it comes to something as volatile as crypto, are very often wrong. Also, it is worth pointing out that many long-term crypto price predictions are made using an algorithm, which means they can change at any time. 

2024 2025 2030
Prediction #1 $2.55 $10.00 $22.09
Prediction #2 $5.77 $7.83 $18.13
Prediction #3 $4.54 $5.26 $15.47

First, CoinCodex  had a short-term Stacks price prediction that said it would trade at $2.09 on May 30 before climbing to $2.18 by June 22. The site’s technical analysis was bearish, with 20 indicators sending negative signals and nine making bullish ones.  

Stacks Price Prediction for 2024

CaptainAltCoin  said Stacks would get to $2.55 in December this year. Bitnation  said it would hit $5.77 and DigitalCoinPrice  saw it getting to $4.54 in 2024. 

Stacks Price Prediction for 2025

Moving on, CaptainAltCoin was optimistic, saying STX would be worth $10.00 in 2025. Bitnation was a bit more cautious, saying it would trade at $7.83 then. DigitalCoinPrice‘s Stacks price forecast said it would get to $5.26 next year. 

Stacks Price Prediction for 2030

As far as a more long-term Stacks price prediction went, DigitalCoinPrice argued it could trade at $15.47 in 2030. Bitnation had it worth $18.13 then. Meanwhile, PricePrediction.net ‘s STX price prediction said it would trade at $22.09 at the start of the next decade.   

Google Gemini Price Prediction for Stacks (as of May 23)

Google’s Gemini AI platform gave the following price prediction for Stacks on May 23. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are not entirely accurate.

Short Term (Next three months)

  • Expected price: $3.73
  • Factors to Consider:
    • Overall market sentiment: If the general cryptocurrency market is bullish, STX is more likely to go up. Conversely, a bearish market could see STX’s price decline.
    • News and developments: Any major news or developments related to Stacks, Bitcoin-based NFTs, or the upcoming Bitcoin halving could impact the price.
    • Regulations: Regulatory changes could also affect the price of STX.

Medium Term (Next six months)

  • Expected price: $8
  • Factors to Consider:
    • Overall market sentiment: The general sentiment of the cryptocurrency market can significantly impact the price of individual coins. If the market is bullish, Stacks is more likely to go up.
    • Developments on the Stacks network: Any major news or developments on the Stacks network could affect the price.
    • Regulations: Regulatory changes could also impact the price of Stacks.

Long Term (Next five years)

  • Expected price: $50
  • Factors to Consider:
    • Market Volatility: The cryptocurrency market is known for its ups and downs. Unforeseen events can significantly impact prices.
    • Stacks Development: The success of Stacks’ core functionalities, partnerships, and adoption will influence its price.
    • Overall Crypto Market Trends: The general health of the cryptocurrency market can play a major role in Stacks’ price.

Advantages and Disadvantages of Stacks

Blockchain analytics company Messari recently released a quarterly report  on Stacks. In it they highlighted its positive work with Bitcoin, and outlined some key advantages and disadvantages to the platform.

It found:

  • Stacks revenue (USD) increased 3,386% QoQ and 3,028% YoY to $637,000. Much of this revenue was driven by inscription protocol STX20.
  • STX’s market cap increased 203% QoQ and 598% YoY to $2.0 billion. STX’s growth outpaced BTC and the overall crypto market.
  • DeFi TVL (USD) increased 363% QoQ and 763% YoY to $61 million. ALEX firmly remained the leader in TVL, but Arkadiko and StackingDAO considerably increased their own TVL dominance in Q3 and Q4.
  • Average daily miner revenue increased 1,015% YoY to $78,000. STX’s price increase and Stacks’ increased revenue made it significantly more profitable for Bitcoin miners to participate in Stacks’ consensus.
  • The Nakamoto upgrade is expected in April 2024. This update will enable faster blocks, give transactions 100% Bitcoin finality, reduce MEV, and eliminate forking on the Stacks layer to set the stage for the upcoming sBTC release.

Advantages of Stacks

Messari says that Stacks

  • Was able to cash in on growing interest in the Bitcoin blockchain last year, spurred by trading in Bitcoin Ordinals, the blockchain’s equivalent of non-fungible tokens (NFTs).
  • Has a lot of potential for ecosystem growth.
  • Can help give people access to Bitcoin mining pools, thus potentially lowering the need for a very powerful computer to mine BTC.

Disadvantages of Stacks

Messari also says Stacks

  • Is potentially too reliant on the ALEX decentralized finance (DeFi) protocol, which has 90% dominance over the Stacks DeFi ecosystem.
  • Had an issue with staking rewards caused by a bug.
  • Saw some metrics drop over the three months.

STX Price History

It’s now time to take a quick look at some of the highlights and lowlights of the Stacks price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done since it first came on the market can help give us some useful context if we want to either make or interpret a Stacks price prediction.

When STX first came onto the open market in October 2019, it was worth about $0.23. The crypto’s price fluctuated, but not by much, before it grew towards the end of the following year to close 2020 at $0.3962.

Early 2021 saw a crypto bull market. STX shot up, breaking past $1 in February and hitting a high of $2.82 on 5 April. After that, it was downhill again, briefly falling below the dollar in June.

In October, it went back up past $2 on its way to an all-time high of $3.61 on 16 November. The coin then dropped, but its end-of-year price of $2.17 represented an annual gain of nearly 450%.

2022 was not a good year for either crypto as a whole or the Stacks coin. Although it reached a high of $2.64 in January, it fell below the dollar following Russia’s invasion of Ukraine on 24 February, before recovering in March.

The collapse of the Terra (LUNA) blockchain in May sent STX crashing down and by June 14 it was worth $0.3091. The coin recovered to trade above $0.50 in August, but the collapse of the FTX (FTT) exchange meant that it closed the year at $0.2097, more than 90% less than at the end of 2021.

Stacks in 2023 and 2024

Stacks price history
Stacks price in 2023 and 2024. | Credit: CoinMarketCap

2023 was a bit more encouraging, although it was not all plain sailing. The coin went above the dollar for the first time in nearly a year in early March as it reached a high of $1.30 on 22 March, before falling back down by the end of the month.

On 21 June, it reached a high of $0.8673. It then entered a decline, reaching a low of $0.4217 on September 11. Since then, it has gone back up. On October 3, 2023, Stacks was worth about $0.5535. It then went on to peak at $0.7467 on October 23 before dropping to $0.5881 on November 22. By November 29, though, excitement about a vote on changes to the network saw it shoot up to trade at around $0.78.

The token rallied throughout December, boosted by excitement about potential spot Bitcoin ETFs. It closed the year at $1.50, an annual rise of 615%.

Stacks peaked at $2.05 on January 9. Once spot Bitcoin ETFs were approved the following day, it started to slump and, on February 8, 2024, it was worth about $1.75. But it regain momentum and hit a new all-time-high at $3.6559 on March 30, 2024. On May 23, 2024, it’s worth $2.05.

At that time, there were about 1.46 billion STX in circulation, out of a maximum supply of around 1.82 billion. This gave the coin a market cap of around $3.00 billion, making it the 41st largest crypto by that metric.

Stacks Historical Price Data

Period Stacks Price
May 23, 2024 $2.05
May 16, 2024 $2.0933
April 23, 2024 $2.9969
February 23, 2024 $2.4460
May 23, 2023 $0.5923
Launch price (October 28, 2019) $0.2130
All-time high (April 1, 2024) $3.6695
All-time low (March 12, 2020) $0.06726

Stacks Price Analysis

Stacks Price Analysis
STX has a price target of $4.50 | Credit: Nikola Lazic/TradingView

After peaking at nearly $4 on April 1, the price of STX made a downturn, dropping below $2, on May 13. This was a deep retracement and it is still within the bounds of the descending trendline.

The daily chart MACD indicated a potential start of an uptrend, and the RSI fell to 30%—its oversold zone. We could see a reversal starting, but we cannot be sure until the price makes an upside breakout.However, it could go as low as $1.70 before the downtrend ends. When it does, it will mark the completion of the fourth wave of a five-wave impulse which started in January 2023.

If this happens, a new starting uptrend would have the potential to lead STX to a new all-time high, with its next target $4.50.

Is Stacks a Good Investment?

It is hard to say. On one hand, the crypto market can be an unforgiving place. STX investors will have learned this when their coin lost more than 90% of its value, a worse performance than the market average, in 2022.

On the other hand, the fact that STX has been given the SEC’s seal of approval could stand it in good stead during this time of regulatory uncertainty. Its links to Bitcoin could also see it emerge as a real winner during a tough time. As always with crypto, you will need to make sure that you do your own research before deciding whether or not to invest in Stacks.

Will Stacks go up or down?

No one can really tell right now. While many of the longer-term STX price predictions are optimistic, price predictions end up being wrong more often than not. You should also remember that prices can, and do, go down as well as up. 

Should I invest in Stacks?

Before you decide whether or not to invest in Stacks, you will have to do your own research, not only on STX, but on other, similar, coins and tokens, like Polygon (MATIC) and Arbitrum (ARB). Ultimately, though, you will have to make this decision for yourself and, more importantly, you should make sure you never invest more money than you can afford to lose. 

Who are the Founders of Stacks?

Software engineers Muneeb Ali  and Ryan Shea  founded Stacks.  Princeton PhD Ali founded Trust Machines, which is a platform for Bitcoin-related applications, in 2021. Shea, meanwhile, helped set up Facebook’s GraphMuse app in 2012. 

Who Owns the Most Stacks (STX) Tokens?

On May 23, 2024, one wallet held 24.21% of STX’ supply.

Richest STX Wallet Addresses

As of May 23, 2024, the five wallets with the most STX tokens were

  • 0xa1ad3c70207663ee62c5bd7d491c16c25dee9b76. This wallet held 204,724,601,852 STX, or 24.21% of the supply.
  • 0xae8cd3220aa5cd22ddc1b81e48fdd37fe0017570. This wallet held 34,483,801,266 STX, or 4.08% of the supply.
  • 0x8d2d205cef9b64a620ddf983b40887fce3210459. This wallet held 15,000,000,000 STX, or 1.77% of the supply.
  • 0x2c203398a975429766239c699b5ae4328cd69b1a. This wallet held 15,000,000,000 STX, or 1.77% of the supply.
  • 0xf72088ab2f03a199358afd090bab0ac15304cd84. This wallet held 15,000,000,000 STX, or 1.77% of the supply.

Fact Box

Supply and distribution Figures
Total supply 1,818,000,000
Circulating supply (as of May 23, 2024) 1,460,958,445 (80.36% of total supply)
Holder distribution Top 10 holders owned 42.45% of supply, as of May 23, 2024

From the Whitepaper

Stack’s whitepaper  says that it wants to serve as a kind of bridge between the solidity of Bitcoin and the development potential of Ethereum.

It says: “Stacks is a Bitcoin layer for smart contracts; it enables smart contracts and decentralized applications to trustlessly use Bitcoin as an asset and settle transactions on the Bitcoin blockchain.”

Stacks (STX) Explained

One of the biggest splits in crypto is between Bitcoin and Ethereum (ETH). At the heart of the debate is whether a blockchain should focus on supporting a crypto, like Bitcoin, or should allow people to build their own programs, like Ethereum. Since Bitcoin is the largest crypto out there, there will be people who want to use its reach and power to create their own decentralized applications (DApps) but the chain does not allow them to do so.

Stacks, which was founded in 2013, with the first version of its blockchain coming in 2018 and the current chain coming online in 2020, hopes to change that. 

Supported by the STX coin, the platform is designed to connect with the Bitcoin blockchain. It allows users to utilize smart contracts, computer programs that automatically execute once certain conditions are met, to create their own applications. 

How Stacks Works

Stacks makes use of a Proof-of-Transfer (PoT) consensus mechanism to add blocks to the blockchain and earn rewards. This means that users transfer a, in this case Bitcoin, to other participants in the network in order to secure and grow the blockchain, effectively paying with BTC to earn STX.

As far as the STX coin goes, the whitepaper explains how it works when it says: “Stacks miners use Bitcoin to mine newly minted Stacks. Stacks holders can lock their STX in consensus to earn Bitcoin, making STX a unique crypto asset that is natively priced in BTC and gives BTC earnings.” 

Apart from miners, there are other Stacks users called Stackers. These people stake their STX for about two weeks or so. This means they can run a computer, or node, on the network, earning Bitcoin for doing so. 

STX can also be bought, sold, and traded on exchanges. 

Stacks Attention Tracker

Stacks Google search volume
Stacks Google search volume. | Credit: Google

Here is a chart for Stacks STX Google search volume for the past 90 days. This represents how many times the term “Stacks STX” has been Googled over the previous 90 days. 

FAQs 

How many Stacks are there?

On May 23, 2024, there were about 1.46 billion STX in circulation, out of a maximum supply of around 1.82 billion.

Will Stacks reach $10?

It could do but, if it does, it won’t be for some time yet. PricePrediction.net and Bitnation both saw it reaching double figures in 2028 while DigitalCoinPrice said it would happen in 2030.

What is Stacks used for?

The STX coin is used to reward people who are active on the Stacks blockchain, which helps people combine decentralized applications and the Bitcoin blockchain.

Further reading

Disclaimer 

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.