What is STX and why is it going up?

The cryptocurrency market has been growing for the past few years. While most coins dipped marginally earlier this year, Stacks (STX) is one coin that caught investors attention with its growth tally. STX has rallied 19.53 per cent in the last 24 hours to trade at $2.70, according to CoinMarketCap. The coin’s market cap has also registered a large growth over the week.

The STX price is trading at $2.70, which is $0.4787 more than its price as of Sunday. The coin has rallied by more than 97% this month to become one of the best performing cryptocurrencies in October. As a result, its total market capitalisation has jumped to more than $3.4 billion. The token is now ranked 49 in terms of market cap among major cryptocurrencies in the world.

What is Stacks coin and what does it do?

Stacks is a new blockchain project that aims to make Bitcoin mainstream. According to the token’s official website, STX solves some of the biggest challenges faced by Bitcoin, which is the largest cryptocurrency in the market. STX is now working on creating a blockchain project with smart contracts technology, which will then solve Bitcoin’s problem of not letting decentralised applications be built using its technology.

Why is Stacks STX going up?

Stacks has already solved some of the challenges faced by Bitcoin making it more appealing. The network built by STX is connected to Bitcoin’s technology ensuring the safety of platforms built into it. Owing to STX, developers can build decentralised applications (DAPP) like exchanges, games, and even Non-Fungible Tokens (NFT) using Bitcoin technology.

As Bitcoin keeps growing in size and market cap, the value for STX keeps rising as it is Bitcoin’s major supporter at the moment. A native coin for Stacks ecosystem, STX value recently rose after a 12-year old sold a Bitcoin bird NFT for about $8,000 within hours of creating. Stacks is now competing with market giants like Ethereum, which dominates the NFT industry. However, STX’s recent success in the field is showing promise to investors.

Stacks price prediction

According to Wallet Investor, STX is predicted to surge further, reaching an all-time high of $3.17 in the coming weeks. According to investors, Stacks have the potential to reach the five-dollar mark in the coming years. However, this will be dependant on the performance of Bitcoin as well as its competitors like Ethereum and other altcoins like Solana and Cardano.

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