Stacks’ 135% Growth Helps It Reclaim $1B Market Cap
Stacks’ 135% Growth Helps It Reclaim $1B Market Cap
Matrixport research has shown that the recent Bitcoin NFT hype could help push the Stacks STX token to new highs.
Cover/illustration via Cryptooshala
The market capitalization of Stacks Network (STX) rebounded $1 billion on February 22 after a week-long rally that saw it up 135%. Cryptooshala data.
In December 2022, STX’s market capitalization fell to $285 million, coinciding with a period in which the broader crypto market was recovering from the capitulation of FTX and the all-time low trading value of bitcoin (BTC).
However, in 2023, STX has grown by over 200% due to increased demand for non-fungible tokens (NFTs) on the BTC blockchain network.
Ordinals NFT could push stacks to new highs: Matrixport
Matrixport study report shared with Cryptooshala On February 22, he said that STX could become a billion dollar token.
The report notes the recent bitcoin NFT hype and the attention it has brought to stacks.
According to Matrixport, Bitcoin NFT No A new concept; however, the recent hype surrounding them has the potential to make “Stacks Network” a multi-billion dollar token.
The report highlights how the Stacks network uses Bitcoin’s high security to offer smart treaty compatible with the flagship digital asset ecosystem. He added that the L2 network is well positioned for the further development of Bitcoin DeFi.
Matrixport Head of Research Markus Thielen said:
“ full potential from V Stacks Net is Start To receive recognized as a potential driver of further growth for STX tokens.”
NFT trading volume is skyrocketing on the Stacks network
Meanwhile, available data shows that trading volume on stack-based NFT marketplaces has skyrocketed over the past 30 days.
According to Dapradara data, Gamma’s sales have increased by more than 1,000% in the past 30 days to over $300,000. Another marketplace tracked by Dappradar on Stacks Megapont is up 150% over the same period to around $100,000.
Project co-founder Munib Ali noted that more than 650,000 NFT bitcoins have been issued on the network, and the total value of assets locked under the smart contract has already exceeded $250 million.
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Credit : cryptoslate.com
