Stacks (STX) Holds 9% Gains On Weekly Chart As Top Coins Nosedive
Stacks (STX) is one of the weekly gainer like the best coin prices like bitcoin and Ethereum, give in to the ongoing onslaught in the crypto market. Currently, only a few maintain their weekly and monthly gains.
As for STX, the token has recorded over 160% in two weeks and over 203.3% in the last 30 days. First of all, STX is among the coins that have struggled to maintain their gains in the last days of sporadic declines in the crypto space.
Stacks (STX) beat the odds; That’s why?
As a smart contract platform Stacks aims to use the strong security and stability of Bitcoin to support decentralized applications. It uses its Stacks token (STX) to execute smart contracts, process transactions, and register new digital assets on the Stacks 2.0 blockchain.
STX token uses the unique features of the Stacks blockchain, including Proof of Transfer (PoX), to increase its popularity. Its holders can pay in BTC for issuing new tokens through the Proof-of-Transfer consensus mechanism.
The integration of Web3 into Bitcoin has allowed the Stack network to expand beyond the capabilities of the blockchain, introducing more loans, loans, staking, and various Web3 activities. It’s more of a mutual association with Bitcoin gaining more users thanks to stacks and Web3 and DeFi smart contracts leveraging Bitcoin’s security and stability.
The need for security and stability has increased even more with the recent surge in hacks and scams in the DeFi and Web3 ecosystems. Stacks is likely to get more users who want to use the security of Bitcoin, thereby increasing STX token price.
stacks fund recent announcement supports the above assumption. The announcement on March 3 showed that Stacks has recorded a huge achievement in recent weeks. The Stacks blockchain has deployed over 40,000 smart contracts and over 50,000 non-zero stack addresses, and the number of STX transfers has reached 8 billion.
Cryptocurrency Market in Red as Top Coins Rent Past Performance
According to on-chain data, the wider crypto market has recorded massive losses in recent weeks. Bearish sentiment has greatly affected the cryptocurrency market. Today it is even more serious, with most coins lose almost all of their income for the last weeks and months.
For example, Coingecko data shows that bitcoin has recorded parallel losses over the past few days. The number one cryptocurrency lost its 30-day, 14-day and 7-day gains, down 4.5% in 24 hours.
But despite the massive onslaught, STX has recorded a price increase of more than 200% over the past month. The Stacks token is up over 160% in two weeks and its price is up almost 3% in a week. However, at the time of writing, STX is trading at $0.8254 with a price drop of 8.90% in 24 hours.
With prices rising nearly 9.47% in 7 days, STX outperforms global cryptocurrency market, which has fallen by 2.705% over the past seven days. In addition, STX is ahead of similar Smart contract platformscryptocurrencies, which collectively fell 6.60%.
Credit : www.newsbtc.com