Stacks (STX) is the best performing cryptocurrency over the past week.
STX, the native token of Bitcoin’s smart contract layer Stacks, has seen a 47,7% gain over the past 7 days. According to CoinMarketCap data, the price of STX has gone from trading at $0,51 last Wednesday to $0,75 currently.
At the time of writing this article, STX maintains its bullish momentum in the market.
Source: CoinMarketCap
The STX token’s price surge has been reflected in its market capitalization, which has gained over $330 million in the past week. STX trading volume has also increased impressively during this period.
According to the platform's data, STX traders are trading nearly $250 million per day in the cryptocurrency, which represents a 570% increase in relation to the trading volume recorded last Wednesday and a 410% increase in relation to the trading volume recorded with this token yesterday.
Why is STX going up?
The gains recorded by the Stacks token in the last week are driven by the popularity of ordinals, the NFT-like inscriptions on the Bitcoin blockchain. To date, the number of ordinal inscriptions on the Bitcoin blockchain exceeds 13 million.
Meanwhile, other major-cap cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) are seeing moderate gains between 2,3% and 9,8%. Other cryptocurrencies such as Cardano (ADA) and Tron (TRX) are seeing weekly losses of up to 2,7%.
What is Stacks?
Stacks is a second layer blockchain created to boost the global adoption of Bitcoin. As an L2 network, Stacks allows the development of smart contracts on Bitcoin taking advantage of the value, security and decentralization that characterize this blockchain, the most capitalized in the market. One of its founders, Muneeb Ali, highlights that Stacks and the Bitcoin-based layers two will take the cryptocurrency to the next level. one billion users worldwide.
On the other hand, it is worth highlighting that Stacks works as a decentralized platform where developers can build and deploy decentralized applications (dApps).
This platform uses the consensus protocol called Proof of Transfer (PoX), a variant of the Proof of Burn (PoB) protocol that allows the use of BTC, based on Proof of Work (PoS), to secure the new blockchain without the need to burn the cryptocurrency.
Its developers explain that the network was designed to address the blockchain trilemma of decentralization, scalability and security, to facilitate a greater number of applications and use cases for Bitcoin for users.
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