Stacks (STX) is now painted in red following weeks of impressive performance, outranking other cryptocurrencies in the top 100 list of crypto market trackers CoinMarketCap and Coingecko.
At the time of writing, STX was trading at $0.6589, down nearly 36% in the last seven days. The coin lost nearly a percent in value in the last 24 hours, data from Coingecko shows.
Despite the decline in price in the weekly time frame, STX still managed to register a solid figure in the monthly scale with 121% increase. The crypto is currently up nearly 4% in the last hour.
Source: Coingecko
Stacks (STX) is a cryptocurrency token that operates on the Stacks blockchain, a decentralized network that allows developers to create smart contracts and decentralized applications (DApps).
Stacks (STX) Down 10% In The Bi-Weekly Frame
As one of the first blockchains, Stacks made it possible to mint Bitcoin Ordinals.
Launched in 2017, Stacks has gained popularity among blockchain enthusiasts due to its unique approach to bridging the gap between traditional finance and decentralized finance (DeFi).
Source: Coingecko
The Stacks token has seen a significant increase in price since its launch. In its early days, the token was trading at around $0.01; as of today, it has climbed to $0.6589. However, the coin’s current price still represents a 10% drop in the last two weeks.
Source: CoinMarketCap
One of the main drivers behind the recent surge in the price of the STX token is the growing interest in DeFi applications.
As more people become aware of the benefits of decentralized finance, there is an increasing demand for tokens like Stacks that provide access to these applications.
Despite its sluggish price action of late, another factor contributing to the token’s rise in popularity is the growing adoption of the Stacks blockchain.
Major Traction On DApps
The network has gained significant traction in recent years, with many developers building DApps on top of it. This has helped to create a strong ecosystem around the Stacks token, which in turn has driven up demand and price.
Stacks (STX) has a 24-hour trading volume of $162,075,090 as of Thursday, representing a -2.29% price decrease over the previous 24 hours and a -33.77% price decline for the previous week. Coingecko statistics indicates that STX has a circulating supply of 1,400,000,000.
Stacks is presently ranked 54th among all cryptocurrencies and has a market capitalization of $895 million, an increase of 21% over the past 30 days. The ratio of the coin’s volume to its market capitalization indicates a stable price trend.
STXUSD currently trading at $0.6407 on the daily chart | Chart: TradingView.com
The highest price ever paid for STX was $3.39 on Dec. 1, 2021. The current price is -80.54% less than the all-time high (ATH) price.
Looking ahead, it’s difficult to predict exactly where the price of the Stacks token will go.
However, with growing interest in DeFi and a strong ecosystem backing the Stacks blockchain, it’s likely that the token will continue to see strong demand and price growth in the future.
-Featured image from Getty Images