The Stacks price is soaring as the token’s trading volume has increased by over 36%, indicating a growing level of acceptance.
Throughout recent trading sessions, STX has distinguished itself as an industry leader in cryptocurrencies. As per the most recent data from CoinMarketCap, the 24-hour trading volume of the Bitcoin layer for smart contracts has experienced an extraordinary 36% surge, culminating in a total of $166.6 million.
Stacks is currently trading at $1.86, aiming for the $2 threshold. Also, over the past twenty-four hours, the market capitalization has increased significantly, soaring 4% to $2.6 billion.
Stacks’ recent resurgence can be ascribed to a number of pivotal factors. A pivotal moment occurred when the coin’s price surpassed the resistance trendline of an elongated triangle pattern, which had hindered its progress for more than twenty-one months. This breakout facilitated additional price appreciation by signaling a change in sentiment.
Moreover, in recent weeks, the Stacks ecosystem has undergone significant growth, specifically in Total Value Locked (TVL). DefiLlama reports that Stacks has achieved a record-breaking $64.3 million in TVL.
Anticipated Nakamoto Upgrade Stacks
An important occurrence approaching is the expected mainnet launch of the Nakamoto upgrade, which could occur as early as April 15 April 15, preceding the most recent estimate of the Bitcoin halving.
This update enables more rapid enhancements for Bitcoin rails and streamlines the decentralized transfer of Bitcoin across Layer 2 ecosystems. These advancements are considered turning points for Stacks and have the potential to stimulate additional expansion.
In a post on X, Pantera Capital PM Cosmo Jiang emphasized, “Stacks is in the greatest position to capitalize on this opportunity. In essence, it is the sole smart contract blockchain that will be definitively secured by Bitcoin after Nakamoto’s departure.
It is noteworthy to mention that although the price of Stacks has witnessed substantial growth in recent months, it has yet to reach its record-breaking peak of $3.31, attained on October 10, 2021.
Stacks remains well-positioned for future growth and adoption, with a current circulating supply of 1.44 billion STX out of a maximal supply of 1.82 billion STX and an annual supply inflation rate of 6.97%. This is consistent with the altcoin resurgence bolstered by Bitcoin’s overall outlook.