Stacks’ 135% rally helps it reclaim $1B market cap

Stacks Network (STX) marketplace headdress reclaimed $1 cardinal connected Feb. 22, pursuing a weeklong rally that saw it emergence by 135%, according to CryptoSlate’s data.

In Dec. 2022, STX’s marketplace headdress dropped to arsenic debased arsenic $285 million, coinciding with erstwhile the broader crypto marketplace was recovering from FTX’s capitulation and the record-low trading worth of Bitcoin (BTC).

However, STX has surged by much than 200% successful 2023 pursuing the accrued request for non-fungible tokens (NFTs) connected BTC’s blockchain network.

Ordinals NFT could propulsion Stacks to caller highs: Matrixport

A Matrixport probe study shared with CryptoSlate connected Feb. 22 said STX could go a billion-dollar token.

The study noted the caller hype astir Bitcoin NFTs and the attraction it has brought to Stacks.

According to Matrixport, Bitcoin NFTs are not a new concept; however, the caller hype astir them tin perchance marque “Stacks Network a multi-billion dollar token.”

The study highlighted however the Stacks web leverages Bitcoin’s high-level information to connection smart contract compatibility for the flagship integer plus ecosystem. It added that the L2 web is well-positioned to make Bitcoin’s DeFi further.

Matrixport’s caput of probe Markus Thielen said:

“The full potential of the Stacks Network is beginning to get recognized which whitethorn substance the STX token rally adjacent further.”

NFT trading measurement soars connected Stacks network

Meanwhile, disposable information shows that Stacks-based NFT marketplaces’ trading measurement has surged successful the past 30 days.

According to Dappradar data, Gamma’s measurement accrued by much than 1000% successful the past 30 days to implicit $300,000. Another marketplace tracked by Dappradar connected Stacks Megapont roseate 150% to astir $100,000 during the aforesaid period.

The project’s co-founder Muneeb Ali noted that implicit 650,000 Bitcoin NFTs had been minted connected the network, and the full worth of assets locked wrong the astute declaration has already crossed $250 million.

The station Stacks’ 135% rally helps it reclaim $1B marketplace cap appeared archetypal connected CryptoSlate.