Stacks (STX) is now painted in red after weeks of impressive performance, surpassing other cryptocurrencies in the top 100 crypto market trackers CoinMarketCap and Coingecko.
At the time of writing, STX was trading at $0.6589, down nearly 36% over the past seven days. The coin lost nearly one percent in value in the past 24 hours, according to data from Coinecko.
Despite the drop in price in the weekly time frame, STX still managed to register a solid number on the monthly scale with an increase of 121%. The crypto is currently up nearly 4% in the past 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 biweekly 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 for its unique approach to bridging the gap between traditional finance and decentralized finance (DeFi).
Source: Coingecko
The Stacks token has increased in price significantly since its launch. In the early days, the token was trading around $0.01; as of today, it has risen to $0.6589. However, the current price of the coin still represents a 10% drop over the past two weeks.
Source: CoinMarketCap
One of the main drivers behind the recent increase 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 such as Stacks that provide access to these applications.
Despite the sluggish price action of late, another factor contributing to the token’s rise in popularity is the growing adoption of the Stacks blockchain.
Huge traction on DApps
The network has gained a lot of traction in recent years, with many developers building DApps on top of it. This has helped 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 price drop of -2.29% over the last 24 hours and a price drop of -33.77% for the previous week. Coingecko stats indicate that STX has a circulating supply of 1,400,000,000.
Stacks is currently ranked 54th among all cryptocurrencies and has a market cap of $895 million, up 21% in the past 30 days. The ratio between the volume of the coin and the market capitalization indicates a stable price development.
STXUSD currently trading at $0.6407 on the daily chart | Chart: TradingView.com
The highest price ever paid for STX was $3.39 on December 1, 2021. The current price is -80.54% lower than the all-time high (ATH) price.
Looking ahead, it is difficult to predict exactly where the price of the Stacks token will go.
However, with a growing interest in DeFi and a strong ecosystem supporting the Stacks blockchain, it is likely that the token will continue to see strong demand and price growth going forward.
– Featured image from Getty Images