An altcoin has come to the fore in the cryptocurrency market today. STX, the native token of the Stacks network, is up almost 20% from the daily low of $0.6862 to $0.8215. Moreover, altcoin has become the best performing cryptocurrency among the top 100 cryptocurrencies. While the uncertainty in the market continued, the rise of STX attracted a lot of attention. So what is the reason behind the rise in altcoin price?
Provided by Colin Wu data According to the report, there has been a significant increase in the number of BRC-20 transactions since the beginning of May. Overall, more than 2 million BRC-20 transactions resulted in 109.7 BTC fees, which is important to note, which is quite a lot. Currently, BRC-20 transactions account for around 40-50% of all Bitcoin transactions, while the fees they generate account for around 20-30% of the total fees.
BRC-20 and STX relationship
In fact, it all started with the emergence of Ordinals. Bitcoin NFTs, which are printed through the Ordinals Protocol, are one of the most remarkable developments of the last period. We can say that this project renewed the interest in the entire Bitcoin ecosystem. The BRC-20 emerged with this project.
BRC-20 enables programmers to create and send equivalent tokens over the ordinals protocol. As a result, users’ ability to transact on the Bitcoin network at a basic level has led to registration activity.
Stacks takes on the role of the Bitcoin DeFi industry in this narrative. The Stacks network is a second network that offers Bitcoin compatible smart contracts. Essentially, Stacks is the second layer of the Bitcoin network.
In summary, we can say that record activity in the Bitcoin network has affected the increase in altcoin price.
You can follow the current price action here.