This altcoin price has doubled in two weeks following strong growth in Bitcoin-based NFTs, making it the target of mutual funds.
The target of mutual funds is this altcoin
Prominent crypto mutual funds are turning to Stacks Network’s token as they bet on the growth of Bitcoin. Stacks is the 2nd layer complementary chain for smart contracts that focuses on Bitcoin (BTC), the largest cryptocurrency by market capitalization, allowing the creation of related financial products.
cryptocoin.com According to their data, Stack’s STX tokens have increased by approximately 23% over the past 24 hours, contributing to a 50% increase over the seven-day rolling period. Demand for tokens has increased since the advent of the Ordinals protocol, which went live on January 21 and allows users to write references to digital art on small transactions on the Bitcoin blockchain. The market cap of the token exceeded $1.2 billion as of Monday.
A recent investment thesis by North Rock Digital highlighted that Stacks focuses on decentralized finance (DeFi), innovative use of smart contracts, and its compatibility with Bitcoin as key forces that set it apart from other blockchain projects.
“We believe it’s a large and relatively untapped market opportunity, a major cultural inflection point in the community (triggered by ordinal numbers), and a transformative Stacks upgrade coming later this year,” Hal Press, founder of North Rock Digital, said in a tweet over the weekend.
The firm made statements about altcoin
The firm noted that Stacks has a strong community, experienced leadership and a clear roadmap for growth, and concluded that investing in this altcoin could yield significant returns as the project evolves and is adopted.
Since its launch, Ordinals has caused a spike in Bitcoin transactions and a resurgence in Bitcoin network development. It has also reignited discussions of Bitcoin scaling, a controversial topic in crypto circles.
According to Dune Analytics data, more than 197,000 unique inscriptions have been executed so far, a term for each icon on the Ordinals. North Rock did not disclose details of its STX investment. The press did not immediately respond to requests for comment.
In his thesis, North Rock said that Stacks offers several advantages over blockchain platforms like Ethereum, including lower gas fees, faster transaction times, and improved security.
Potential use cases are explored
The analysis also explores potential use cases for Stacks technology, including the creation of decentralized social media platforms, forecasting and trading markets, and lending and borrowing applications. According to data from DeFiLlama, such products are the basis for $50 billion in locked token value in apps built on other blockchains.
The Stacks upgrade scheduled for March 20 may also have contributed to STX’s recent price increase. The developers introduced the Stacks 2.1 upgrade in a post last week detailing several new features and improvements to the protocol.
One of the main features is the introduction of ‘Stacking 2.0’, an updated version of the Stacks consensus mechanism. Stacking is a process where STX holders can lock their tokens to help secure the network and earn rewards.
Stacking 2.0 aims to make the process more accessible and inclusive by allowing smaller token holders to participate and earn rewards. The upgrade will also add improvements to smart contract functionality, improved scalability with the use of a new ‘microblock’ feature, and better support for NFTs.
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