While BTC continues to trade at $ 60,000; is a layer-1 blockchain protocol designed to bring smart contract functionality and decentralized applications (DApps) to the Bitcoin (BTC) network. Stacks (STX)rose more than 70 percent this week.
According to a recent update from the Stacks newsletter, non-fungible tokens (NFTs) built on Bitcoin have exploded over the past week and several NFT projects have been successfully launched on Stacks.
In light of Stacks’ expanding NFT market, the STX token has rallied from a low of just under $1.40 to as high as $2.43 last week. Reaching a market value of $ 2.2 billion after a 70 percent increase, STX rose to 67th place among the best cryptocurrencies.
At the time of writing, Stacks (STX) has lost some of its gains and is trading at $1.97, a slight drop from its weekly high, according to data from CoinGecko, with STX falling to number 72 on the top cryptocurrencies list.
In July, crypto intelligence firm Messari reported that Stacks was listed as one of the most popular holdings among crypto hedge funds and venture capital firms, with nine different firms holding crypto assets.
As for Bitcoin, the top crypto asset is still hot and is currently trading at $60,774, up 26% from last month.
Stacks was listed by crypto intelligence firm Messari in July as one of the most popular holdings among crypto hedge funds and venture capital firms, with nine different firms holding crypto assets.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.