In recent hours, the price of the Stacks (STX) token has seen a significant spike, over 30%, hitting new record highs before experiencing a mild drop.
STX Price Rises
At the time of writing, the token is trading at Rp52,825, showing an impressive rise from its daily low of 14.02% based on data from Bittime. Since the beginning of the year, the asset has seen a remarkable increase, by 125%.
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Causes of Stacks (STX) Rising
Stacks, which enable the development of smart contracts on top of the Bitcoin network, have become popular during the phenomenon of Ordinal Inscriptions in 2023. However, what is really driving this STX price momentum?
On March 20, the Stacks Foundation announced community approval for a significant protocol upgrade, known as Nakamoto. More than 2,700 accounts have voted in favor of Nakamoto's release, with more than 150 million STX tokens from nearly 400 accounts supporting the upgrade. Nakamoto's testnet is scheduled to launch on March 25, with mainnet activation expected in the last two weeks of May.
This upgrade is expected to improve block times and network security, making transactions on Stacks less reversible like Bitcoin. The official Stacks website states that "the Bitcoin economy will begin with fast, affordable BTC transactions and full smart contracts on Stacks L2."
Stacks co-founder Muneeb Ali revealed that around $200 million in BTC proceeds will be given to users this year at current levels. This confirms Stacks' (STX) unique position as the only digital asset with built-in BTC yields.
Other crypto assets also rose
It's not just STX that has seen price spikes; Ethereum also rose 12%, back above $3,500 (around Rp54 million), while Solana rose the same amount, trading at $190 (around Rp2.9 million). THORChain (RUNE) also rose about 19% on the day to reach $8.73 (around Rp136 thousand).
Meme coins are also not lagging behind, with Dogecoin up 20% to $0.15 (around Rp2,348) and Shiba Inu up 11%. FLOKI jumped 42% in a day, while PEPE rose 22%.
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How to Buy Stacks (STX) on Bittime
You can buy and sell Stacks (STX) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Stacks (STX) is available on Bittime with the STX/IDR market pair. To be able to buy STX IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Stacks (STX) on Bittime.
Monitor the price chart movements of Stacks (STX), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Bullish Outlook 2024: Stacks (STX), Cardano (ADA), &; Pullix (PLX)
What Are Stacks (STX)? Layer 2 Blockchain for Bitcoin Smart Contracts
Stacks Nears Record Highs in Crypto Prices, What Are Its Advantages Over Bitcoin?
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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