Stacks (STX), the cryptocurrency that powers the smart-contract enabled Bitcoin layer-2 scaling blockchain called Stacks, saw the 13th highest trading volume of all cryptocurrencies over the last 24 hours, as per data presented by CoinGecko on Tuesday.
Price predictions subsequently remain bullish.
STX/USD was last changing hands around $1.26, close to its highest levels since April 2022, up around 6.4% on Tuesday, taking weekly gains to close to 10%.
Trading volumes hit a massive $430 million, corresponding to over 25% of the cryptocurrencies overall market cap.
By contrast, Bitcoin’s trading volumes of just over $36 billion in the last 24 hours only correspond to only around 6.7% of its overall market cap (of close to $540 billion).
Stacks is Still Pumping
Over the past 30 days, Stacks is the best-performing cryptocurrency in the top 100 by market capitalization, having enjoyed gains of nearly 3x.
That’s significantly better than the next best-performing cryptocurrency over the same time period Conflux (CFX), which is up a little over 30% over the same time period.
Stacks has been pumping amid growing hype about the layer-2 protocol’s potential to facilitate the emergence of a Bitcoin-centric decentralized web3 ecosystem.
The initial catalyst for increased interest in the project was the success of the Ordinals non-fungible token protocol which brought NFTs directly to the Bitcoin blockchain.
The cryptocurrency’s on-the-year gains sit at above 500%, a staggering turnaround in the cryptocurrency’s fortunes.
Admittedly, that still leaves stacks 65% below its all-time highs hit in late 2021 above $3.0.
How High Can Stacks Go?
A recent Forbes article citing “researchers” speculated that Stacks could become a “multi-billion dollar” cryptocurrency.
If they are right and Stacks becomes a top 20 coin with a market cap of over $5.0 billion, that would see the STX price reaching at least $3.65 per token (given the current supply of roughly 1.367 billion).
That would mark further gains of over 200% from current levels.
Price Prediction – Where is Stacks (STX) Headed in the Near-Term?
A swift rally to fresh all-time highs shouldn’t be discounted in wake of Stack’s recent impressive performance that has already seen it gain over 500% this year.
But the next leg of gains will likely need to wait until at least after Wednesday’s US Federal Reserve meeting, which is for now keeping traders in wait-and-see mode.
If the Fed comes across as too hawkish, this could trigger fresh concerns about US (and global) bank stability and fresh safe-haven inflows to cryptocurrencies like Bitcoin (and, given its proximity to Bitcoin, Stacks)
Meanwhile, if the Fed comes across as more dovish, this could pump risk assets (including cryptocurrencies like Stacks).
Risks seem tilted towards further gains. If Stacks sees a short-term pullback to the $1.0 area, dip buyers could well be waiting.
The next bullish target is a test of the April 2022 highs in the $1.58 area and then the support-turned-resistance area around $1.90 just above it.
Stacks (STX) Alternatives to Consider
Stacks’ near-term outlook is very strong. But investors should always be looking to diversify their holdings.
A good way to do this might be to check out some high-potential crypto presales – historically, getting in on a project at the early presale stage has been the best way to generate a return in crypto.
In the list below, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the Cryptonews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
