Unprecedented Bitcoin ETF inflows have been driving a strong rally in the Bitcoin price and the broader crypto market. However, one altcoin that’s particularly benefitted from the recent BTC uptrend has been Stacks (STX). The Stacks price has shot up by 16% in the last 24 hours moving all the way to $2.40.
The trading volume in Stacks has jumped by a staggering 100% all the way to $480 million. Here’s how the BTC uptrend has been impacting Stacks recently.
Bitcoin Layer for Smart Contracts
Stacks is a groundbreaking Bitcoin Layer designed for smart contracts, facilitating the utilization of Bitcoin as an asset and facilitating transaction settlements on the Bitcoin blockchain.
Bitcoin stands as the pinnacle of decentralized assets, boasting unparalleled value and durability. With the Stacks layer in play, a staggering $500 billion in Bitcoin capital becomes accessible for decentralized applications, leveraging Bitcoin’s Layer 1 for transaction settlements.
Stacks leverages the innovative Proof of Transfer consensus and Clarity language, granting it unparalleled access to the complete Bitcoin state. This capability enables Stacks to retrieve data from Bitcoin whenever necessary.
Every transaction conducted within the Stacks layer undergoes automatic hashing and settlement on the Bitcoin Layer 1. Furthermore, Stacks blocks benefit from the robust security provided by 100% Bitcoin hashpower. Any attempt to reorder Stacks blocks or transactions would necessitate a reorganization of the Bitcoin blockchain, providing an additional layer of security against potential attacks.
Stacks (STX) Price Rally And TVL Boost
Amidst a broader market resurgence, STX experienced a notable uptick in bullish sentiment during the second week of February, as it rebounded from its $1.45 support level. This positive shift sparked a remarkable 9-day winning streak, propelling the price to $2.40 and marking nearly a 57% surge on the weekly chart.
Insights gleaned from DefiLlama, an on-chain analytics aggregator, shed light on Stacks’ remarkable growth in total value locked (TVL), which soared to $74.7 million. Over the span of three weeks, this represents an impressive surge of over 50%. The surge in TVL underscores a significant capital infusion into STX DeFi ecosystem, underscoring investor confidence and active participation in its financial protocols.
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