Stacks (STX) Crumbles 36% After Weeks Of Rally

Christian Encila

2 years ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Stacks (STX) is now painted in red following weeks of impressive performance, outranking other cryptocurrencies in the top 100 list of crypto market trackers CoinMarketCap and Coingecko.

At the time of writing, STX was trading at $0.6589, down nearly 36% in the last seven days. The coin lost nearly a percent in value in the last 24 hours, data from Coingecko shows.

Despite the decline in price in the weekly time frame, STX still managed to register a solid figure in the monthly scale with 121% increase. The crypto is currently up nearly 4% in the last hour.

Source: Coingecko

Stacks (STX) is a cryptocurrency token that operates on the Stacks blockchain, a decentralized network that allows developers to create smart contracts and decentralized applications (DApps).

Stacks (STX) Down 10% In The Bi-Weekly Frame

As one of the first blockchains, Stacks made it possible to mint Bitcoin Ordinals.

Launched in 2017, Stacks has gained popularity among blockchain enthusiasts due to its unique approach to bridging the gap between traditional finance and decentralized finance (DeFi).

Source: Coingecko

The Stacks token has seen a significant increase in price since its launch. In its early days, the token was trading at around $0.01; as of today, it has climbed to $0.6589. However, the coin’s current price still represents a 10% drop in the last two weeks.

Source: CoinMarketCap

One of the main drivers behind the recent surge in the price of the STX token is the growing interest in DeFi applications.

As more people become aware of the benefits of decentralized finance, there is an increasing demand for tokens like Stacks that provide access to these applications.

Despite its sluggish price action of late, another factor contributing to the token’s rise in popularity is the growing adoption of the Stacks blockchain.

Major Traction On DApps

The network has gained significant traction in recent years, with many developers building DApps on top of it. This has helped to create a strong ecosystem around the Stacks token, which in turn has driven up demand and price.

Stacks (STX) has a 24-hour trading volume of $162,075,090 as of Thursday, representing a -2.29% price decrease over the previous 24 hours and a -33.77% price decline for the previous week. Coingecko statistics indicates that STX has a circulating supply of 1,400,000,000.

Stacks is presently ranked 54th among all cryptocurrencies and has a market capitalization of $895 million, an increase of 21% over the past 30 days. The ratio of the coin’s volume to its market capitalization indicates a stable price trend.

STXUSD currently trading at $0.6407 on the daily chart | Chart: TradingView.com

The highest price ever paid for STX was $3.39 on Dec. 1, 2021. The current price is -80.54% less than the all-time high (ATH) price.

Looking ahead, it’s difficult to predict exactly where the price of the Stacks token will go.

However, with growing interest in DeFi and a strong ecosystem backing the Stacks blockchain, it’s likely that the token will continue to see strong demand and price growth in the future.

-Featured image from Getty Images

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.