![]() ![]() In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Stacks (STX) and other cryptos. On the flip side, the unfavorable macro and ongoing FTX bankruptcy process may push the price of Stacks to $0.38- $0.21 lows. For this reason, we estimate that the bullish scenario will see Stacks price at $1.35 to $1.46. Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Stacks 2023 price predictions due to multiple unknown factors. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy - on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets. Federal Reserve’s efforts to curb inflation. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.Īccording to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.Īnother market factor that should be taken into consideration is how successful will be the U.S. The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. If you are looking to buy or sell Stacks, Binance is currently the most active exchange. STX has a circulating supply of coins and a total supply of. The platform is powered by its native STX token, which is used to pay gas fees for executing smart contracts, processing transactions and registering new digital assets on the Stacks blockchain.Ĭurrently, Stacks Price is USD. Stacks blockchain uses Bitcoin as its base layer, similarly to the Lightning Network, which makes it secure and stable. Stacks, formerly Blockstack, is an open-source and developer-friendly blockchain-based platform that allows to build smart contracts, DApps, and NFTs on Bitcoin. Read also: Ordinals brings NFTs to Bitcoin, causing a stir in the crypto space With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Stacks to reclaim its all-time high in 2023? Continue with the article to learn about Stacks price analysis and prediction by Coinpaper. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of STX. Subsequently, the chain of the unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. ĭuring the same period, there was a clear spike in the number of transactions on the Stacks network’s mempool, indicating increasing network demand per data from Stacks on Chain.This year has been a tough sail for Stacks since May 2022, when Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Chart showing the cumulative transaction growth in Stacks. Per data from Stacks on Chain, in February, with a week to go, the network has processed 3.36 million transactions, a 223% surge compared to the network’s 1.13 million transactions last month. The hype around Ordinals, a newly launched Bitcoin-based NFT project, may have also had a positive impact on the network’s overall activity as investors hunt down more exposure to the NFTs-on-Bitcoin narrative. ![]() According to Stacks, “PoX uses the proof of work cryptocurrency of an established blockchain to secure a new blockchain.” Stacks sees uptick in activityĪ likely driver behind the recent pump in STX may have been the steady growth of NFT network activity on the Stacks blockchain. In simpler terms, Stacks operates much like Ethereum with a link to the Bitcoin blockchain through proof-of-transfer (PoX) consensus. Launched in 2017, Stacks is built on top of Bitcoin, allowing developers to build and deploy smart contracts secured by the original blockchain network. The weekly gains not only handed hefty profits to short-term holders but also helped the coin regain its billion-dollar market capitalization.ĭespite the week’s positive rally, STX is still down 78% from its historical all-time high of $3.39 in December 2021. On a weekly note, STX is up a whopping 132%. ![]()
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