AUS
NZ
UK
CA
USA
IND
Highlights
- STX crypto gained momentum in the last 24 hours as it recorded an increase in its price and one-day volume.
- STX is the native token of Stacks, a decentralized network, and it is used to power the platform.
- STX crypto had clocked an all-time high of US$ 2.92 per token on April 5, 2021.
The cryptocurrency market witnessed mixed sentiments on October 13, as some cryptocurrencies were trading in the red while some were trading in green.
The world's oldest cryptocurrency, Bitcoin, declined by five per cent in the last 24 hours and was trading at US$ 54,662,64 per token.
Meanwhile, the Binance Coin, the world's third-largest cryptocurrency in terms of market capitalization, surged by 13.5 per cent, according to CoinMarketCap data.
A lesser-known cryptocurrency, Stacks (STX), gained investors' attention as its one-day volume recorded an increase of about 112 per cent, and the price surged by 9.4 per cent in the last 24 hours to US$ 2.22 apiece.
If you're a crypto enthusiast, this article will tell you more about the STX crypto:
All you need to know about Stacks
It is a platform that makes Bitcoin programmable and enables smart contracts and decentralized apps to inherit the powers of the largest cryptocurrency.
Stacks allows users to build digital assets, apps and smart contracts integrated with Bitcoin's network, security, and capital.
Also Read: Is Shiba Inu the future altcoin? Know price prediction as it nears ATH
It is an open-source platform and driver by the community. Like Bitcoin, Stacks is not controlled by a person or a company, and it is a decentralized network.
STX is the native token of the decentralized network. It is used to power the platform by processing transactions, executing smart contracts, and registering new virtual assets on the Stacks 2.0 blockchain.
Notably, the platform was initially known as Blockstack, and it got rebranded to Stacks in the fourth quarter of 2020.
© 2021 Kalkine Media Inc.
Unlike other projects based on blockchain technology, Stacks runs on the proof-of-transfer (PoX) concept, deduced from the proof-of-burn concept.
Under this protocol, existing and already mined cryptocurrencies of an existing blockchain do not get burnt.
As the project eliminates the burning of cryptocurrencies, the mined digital currencies get transferred to participants within the ecosystem.
Bottom line
In the last seven days, the price of the STX token has surged by about 64 per cent, and it seems that the cryptocurrency is in a bullish zone.
Overall, the STX token catapulted by 1315.4 per cent since the past year. On April 5, the native token had almost reached the US$ 3 per token mark by clocking an all-time high (ATH) of US$ 2.92 apiece.
Also Read: Is SafeMoon's game over & are investors wary of alleged Ponzi scheme?
The price movements indicate that STX crypto will likely remain in the bullish zone for the remainder of this year. If this happens, the cryptocurrency could breach its ATH and set a new high.
Meanwhile, it is essential to note that the cryptocurrency market is infamous for its volatility and price fluctuations may occur anytime.
