Stacks (CRYPTO: STX), a Bitcoin (CRYPTO: BTC) Layer-2 token, has witnessed a significant spike over the last week, joining some of the market’s biggest gainers.
What happened: STX soared over 25% to become the third-most successful cryptocurrency in the last seven days. The gains widened after an 8% uptick on Monday.
STX’s trading volume soared 82% to $214.47 million in the last 24 hours, implying significant buying pressure.
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The STX rally followed Bitcoin’s second straight day of gains, which was breaking out of weeks of range-bound price action. In the last week, Bitcoin gained 3%.
STX is the native coin of Stacks, a layer-2 solution that helps the development of decentralized applications on the Bitcoin blockchain. Put simply, it helps unlock Bitcoin’s DeFi use cases. Some refer to it as “Bitcoin sidekick.”
Additionally, stablecoin supply on STX reportedly jumped 300% in the first quarter, higher than Solana (CRYPTO: SOL) and the third-highest among all blockchains.
Widely followed cryptocurrency influencer Scott Melker, aka The Wolf Of All Streets, spotted a “big buy” signal for STX on the daily chart, adding that volumes have hit levels last seen in February.
Photo Courtesy: Mihai_Andritoiu on Shutterstock.com
Price Action: At the time of writing, STX traded at $0.7535, up 8.50% in the last 24 hours, according to data from Benzinga Pro.
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