Stacks (STX) defies market slump with 16% spike, here's why STX $STX
, the native asset of the Stacks blockchain, suddenly gained nearly 17% even though the bulk of cryptocurrencies were trading in losses.was up 16.84% in the last 24 hours to $0.8144. The crypto asset is up 18.38% in the last seven days. Its trading volume has shot up 488% in the last 24 hours as traders jumped on the recent market volatility.
According to Glassnode, Bitcoin is experiencing extremely high demand for block space, driven by BRC-20 tokens utilizing text-based inscriptions and ordinals. The growing use cases and implementations of these technologies, such as micropayments and decentralized finance, could be advantageous for the Bitcoin network. In the end, these new Bitcoin capabilities might unlock potential capital worth hundreds of billions of dollars.
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