Today in Markets

Fat Stacks

The STX coin keeps ripping on Bitcoin's climb.
Feb 14, 20241 min read

Bitcoin L2 Stacks (STX) has ripped nearly 50% this month to set a new cycle high! What catalysts are propelling its rise?

As a Bitcoin beta play, STX has benefitted from positive spot BTC ETF developments, with outflows from these instruments peaking on January 22, a date that marks the bottom for both BTC and STX.

The two tokens gained steam into the end of January as ETF outflows tapered and have exploded since February 5 as inflows began to accelerate.

Source: TradingView

Further bolstering STX price is the impending Nakamoto upgrade, which developers aim to deploy to mainnet around the same time as the halving in mid-April of this year!

Nakamoto will remove Stack’s limitations of Bitcoin’s block times on settlement – reducing its block times from many minutes to a few seconds, and implements sBTC, which creates a trustless two-way BTC peg system that is natively integrated with Stacks's consensus.

User activity has exploded on Stacks, even in its primitive pre-Nakamoto state, and STX looks primed for continuation into the year should users flow onto the chain when Stacks upgrades itself into a competitive alternative to the Ethereum L2s.


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