The native cryptocurrency of Bitcoin-based smart contract blockchain Stacks (STX) exploded in market value this past week, following the growth in demand amid a booming NFT ecosystem.
Giving the growing traction on the network, more from its NFTs marketplace, STX soared over 57 percent to $2.30 on October 10. At the time of writing, however, STX was down trading at $1.91 on CoinMarketCap, as Bitcoin (BTC) maintained its domination over major altcoins. Currently, the Stacks token is ranked the 58th-largest digital currency with a market capitalisation of around US$2.3 billion.
LunarCRUSH had also confirmed STX as the top cryptocurrency with the highest social and market activity.
Bitcoin NFTs Ecosystem is Booming
The Bitcoin blockchain is mainly for facilitating transactions and doesn’t inherently support NFTs or smart contracts like Ethereum. While it is often criticised and downplayed for this, Stacks is looking to change the narrative.
Based on Bitcoin, Stacks is poised to enable smart contracts on the BTC network, more like a “Layer 1.5” according to founder Muneeb Ali. More NFTs are now launching on the Bitcoin network through Stacks, which contributed to the demand in STX and overall traction on the network.
Bitcoin Birds was the latest Bitcoin NFT collection launched last week by 12-year-old Abraham Finley. The collection sold out within one hour, netting about US$8,000. Prior to the Bitcoin Birds, other NFTs have been released on the Stack marketplace, including Stacks Pops, Punks, Monks, and many others. Satoshibles NFTs are also planning on debuting on Bitcoin “where they truly belong”.
The NFT market has had a wide rally in the past few months and is starting to look lulled. SynFutures, a Singaporean decentralised derivatives exchange, is set to launch an NFT platform that will enable investors to short or bet against the price movements of NFTs. As the NFT world continues to advance, Twitter plans to integrate a verification tool for NFTs used as profile pictures.
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