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Will STX Price Touch All Time High If BTC Jumps To $100k?

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Stacks protocol is the Bitcoin layer for smart contracts and Dapps allowing them to use Bitcoin as an asset and settle transactions on the Bitcoin layer. It is the leading Bitcoin layer 2 protocol which allows builders to leverage these properties and create new use cases of Bitcoin. It extends the capability of Bitcoin without changing and unlocking billions in latent capital.

Source: Stacks.co

Stacks has also unlocked Bitcoin defi with its direct connection to Bitcoin. The launch of sBTC has helped developers to unlock Bitcoin as a fully programmable asset while opening the door for Bitcoin backed Defi and NFT. Lets have a look towards the onchain data of Stacks.

Are the Users Shifting to Ethereum L2 Rather than Stacks?

Stacks protocol provides a way to hold and temporarily lock STX and get the rewards in terms of BTC. When you Stack, the earned BTC is transferred  as part of Proof of Transfer, which is Stacks unique consensus mechanism. The platform has over 346.13 Million STX stacked. One can stack STX through the exchanges or pools which pay the reward at the end of every cycle.

Source: Exlopere.hiro.so

Stacks protocol has an average blocktime of 1.0s with an average gas fee of $0.01. The average transactions on the blockchain is constant at 90k. The platform has observed a strong surge in Dapps in which ALEX and BALLOT has been getting a strong traction. Meanwhile, NFTs like MEGAPONT and BNS have been gaining a lot of volume.

Source: TVL Of STX by Defillama

Stacks has observed a decline in the TVL while the Ethereum  L2 protocol has been seeing a strong gain in TVL. The platform TVL has declined from the high of $186 Million to a low of $116 Million. 

Will STX Price Cross the $4 Threshold Soon?

Ritika_TCR on TradingView.com

Stacks has a market cap of $2.9 Billion and is ranked 41 in the crypto verse. It has a supply of 1,818,000,000 STX in which 80% of it is circulating in the market. STX price is currently trading near the value of $2 with a 1% gain intraday. The volume of STX has seen a surge of 201% in the last 24 hours.

STX price is currently forming strong bullish candles on the daily chart. It is trading below the 50 and 100 EMA which can also act as support for the price. The upside trend of STX can see a halt near $2.5. Meanwhile, the support of the price can be observed near $1.75.

The RSI of STX is at 48 with a small positive slope suggesting its presence in the neutral zone. The overall sentiment of the RSI is neutral in nature.

Conclusion

Stacks has been seeing a decline in the overall TVL while the Ethereum L2 are seeing a strong surge. The number of users and transactions on the platform has also remained constant. STX price is currently in a consolidated zone but can see a new high in the future.

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