Summary
Bitcoin’s price is nearing its all-time high and may reach it in the near future. However, the cryptocurrency Stacks (STX) has already experienced a 400% rally since October and is just 17% away from its own price record. Stacks is a blockchain platform that supports core DeFi features and is connected to Bitcoin as a layer-2 network. Transactions on Stacks are processed by its own validators and periodically written to the Bitcoin blockchain. STX is used to pay for fees on the Stacks platform. Stacks is preparing for a major upgrade called the Nakamoto Release, which aims to speed up transactions and introduce a new bitcoin-pegged token. The growing interest in Stacks comes as network participants prepare to vote on the upgrade before the Bitcoin halving in April.
Key Points
1. Bitcoin’s price only needs to rise about 25% to retest the all-time highs set in November 2021. Stacks (STX), another cryptocurrency in Bitcoin’s orbit, may get there first after an explosive 400% rally since October.
2. STX is the native token for Bitcoin-adjacent blockchain Stacks. As of now, STX is less than 17% away from its own price record, which it hit around bitcoin’s $69,000 top. Out of 300 cryptocurrencies to reach all-time highs during the 2021 to 2022 bull market, STX is the nearest to retesting its peak.
3. Stacks is a blockchain that has been positioned as a layer-2 network for Bitcoin, aiming to support core DeFi features found in other blockchain ecosystems like Ethereum and Solana. It allows users to issue tailor-made cryptocurrencies, stablecoins, wrapped bitcoin, and NFTs. Stacks also supports a decentralized exchange and a liquid staking protocol.