- STX recently became the biggest gainer after climbing over 90%.
- A look at stacking is one of the possible reasons for the strong demand.
A lot The year is currently going through one of its most important weeks so far. This is courtesy of their mainnet update, but the hype around that update is evident from STX Strong Price Action.
STX turned out to be the best performer on the list of the top 50 cryptocurrencies and tokens by market capitalization.
The most recent data showed that it was up nearly 96% from its price of $1.06 at press time. Most of those gains occurred during the week and the coin continued on the same bullish trajectory on Friday. At press time, it had gained around 17% in the last 24 hours.
STX’s latest rally resulted in a retest of its previous highs, meaning resistance-induced selling is likely.
Also, at the time of writing, the price was almost in the overbought zone.
On the other hand, STX’s social dominance reached a new weekly high in the last 24 hours. This may indicate a rise in enthusiasm associated with your latest rally.
Reasons behind STX’s strong bullish performance
STX bulls responded positively to Sunday’s stack update.
Many blockchain networks often experience payback days before highly anticipated network upgrades or upgrades. Things are not much different for the stack, but the effect of the update Bitcoin The network may be the reason for the positive reaction from investors.
1/ 🧵What you need to know about the thread @pilas 2.1 Update$stx It’s one of the two biggest updates to the mainnet in less than a few days. The target activation bitcoin block height is 781,551, which promises to strengthen your connection to bitcoin. Current ETA is Sunday 🔥 pic.twitter.com/wzAsOPVmsV
— Ryder (@Ryder_ID) March 16, 2023
Stack acts as smart layer network bitcoin mainnetChanges made to the stack as part of the update will reportedly boost the network.
One of the key aspects of the update is that the network will offer better participation. The latter offers a reward for having a certain amount of STX, only in this case, the reward will be in the form of BTC.
how much is 1,10,100 stx ok today?
The participation mechanism could be the reason for the increase in demand for STX this week. Many investors are stockpiling STX hoping for a chance to earn bitcoins passively.
While this is probably one of the biggest influences behind STX’s latest move higher, it’s common to see selloffs close to a scheduled upgrade. The fact that many holders are stockpiling their STX could soften the potential sell-off.
