Altcoin Built to Boost Bitcoin Explodes as Veteran Crypto Investor Says Overlooked Opportunities Await
A Bitcoin-focused crypto-asset is in the midst of a sharp price jump as the overall digital asset markets continue to turn green.
Stacks (STX) is a layer-1 blockchain that aims to increase the utility of Bitcoin (BTC) by enabling smart contracts, decentralized finance (DeFi) activity, non-fungible tokens (NFT) and other applications of the flagship cryptocurrency.
Early Sunday, Chris Burniske, to be exact called the bottom of the crypto market in November, so that while Ethereum (ETH) has huge amount of layer-2 projects on it, Bitcoin has so far only two major projects.
He names Stacks and Lightning, Bitcoin’s most popular payment side chain network.
“Lots of highly valued L2 competition on Ethereum, while Bitcoin really only has stacks and lightning in the overall L2 race (so far).”
Hours later, Stacks’ native token STX exploded roughly 110% in less than a day, going from $0.35 to $0.77.
Burniske soon acknowledged the rally, saying his firm held STX as an investment.
“Repricing of overlooked opportunities is happening fast in crypto… And yes, we have STX.”
At the time of writing, STX has corrected to the $0.57 range, currently with a market cap of $781 million.
Burniske, a partner at venture capital firm Placeholder and former ARK Invest executive, previously called for multiple narratives to drive the next crypto bull market.
The crypto veteran said,
“Obvious hype themes in the next expansion:
1) bridge building and multi-chain services
2) AI meets blockchain
3) app chains and sector chains”
Burniske also mentioned data availability layers or systems that store and provide consensus on the availability of data on a blockchain.
The former ARK Invest analyst clarified what he means by a “hype theme.”
“Given how some are reacting, I should clarify that a ‘hype topic’ is a topic experiencing its first major cycle in the spotlight. It will have some very real protocols pursuing the opportunity, as well as many other ‘grifter protocols’ slipstreaming the topic .”
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Featured Image: Shutterstock/Andy Chipus/sdecoret
