How Bitcoin Ordinals boost fueled the stacks [STX] price
- The STX price remained in the bullish region since the Bitcoin Ordinals hype.
- Bitcoin taproot exploitation increased as Stacks develops hyperchain.
The value of Stacks [STX]a token related to Bitcoin [BTC] ordinals NFT, rose 27.40%, according to data from CoinMarketCap.
This was in contrast to the sentiment shown by the broader crypto market, which was largely in the red.
For context, Stack adds more functionality to Bitcoin by bringing smart contracts and decentralized applications (dApps) to the original Bitcoin blockchain. Since this was the case, it was completely unavoidable not to connect the Bitcoin Ordinals’ rise to the STX gains.
How many are 1,10,100 STX worth today?
Have taken the regular trip since…
Information from the price tracking platform showed that the STX rally did not start recently. At press time, the token had been increases monumentally since January and has piled up over 200%.
Ordinals, during its massive adoption and hype in January, enabled NFTs to be stored, bought and sold on the Bitcoin blockchain. So how have Inscription Ordinals performed in recent days?
In accordance Dune Analytics, storage of the NFT collection has been increased. On February 26, the cumulative storage was 3.48 GigaBytes (GB) – this was the highest collection in over seven days. However, there was a noticeable decrease in the same activity the following day.
But on the Bitcoin taproot share, Dune revealed that Ordinals reached as high as 9.25%. While the taproot makes transactions on the network easier and faster, it also opens doors to eliminate intermediaries via smart contracts.
Source: Dune Analytics
So the hike means more transactions adopted smart contracts on the Bitcoin blockchain. In addition, the STX market cap has been able to break the $1 billion mark while maintaining its stance. But can the STX token sustain its monthly performance?
STX: Outpace Bitcoin for how long?
According to Bollinger Bands (BB), STX volatility was extreme. Moreso, the token price touched the upper band and also crossed it at press time. The position suggested that STX was overbought and could be at risk of a reversal.
However, indications from the Awesome Oscillator (AO) indicated that the token remained solidly bullish. Therefore, there is a chance to maintain the greens despite the state of volatility.
Source: TradingView
Realistic or not, here it is STX’s market value in BTC terms
Interestingly, Stacks had been actively involved in developing hyperchain on the Bitcoin Layer-two (L2) network. Also, Chris Burniske, who previously led crypto investments at ARKInvest, appeared to have predicted the Ordinals-STX shift. On February 26, he said:
“Ordinals has catalyzed a cultural shift in Bitcoin that will work to STX’s advantage. For those who want more programmable uses of BTC, applications built on top of Stacks will provide what they seek.”
