Stacks Price Prediction As STX Becomes Top 15 Most Traded Crypto In 24 Hours – How High Can STX Go?
Stacks (STX), the cryptocurrency that powers the smart contract-enabled Bitcoin layer-2 scaling blockchain called Stacks, saw the 13th highest trading volume of all cryptocurrencies in the past 24 hours, according to data presented by CoinGecko on Tuesday.
Price predictions then remain bullish.
STX/USD last traded hands around $1.26, near its highest levels since April 2022, up around 6.4% on Tuesday, and taking weekly gains close to 10%.
Trading volumes reached a whopping $430 million, equivalent to over 25% of cryptocurrencies’ total market capitalization.
In contrast, Bitcoin’s trading volume of just over $36 billion in the last 24 hours represents only about 6.7% of its total market capitalization (of nearly $540 billion).
Stacks still pumping
Over the past 30 days, Stacks has been the top cryptocurrency in the top 100 by market capitalization, having achieved a gain of nearly 3x.
That’s significantly better than the second best performing cryptocurrency in the same time period Conflux (CFX), which is up just over 30% in the same time period.
Stacks have been pumping amid growing hype about the layer-2 protocol’s potential to facilitate the emergence of a Bitcoin-centric decentralized web3 ecosystem.
The first catalyst for increased interest in the project was the success of Ordinal’s non-fungible token protocol that brought NFTs directly to the Bitcoin blockchain.
The cryptocurrency’s gains during the year are over 500%, a staggering turnaround in the cryptocurrency’s fortunes.
Granted, that still leaves stacks 65% below the late 2021 all-time high hit above $3.0.
How high can stacks go?
A recent Forbes article citing “researchers” speculated that Stacks could become a “multi-billion dollar” cryptocurrency.
If they are right and Stacks becomes a top 20 coin with a market capitalization of over $5.0 billion, it will cause the STX price to reach at least $3.65 per token (given the current supply of approximately 1.367 billion).
That would mark further gains of over 200% from today’s level.
Price Prediction – Where are stacks (STX) headed in the near term?
A quick rally to new highs should not be ruled out in the wake of Stack’s recent impressive performance which has already seen it gain over 500% this year.
But the next leg of gains will likely have to wait until at least after Wednesday’s US Federal Reserve meeting, which is keeping traders in wait-and-see mode for now.
If the Fed appears too hawkish, this could trigger new concerns about US (and global) banking stability and new safe-haven inflows into cryptocurrencies like Bitcoin (and, given its proximity to Bitcoin, Stacks)
Meanwhile, if the Fed appears more dovish, this could pump risk assets (including cryptocurrencies like Stacks).
The risk seems to tilt towards further gains. If Stacks sees a short-term pullback to the $1.0 area, dip buyers may well be waiting.
The next bullish target is a test of the April 2022 highs in the $1.58 area and then the support-reverse-resistance area around $1.90 just above that.
Buy crypto now
Stacks (STX) Alternatives to consider
Stacks’ short-term outlook is very strong. But investors should always be looking to diversify their holdings.
A good way to do this might be to check out some high potential crypto pre-sales – historically, getting into a project at an early pre-sale stage has been the best way to generate returns in crypto.
In the list below, we have reviewed the top 15 cryptocurrencies for 2023, analyzed by Crypto news Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
