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Therefore, I believe that the coin has more downside to go unless it moves above the two moving averages. Most importantly, Stacks’ 50-day and 100-day moving averages have made a bearish crossover. On the daily chart, we see that the coin retested the upper side of the descending channel shown in orange. The other reason why STX price has jumped is that this could be a dead cat bounce, which happens after an asset dips sharply. The agency highlighted some of the tokens that it sees as being securities. While Stacks has no association with Ordinals, its success means that more developers could move to its ecosystem soon.įurther, STX price rose because Bitcoin seems safe in the ongoing war on exchanges like Coinbase and Binance.

Sales soared to over $195 million in May from the previous $33.2 million. Data by TokenTerminal shows that Bitcoin fee revenue in the past 30 days came in at over $102.7 million, making it the second most profitable network in the industry.Īdditional data by CryptoSlam shows that the total Ordinals sales jumped to a record high in May. The other reason is that Bitcoin’s ecosystem is growing, helped by Ordinals, the popular NFT platform.

Bitcoin has risen by over 3% in the past 24 hours while other altcoins like Terra Classic and Pepe have jumped by double digits in the same period. A likely reason is that this rally in sync with that of other coins. It is unclear why Stacks price has jumped sharply in the past 24 hours. In the past few months, the network has distributed over 2000 BTCs to stakers. According to its website, the network has over $901 million locked in its staking ecosystem. Stacks is a unique blockchain that creates a layer where developers can create applications for the Bitcoin ecosystem. In all, it has jumped by over 22% from the lowest level on Tuesday. STX has jumped by more than 15% in the past 24 hours. Stacks price has staged a strong comeback in the past two days even as concerns about regulations in the US continued.

This rebound could be part of a dead cat bounce. The coin jumped because of its close relationship with Bitcoin. Stacks crypto price jumped to the upper side of the descending channel.

Stacks coin price chart