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The native token of the Bitcoin smart contract platform, Stacks (STX), surged by over 30% to reach $3.65, driven by approval for a significant network upgrade named Nakamoto. The upgrade promises enhanced block times and improved security, with the testnet scheduled for March 25 and mainnet activation by May’s end.
Stacks (STX) is the only digital asset with a native BTC yield.
— muneeb.btc (@muneeb) March 20, 2024
Approx $200M in BTC yield will go out to users this year, at current levels.
As network usage grows & more users pay gas fees, the BTC yield increases.
BTC economy grows, BTC yield grows—a positive economic loop.
Overwhelming community support saw two thousand seven hundred accounts endorsing the Nakamoto upgrade, with 150 million STX tokens backing it. Meanwhile, excitement mounts over Stacks co-founder Muneeb Ali’s announcement of distributing two hundred million dollars in Bitcoin yields to users this year, making Stacks the only digital asset offering native Bitcoin yield.
The surge in STX prices underscores Stacks’ growing momentum and its potential to reshape the crypto landscape. With Nakamoto’s approval and the promise of lucrative BTC yield rewards, Stacks is poised for further growth and innovation.
Key STX Levels to watch
This week, Stacks has demonstrated a notable bullish breakout, surpassing the range that had been established since February 15th. This development appears to mark the continuation of the impulsive phase within the market. Notably, Stacks has consistently exhibited a discernible market structure characterized by periods of impulse followed by corrective phases, particularly since its emergence from a prolonged accumulation phase extending from August to October.
The current price action suggests a resumption of bullish momentum, with expectations leaning towards a rally towards the next institutional price target of $4.00 for crypto signals.
STKUSD Critical Levels
Demand Levels: $2.380, $1.240, $0.580
Supply Levels: $4.00, $5.00, $6.00
STX Metrics
Total Market Cap: $2.58T
STX Market Cap: $4.85B
STX Volume (24h):$581.4M
Rank: 25
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