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While the general marketing sentiment about cryptocurrencies is currently bearish, there are some bullish price actions that are giving people home. One of them is Stacks Price. STX, the native cryptocurrency of Stacks, a layer-1 blockchain solution that aims to bring dApps and smart contracts to Bitcoin, recently rose by 15% before quickly retracing to its previous levels. Does it mean that it is time to buy?
Why Stacks Rose Suddenly?
Stacks is a crypto asset that has mostly been moving under the radar. Since this token’s value hasn’t been optimal since the beginning of this year, most are not too bullish about this asset, as evident by its small $311 million market capitalization.
However, the token’s value took a turn in a positive direction yesterday as the price rose parabolically by 15%. The intraday chart shows that around 2:00 pm, the STX price formed a massive green candle. Another green followed quickly after. What were the reasons behind this sudden interest?
One of the main reasons we could find was Twitter space. A live conversation took place about becoming a Web 3 entrepreneur and scaling a startup. Over 308 people tuned in. Considering how novel the concept of Twitter space is, having upwards of 100 people tuning in is great.
https://t.co/s8UG0L8TXp
— stacks.btc (@Stacks) November 16, 2022
Stacks developers specifically focused on building a web3 startup. The event also introduced new programs set up by Stacks to help entrepreneurs reach their goals.
#Stacks entities are scaling 🚀
💼 40 companies on #Stacks looking to hire
📂 100 jobs available
🙋♀️ 200 talents looking for #Stacks jobs📢 Look for available #Stacks ecosystem jobs and join the talent pool now 👇https://t.co/REGVuudV1m
— stacks.btc (@Stacks) November 12, 2022
Another reason is the Tweet about entities on Stacks scaling their businesses and now looking for hires. Employment opportunities during a time when social media websites and large business conglomerates are firing employees left and right might have breathed flame to the bullish ambers to push STX’s value so high.
The third and most obvious reason is Bitcoin’s price action. The world’s leading crypto rebounded from $16.3k the same day and created consecutive green candles. This limited bullish movement might have fueled that momentary uptick in Stack’s value.
What is Stacks, and Why are Its benefits?
Stacks is a unique blockchain project. It enables novel concepts such as NFTs, DeFi, apps, and smart contracts on Bitcoin. By using Bitcoin as a base layer, this layer-1 blockchain solution aims to create the most secure platform for building decentralized applications.
Additionally, Stacks offers a new way for users to earn BTC, known as stacking. Instead of mining Bitcoin, users can temporarily hold STX (ticker symbol of Stacks) and earn Bitcoin. These features that focus on bringing Bitcoin to an age where it could be more than just a tradable asset make Stacks a worthy investment.
NFTs on Bitcoin
NFTs are created on the Stacks network using Clarity smart contracts. Bitcoin’s network is used to secure the NFTs that can be put on the marketplaces using lightning and bitcoin payment methods. The original guard of cryptocurrencies still believes in Bitcoin, and having NFTs in Bitcoin’s space is something they can get behind.
BitCoin DeFi
With over $1 trillion market capitalization (which has reduced to a little over 300 billion in response to the bear market), Bitcoin remains largely untapped by decentralized finance.
Stacks uses smart contracts to enable Bitcoin’s DeFi. Decentralized finance over a network as secure as Bitcoin can ensure a better economy for every participant.
BNS
The Blockchain Naming system binds Stacks usernames to an off-chain state without depending on centralized control. According to the official website, the names are globally unique, humanly meaningful, and strongly owned – and true ownership is the essence of decentralized space that crypto enthusiasts have historically rallied behind.
A Novel Consensus Mechanism
Bitcoin utilizes a novel Blockchain transfer mechanism known as Proof of Transfer that connects Stacks and the Bitcoin blockchain. It allows web three builders to tap into the power of the Bitcoin blockchain without altering anything within that blockchain.
Should you Consider Investing in Stacks Right Now?
The price signals for Stacks currently point to “buy.” However, the current retrace shows massive volatility. That said, at the time of writing, the STX price stands at $0.2328, which makes it a good penny crypto to buy right now.
That said if you want to earn profits safely, select presale cryptos. Moving in on these investments in the early stages will allow you to make gains from the price increase due to later presale stages. Dash 2 Trade is one example. This crypto asset powers a unique crypto intel platform that by itself carries a lot of weight as a long-term investment. Check out the official website today to participate.
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