Stacks blew up 57% over the past 24 hours to a price of $2.3 just as the Bitcoin NFT market picked up so let’s read more in our latest cryptocurrency news today.
Stacks brings NFTs and DeFi to the biggest blockchain out there and as a result, it is up 71% in the week with most of the gains coming from the past day. A few BTC NFT collections enjoyed a successful launch on the Stacks this week and the demand for the blockchain that combines bitcoin with smart contracts is soaring. Stacks blew up 57% in the past day to a price of $2.3 and the explosive price movement caused the crypto to rise 13 places on the market cap rankings list. With a market cap of $2.9 billion, it is now the 55th biggest crypto in the world as per the data from Nomics.
Stacks’ latest push was into Bitcoin NFTs and these are quite unconventional in crypto since BTC Doesn’t support smart contracts natively and most of the NFT market runs on ETH which does support smart contracts. The Stacks blockchain supports smart contracts but the transactions are rolled up and settled on BTC. The founder Muneeb Ali said that Layer 1.5 is different from the Ethereum Layer 2 solutions like Polygon and Arbitrum. Although the NFT marketplace is new, Bitcoin NFTs existed for years. Before ETH came along, some of the first tokenized digital assets were minted and sold on Counterparty which is a third-party BTC protocol.
There were signs that Stack’s NFT market is rising as the 12-year old Abraham Finley sold a collection worth $8000 of hand-drawn pixelated BTC bird NFTs in less than an hour on the Stacks marketplace. Bitcoin Birds became the most transacted NFT collection on Stacks by Thursday and traded 16,651 STX worth of tokens in one day. CryptoPunks knockoff StacksPunks also did well and traded about 620,528 STX worth of tokens of about $1.3 million. It’s worth mentioning that the Stacks NFT launches are very modest compared with the NFT trading that happens on Ethereum on a daily basis.
Over the past 24 hours, ETH-based game Axie Infinity traded over $20 million worth of tokens as per the NFT data aggregator CryptoSlam while other blockchains like Flow and Solana grabbed a fair share of their NFT boom. Still, the STX investors were very excited about the prospect of more BTC NFTs and decentralized finance products so a potential foothold in the booming NFT and DeFi markets is major news for the BTC maxis out there.
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