Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend
2024年8月4日 - 3:30PM
NEWSBTC
With the hostile market environment, Stacks (STX) has continued its
downward spiral as bears mount the pressure. According to
CoinGecko, the token is down nearly 23% since last week, worsened
by the current correction phase the market has entered. The latest
market data shows that major cryptocurrencies like Bitcoin and
Ethereum have shown a drop of 10% since last week, pulling the
market downward by 2%. However, several developments might help
slow the token’s drive downward. These developments show Stacks as
the prime layer-2 for the top cryptocurrency in the market.
Related Reading: Solana Rebound: SOL To Hit $260 Despite Continuous
Dip, Analyst Says Stacks: Big News For Investors And BTC
Enthusiasts Although the market is incredibly bearish, Stacks
remain attractive for both institutional and retail investors
alike. Ever since the first step of the Nakamoto upgrade
rolled out last April 22nd, the newly introduced role of ‘Signers’,
their self-made term for validators, significantly grew in size.
According to their blog post in August 1st, 39 blockchain
institutions signed up with Stacks to be a signer. Among the
signers is Xverse, a Bitcoin wallet provider that dabbles in the
BRC-20 standard. This major onboarding will result in a larger user
base, giving Stacks a big advantage as layer 2s on the Bitcoin
blockchain attract more attention. However, the partnership
announcement made between Stacks and Aptos during the Bitcoin
Builders Conference created some buzz for the two. According to
some key takeaways, Aptos will join Stacks as a signer, bumping
their total Signer count to 40, along with the start of a working
group for better collaboration between the two organizations.
Stacks 🤝 @Aptos live on stage at the Bitcoin Builders Conference! 🟧
@AptosLabs Head of Ecosystem Neil Harounian talked to @StacksOrg
Chairperson Brittany Laughlin about forming a working group, as
well as the Aptos Foundation becoming a Signer for Stacks. Learn
more 1/3 👇 pic.twitter.com/EFTsIntD6M — stacks.btc (@Stacks) July
31, 2024 Since the start of the onboarding for Signers, about 118
BTC has been handed out to the various institutions. This amount
totals over $7 million at the current spot price for Bitcoin at
$60.7k. Investors Should Watch Out For These Levels As of
writing, STX’s current position remains occupied by the bears as
the current market environment encourages selling rather than
buying. But the bulls are mounting a string defense around the
$1.460 price floor. Related Reading: Solana Rebound: SOL To
Hit $260 Despite Continuous Dip, Analyst Says This is huge for
investors bullish on STX as it gives the bulls strong support for a
possible movement upward. However, the possibility of a bullish
breakthrough remains uncertain. The market’s current downward trend
is supported by the fact that the major cryptocurrencies are still
bearish in the short to medium-term. If the bulls can defend
the $1.460 line, we can expect lesser volatility within the market
compared with today’s movements. If they’re successful, retaking
the May-June price levels will be easy. Investors and traders
should keep their eyes open for any market movement in favor of the
bulls. Featured image from Boxmining, chart from TradingView
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