Stacks rose 57% in the past 24 hours to a price of $ 2.30 as the Bitcoin NFT market rebounded. So let’s read more today in our latest crypto news.
Stacks brings NFT and DeFi to the largest blockchain available, so it’s up 71% for the week, with most of the gains from yesterday. Several NFT-BTC collectibles were successfully launched on Stacks this week, and the demand for blockchain combining Bitcoin with smart contracts is skyrocketing. Stacks was up 57% on the past day to a price of $ 2.30, and explosive price volatility propelled the cryptocurrency up 13 places in the market cap rankings. With a market cap of $ 2.9 billion, it’s now 55NS according to data from Nomic’s largest cryptocurrency in the world.
The latest foray by Stacks is on Bitcoin NFT and these are quite unique in cryptocurrency as BTC doesn’t natively support smart contracts and most of the NFT market that runs on ETH supports smart contracts. The Stacks blockchain supports smart contracts, but transactions are aggregated and processed on BTC. Founder Muneeb Ali says Layer 1.5 is different from Ethereum Layer 2 solutions like Polygon and Arbitrum. Although the NFT market is new, Bitcoin NFT has been around for many years. Before ETH was born, some of the first cryptographic digital assets were minted and sold on Counterparty, a third-party BTC protocol.
There are signs that the Stack NFT market is on the rise as 12 year old Abraham Finley found a hand drawn collection of $ 8,000 worth of NFT BTC birds on the Stacks market in less than an hour has sold. Bitcoin Birds became the most traded NFT collection on stacks on Thursday, trading tokens worth 16,651 STX in one day. The StacksPunks clone, CryptoPunks, also did well, trading around 620,528 STX worth about $ 1.3 million. It is worth noting that the number of NFT starts from stacks is very modest compared to daily NFT trading on Ethereum.
In the past 24 hours, the ETH-based game Axie Infinity has traded tokens worth over $ 20 million, according to data aggregator NFT CryptoSlam, while other blockchains like Flow and Solana have won their fair share of the game. However, STX investors are excited about the prospect of more NFT-BTC and decentralized financial products, so a potential entry into the booming NFT and DeFi markets with BTC maxis is important news.
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