Bitcoin-Integrated Altcoin Spikes After Earning Surprise Support From Coinbase

One altcoin that seeks to leverage the power of Bitcoin (BTC) is enjoying bullish price action after getting sudden support from Coinbase, the top crypto exchange in the US.

In a new announcement, Coinbase says trading for Stacks (STX) will begin on Wednesday, January 19th if liquidity conditions are met.

Stacks is an open-source blockchain linked to Bitcoin by its consensus mechanism which spans the two chains, called Proof of Transfer. Through this architecture, Stacks aims to leverage Bitcoin’s security and enable decentralized applications (dApps) to use Bitcoin’s state, despite being a different blockchain.

According to the Stacks website, the project aims to bring a series of novel use cases to Bitcoin traditionally reserved for other blockchains.

“The world is converging on Bitcoin as a standard, and demand for use cases around Bitcoin is increasing. There is hundreds of billions of capital locked into Bitcoin, most of it as a passive store of value. Instead of competing with Bitcoin, Stacks can provide novel use cases for holders of bitcoin, such as bitcoin-backed loans, bitcoin DeFi or using your bitcoin to trade NFTs.”

Following the announcement of the Coinbase listing, STX jumped nearly 15% from $2.19 to $2.53. STX was already in a rally earlier in the day, at one point trading below $2.00. After recording a 26% gain in a matter of hours, STX has cooled off and is currently changing hands for $2.23 at time of writing.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Dmitriy Rybin

Leave a Reply

Your email address will not be published. Required fields are marked *