One Bitcoin-native altcoin shot up more than 60% this week as BTC continues its ascent towards $60,000.
The altcoin is Stacks (STX), a blockchain protocol that’s bringing smart contract capability to the Bitcoin network.
A recent update from the Stacks newsletter shares that non-fungible tokens (NFTs) built on Bitcoin have been exploding in the past week and that several NFT projects had successfully launched on Stacks.
In light of Stacks’ growing NFT market, the STX token soared from its sub-$1.40 price tag to a local high of $2.43 in the past week. STX is currently down slightly from its top and trading at $2.16, according to CoinGecko.
With a market cap of $2.2 billion, the token’s ascent moved STX up to the 67th spot among top cryptocurrencies.
In July, crypto intelligence firm Messari reported that Stacks was listed as one of the more popular holdings among crypto hedge funds and venture capital firms, with nine different firms holding the crypto asset.
As for Bitcoin, the top crypto asset is still running hot and currently trading at $57,872, up 31% in October.
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Featured Image: Shutterstock/Sergey Nivens