Stacks (STX) is currently leading the charge against the bears, with an impressive 10% gain in the last 24 hours amid heightened market volatility.
Stacks is a blockchain protocol that leverages bitcoin’s security and state through the innovative proof-of-transfer (PoX) consensus mechanism. With this integration, Stacks seeks to enable smart contract capabilities on the bitcoin network and bolster scalability.
Per data from price-tracking platform CoinMarketCap (CMC), STX, its native token, has been the biggest gainer among the top 100 assets by market capitalization in the past 24 hours. With a 9.21% surge, STX has outperformed bitcoin (BTC) over seven times within this timeframe.
This price gain persists despite a noticeable drop from the local top observed in March.
The asset’s impressive price gains have come up when most crypto assets face declines. Notably, up to five risk assets on the top 10 list have shed their values in the last 24 hours. The remaining three post modest gains, including BTC and ethereum (ETH).
STX’s latest rally started on June 15, following a drop to $0.47. The asset recovered, surging by a massive 25% to a high of $0.59 on June 15. Stacks faced opposition at this price point, serving as an impediment to further increases.
This opposition resulted in intermittent declines, as the asset lost some gains from the two-day rally. However, a subsequent rally picked up on June 19 and has since been sustained. STX soared to a high of $0.639 earlier today – a price it had not attained for nearly two weeks. The asset is currently trading for $0.6254 at the time of writing.
Stacks’ history of solo runs
Interestingly, stacks has a history of embarking on solo runs, especially during periods of market-wide downturn. Last month, the asset skyrocketed by 11% within 24 hours, while assets such as BTC observed declines.
On May 8, STX staged another solo run, rallying up to 16% when the market was down. The asset clinched a $0.8144 price through this surge, with a noticeable 488% increase in its 24-hour trade volume.
Amid the latest solo run, Muneeb Ali, Stacks’ co-founder, emphasized the importance of layer-2 solutions such as Stacks to bitcoin adoption. According to Muneeb, these L2 protocols will provide enough support for bitcoin on its journey to global adoption.
