Jamie McNeill
Casey Rodarmor was a Bitcoin core developer who recently launched his project Ordinals, which triggered a wave of interest in NFTs on Bitcoin.
Amongst the Bitcoin community, this has been a controversial topic, since NFTs take up a lot of block space which can mean that transaction fees could rise significantly higher, and make Bitcoin’s layer one less accessible.
Stacks (STX) is gaining a wave of popularity on Bitcoin’s NFT fever
Stacks is a “companion chain” to Bitcoin, that helps to make smart contracts possible in a manner that is somewhat interoperable with Bitcoin’s main chain, and the recent NFT hype has driven a renewed interest in projects that add to Bitcoin’s functionality.
Ordinals have catalyzed a cultural shift in #Bitcoin that will work to $STX's benefit. For those that want more programmable uses of $BTC, applications built on top of @stacks will provide what they seek. https://t.co/icPTUGrMFQ
— Chris Burniske (@cburniske) February 26, 2023
One of the great aspects of Stacks that makes it unique as a smart contract platform is that it allows Bitcoiners to make use of smart contracts whilst still inheriting many of the same security guarantees that Bitcoin provides.
Where is the STX price headed from here?
There are many analysts who believe that the STX price has significant room to grow from here, particularly when one considers that it has a fully diluted market cap of around just $1.5 billion.
When compared with many leading Turing complete blockchains, STX is undervalued. However, it is worth noting that there currently isn’t a thriving dApp ecosystem on the platform, especially when compared with EVM-compatible alternatives of similar sizes.
Since the start of the month, the price of STX has risen by almost 4x. Bullish momentum has returned to some aspects of the market, and STX has been one of the greatest performers over the course of the last few weeks.
As the bull market comes back into full swing, it could well be the case that STX continues to thrive moving forwards, and may be a brilliant way to capitalise on the next run.
Relevant news:
- Stacks Price Prediction – STX Jumps 30% on Ordinals Frenzy Boost, Can it 10x to $10?
- Our Cryptocurrency Guides
- How to Buy Bitcoin – Beginner’s Guide
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This article was written for Business 2 Community by Jamie McNeill.
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