Bitcoin Layer-2 Solution Stacks' Crypto Price Hits All-Time High In Bearish Market: What's Going On?

Bitcoin BTC/USD was on a downtrend at press time, but the layer 2 solution built on top of the apex cryptocurrency, Stacks STX/USD temporarily spiked in a bearish market.

What’s Moving? Stacks traded 7.2% lower at $2.13 over 24 hours. Over a week, it has fallen 3.86%.

Against BTC, it has fallen 3.67%, while against Ethereum ETH/USD it lost 2.89% over 24 hours. 

BTC traded 3.73% lower at $59,704.44 over 24 hours at press time. It has declined 11.04% for the week. 

See Also: How To Buy Stacks (STX)

Why Is It Moving? STX touched an all-time high of $3.61 on Tuesday, which was also the intra-day high. The spike in STX came as the global cryptocurrency market cap fell 1.8% to $2.61 trillion over 24 hours.

A number of key developments have taken place surrounding the Stacks project recently. 

There is increased buzz surrounding NYCCoin, which is powered by Stacks. Minting of StackPandas, non fungible token collectibles, went live. All the pandas will remain a mystery until public minting is initiated.

Meanwhile, ALEX, a decentralized finance startup raised $5.8 million to build DeFi on the apex coin, as per a CoinDesk report.

In an interview with Yahoo Finance, Stacks CEO Muneeb Ali said that he was a big supporter of Bitcoin’s “Taproot” upgrade, which took place over the weekend.

“I'm a big supporter of Taproot,” said Ali calling it “ by far the biggest upgrade to Bitcoin that has happened over the years.”

In a separate Tweet, Ali explained with the help of a hand-drawn diagram how Taproot makes Bitcoin’s limited script — Bitcoin Script — and off-chain contracts more protocol efficient.

Al’s tweet was shared on Twitter by the Stacks project on Tuesday, which pointed out that Stacks has “Fully Expressive Smart Contracts.”

In recent days, Stacks has been buoyed by non fungible tokens or NFTs. This has led to the emergence of marketplaces such as StacksArt, which offer digital art secured by Bitcoin. 

Read Next: EXCLUSIVE: Why This Company Chose To Build A Supply Chain For Human Reproductive Material Over The Bitcoin Blockchain

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