Stacks Network (STX) market cap regained $1 billion on February 22nd. of crypto slate data.
In December 2022, STX’s market cap dropped to $285 million. This coincides with a time when the broader crypto market was recovering from his FTX capitulation and Bitcoin (BTC)’s record-low trading volume.
However, STX surged by more than 200% in 2023 due to increased demand for non-fungible tokens (NFTs) on BTC’s blockchain network.
Ordinals NFT could push Stacks to new highs: Matrixport
Matrixport research report shared with crypto slate On February 22, STX said it could be a $1 billion token.
This report points to the recent hype around Bitcoin NFTs and the attention it has brought to the stack.
According to Matrixport, Bitcoin NFTs will be no a new concept; however, with recent hype, “Stacks Network could be a multi-billion dollar token”.
The report highlights how the Stacks network leverages and delivers Bitcoin’s advanced security. smart contract Compatibility with leading digital asset ecosystems. He added that the L2 Network is well positioned to further develop Bitcoin DeFi.
Markus Thielen, Head of Research at Matrixport, said:
“ full potential of of stack Communication network teeth beginning To obtain It is recognized as having the potential to further accelerate the rise of the STX token. “
NFT Trading Volume Soars on Stacks Network
Meanwhile, according to the available data, transaction volumes on Stacks-based NFT marketplaces have surged over the past 30 days.
According to Daprada data, Gamma’s volume increased by more than 1000% in the last 30 days, surpassing $300,000. Another marketplace tracked by Dappradar on Stacks Megapont, he jumped 150% to about $100,000 over the same period.
Project co-founder Muneeb Ali noted that over 650,000 Bitcoin NFTs have been created on the network, with a total value of assets locked inside smart contracts already exceeding $250 million. .