Stacks rallies 11% as bitcoin, solana fall
Despite widespread losses in the cryptocurrency market on May 3, stacks (STX) is up 11% on the last trading day, outperforming bitcoin and most crypto assets.
The cryptocurrency market is retracing, with some top coins, such as bitcoin (BTC) and solana (SOL), reversing gains.
To illustrate, BTC is currently down 1.22%, holding the demand zone at $28,000. Meanwhile, SOL fell 4.02% as ethereum (ETH) dropped 0.2% in the same period at the time of writing.
However, amidst the market’s decline, stacks (STX) is outperforming most crypto assets, adding 11% in 24 hours. This double-digit surge has pushed STX price above its weekly close of $0.7166 to $0.7821382, according to CoinGecko data.
What is stacks (STX)?
Stacks is the cryptocurrency of the decentralized computing platform Blockstack.
While bitcoin and other virtual currencies serve primarily as a medium of exchange, Stacks is focused on enhancements.
It aims to bring smart contracts and decentralized applications (dapp) to the Bitcoin network. Its innovative design enables developers to build dapps leveraging Bitcoin’s security without compromising decentralization.
The platform allows users to fully own and control their personal data through this style.
The circulating supply of STX is 1,375,596,474, while the maximum supply will be 1,818,000,000.