Stacks (STX) Price Decreased Ahead Of Approaching Hard Fork Upgrade
Stacks (STX) has seen a significant decline in its market value, with a 14.3% loss in the past 24 hours – making it one of the biggest drops amongst the top 50 cryptocurrencies this year. According to CoinMarketCap data, it is one of the most unprofitable crypto assets of 2023.
The current downward movement in the STX market can be seen as “surprising,” due to its strong beginning this week when its price skyrocketed by 71.4% to go beyond the $1 mark. In addition, STX’s daily trading volume has dropped by 19.6%.
Despite the momentary decrease in value, the STX token’s overall price movement has been so positive that it has not caused any fear among investors. To give perspective, in the last week alone Stacks has seen an increase of 46.9%, and over the course of a month its growth is even more impressive at 201.8%.
The Stacks network has attracted much attention as it is due to undergo a hard fork upgrade in the near future. Currently, the trading value of STX is $0.9132 and its market cap stands at $1.247 billion.
The total number of STX tokens available for trading is limited to 1.818 billion, with 1.366 billion of these tokens currently being actively exchanged.
Stacks Hard Fork is Approaching
Recently, the Stacks network has garnered considerable enthusiasm in anticipation of its hard fork upgrade, which is set to take place on March 20, 2023 and be called Stacks 2.1.
Binance, the world’s leading crypto trading platform, revealed its backing of the Stacks hard fork plans earlier today, asserting that the STX trading on its website will not be impacted by the network upgrade.
The developers of the Stacks blockchain have anticipated that the 2.1 update will bring a number of thrilling new elements to the platform. They are aiming to bridge the gap between Stacks and its Bitcoin-based foundation with this hard fork.
The Stacks 2.1 launch has a variety of noteworthy characteristics, such as decentralized mining pools, enhanced network bridges, and new clarity functions for interpreting and confirming data. Furthermore, the Stacks hard fork will permit all assets native to Stacks – including non-fungible tokens – to be compatible with Bitcoin wallets.