STX Brushes Off Sluggish Crypto Market As It Shoots Up By 30%

With a broader slowdown in the broader market, some altcoins continue to push forward with minimal resistance; STX is one of those, with the token up nearly 30% in the weekly timeframe. 

The market, as of the moment, is up less than a percent. This movement is minute compared to the huge swings noted in the last few months. However, Stacks’s internal growth goes against the slowing trend in the market. 

Next month is expected to be the biggest month for STX as internal developments sweep across the ecosystem. The official Stacks X account recently posted about the ecosystem’s recent wins. Most notable of these is the feature done by digital asset investment firm Frank Templeton on Stacks’s upcoming Nakamoto Upgrade. 

Another big week for the Stacks ecosystem

Congratulations to @VelarBTC @ArkadikoFinance & @StackingDao for their latest wins

Check out all the Stacks ecosystem wins in the new Stacks Snacks newsletter edition pic.twitter.com/vr6hPdTWUM

— stacks.btc (@Stacks) March 23, 2024

On Velar’s Dharma Automated Market Maker (AMM), the stSTX/aeUSDC pair has been added, giving investors more staking options on Velar’s platform. This development might’ve had an effect on the growth of StackingDAO which recently breached the $100 million mark. This means investor confidence in Stacks is gradually growing, grabbing the attention of people who are hesitant about DeFi on the Bitcoin blockchain. 

Another confidence booster for investors is the announced partnership of Xlink, Bifrost, and ALEX Labs to bridge Stacks with other blockchains outside the realm of Bitcoin DeFi. 

“Our collaboration with XLink and ALEX represents a significant step towards achieving true interoperability across blockchain networks, including that of Stacks and Bifrost. We are proud to contribute our capabilities to this partnership, unlocking new possibilities for BTC enthusiasts,” Dohyun Park, founder of the Bifrost Foundation, said in a statement on Bifrost’s official blog post about the partnership. 

These events singlehandedly helped STX gain ground against the bears in the short to medium term. But with April at the corner, can the token stand on solid ground? 

STX’s recent price movements have attracted investors with the fear of missing out on previous gains. In the short to medium term, we might see STX slow down to a halt, following the broader market trend. 

At the moment, the fresh breach on $3.28 might be able to hold any bearishness once bulls solidify their current position above this price level. If they fail to do this, however, we might see a fall towards $2.91 before the start of April.

Featured image from Pexels, chart from TradingView