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Stacks (STX) is among the weekly gainers as top coins prices, like Bitcoin and Ethereum, surrender to the ongoing onslaught in the crypto market. Currently, only a few are sustaining their weekly and monthly gains.
As for STX, the token has recorded over 160% in two weeks and above 203.3% over the past 30 days. Above all, STX is among the coins that fought to hold their gains during the past days of sporadic declines across the crypto space.
Stacks (STX) Beating The Odds; Here’s Why?
As a Smart Contract platform, Stacks seeks to leverage Bitcoin’s robust security and stability to support decentralized applications. It uses its Stacks token (STX) to fuel Smart Contract executions, process transactions, and register new digital assets on the Stacks 2.0 blockchain.
The STX token leverages the Stacks blockchain’s unique features, including the proof-of-transfer (PoX), to scale its popularity. Its holders can pay in BTC to mint new tokens through the proof-of-transfer consensus mechanism.
Integrating Web3 on Bitcoin has allowed the Stack network to evolve beyond the possibilities of the blockchain, introducing more lending, borrowing, staking, and various Web3 activities. It is more of a mutual association, where Bitcoin enjoys more users through Stacks, while the Web3 and DeFi smart contracts leverage Bitcoin’s security and stability.
The need for security and stability has increased even more with the recent spree of hacks and scams in the DeFi and Web3 ecosystems. Stacks is likely getting more users who want to leverage Bitcoin’s security, thereby boosting the STX token’s price.
The Stacks Foundation’s recent announcement supports the above assumption. The March 3 announcement revealed that Stacks recorded a tremendous achievement over the last weeks. The Stacks blockchain deployed over 40,000 Smart Contracts and over 50,000 non-zero Stacks Addresses, while STX transfers reached 8 billion.
The Crypto Market In Red As Top Coins Surrender Past Gains
According to on-chain data, the broader cryptocurrency market has recorded massive losses over the past weeks. The bearish sentiment has weighed heavily on the cryptocurrency market. It’s even more severe today, with most coins losing virtually all their past-weeks and months gains.
For example, data from Coingecko shows that Bitcoin recorded parallel losses over the past few days. The number one crypto has lost its 30-day, 14-day, and 7-day gains, with a 4.5% 24-hour price decline.
But despite the massive onslaught, STX recorded over 200% price gain over the last month. The Stacks token saw an over 160% rally within two weeks, while its price has increased by nearly 3% in a week. However, at the time of writing, STX is trading at $0.8254, with an 8.90% 24-hour price decline.
With its nearly 9.47% 7-day price increase, STX is outperforming the global crypto market, which saw a 2.705% decline over the past seven days. In addition, STX has outpaced similar Smart Contract platforms‘ cryptocurrencies, which are collectively down by 6.60%.