Stacks up 215% in 3 months, Tim Draper bullish

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

STACKS, the native token of Stacks Network, rose 27% on Dec. 20, fueled by positive comments from renowned investor Tim Draper. 

Draper, who has a history of making successful crypto investments, expressed his enthusiasm for Stacks in an interview with CoinBureau. 

He believes that Stacks has the potential to reshape the way that smart contracts are deployed and used on the Bitcoin (BTC) blockchain.

By default, Bitcoin is a transactional layer and doesn’t support smart contracts. Stacks aim to tap into Bitcoin’s decentralization and security by acting as a layer-2 network from where protocols can quickly deploy smart contracts. By “pegging-in”, it is possible to transfer STACKS between Bitcoin and Stacks without modifying the legacy blockchain.

You might also like: Stacks rallies 11% as bitcoin, solana fall

Draper’s comments come when Stacks is gaining traction, rising in tandem with the broader crypto network. Bitcoin remains firm, and bulls are targeting $50,000 and even all-time highs recorded in late November 2021 at $69,000.

In recent months, there has been a notable uptick in capital flows into Stacks. Its total value locked (TVL) is up from $7 million recorded in early 2023 to over $56 million when writing, according to DeFiLlama data. 

This growth is partly attributed to the emergence of Bitcoin inscription projects like Ordinals. Due to the rapid rise of some BTC-20 tokens, the focus has been on projects tapping into Bitcoin, lifting Stacks.

You might also like: Argentina will accept Bitcoin for contractual agreements, new minister says

Draper’s bullish sentiment towards Stacks aligns with his broader outlook on Bitcoin. 

The venture capitalist is bullish on Bitcoin and expects the coin to reach $250,000 by 2025. 

The crypto community expects the Securities and Exchange Commission (SEC) to approve several spot Bitcoin ETFs. This move could lift prices, further pumping STACKS.

Trading at around $1.33 on Dec. 22, STACKS is up 215% from September 2023 lows. The uptrend remains, and bulls might extend gains, lifting the token to 2021 highs of around $3.2.

Read more: STX rallies 42% as social activity and OI soars

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

Is $200 Within Reach For Solana Price? Here’s Why This Blockchain Firm Thinks So

Image
Like the general crypto market, the price of Solana (SOL) witnessed significant growth over the past week. According to the latest on-chain data, this might only be the beginning for SOL’s price, with several indications of further upside potential for the altcoin. What’s Behind Solana’s Recent Price Climb? In a new report, blockchain intelligence firm Santiment offered insight into the recent price of Solana. According to the analytics platform, the price of SOL has swung upward by more than 33% since the 4th of July, rewarding investors who continued to bet big on it despite the sluggish market conditions. Related Reading Crypto Market Rebounds From Lows, But Why Are Cardano Holders Suffering Losses? 19 hours ago Santiment mentioned that this positive run of form displayed by the altcoin over the past two weeks can be linked to investo
Read more

Base launches 8-week boot camp to train blockchain developers

Coinbase’s layer-2 (L2) network, Base, has launched an eight-week training course to turn traditional software developers into blockchain developers. The Base network, part of the broader Coinbase ecosystem, has announced the launch of Base Bootcamp. It is an intensive, eight -week program designed to turn traditional software developers into proficient, smart contract developers .  Introducing Base Bootcamp, an eight-week program designed to turn experienced developers into smart contract developers Base Bootcamp will make learning interactive and collaborative, with support from experienced engineers and dedicated mentorshttps://t.co/gecI1FMpzT — Base ️ (@BuildOnBase) October 20, 2023 The Base Camp program aims to bring more people into blockchain technology. The current number of on-chain developers sits at less than 30,000, while over 30 million work in software development as a whole, according to the L2 network. This initiative aims to bridge this gap and make a new ec
Read more

Bitcoin Ordinals marketplace Bioniq launches on ICP

Bioniq, a new market place for Bitcoin Ordinals, introduces a distinctive approach by operating on the Internet Computer (ICP) blockchain. The introduction of Bioniq, a Bitcoin Ordinals market place, marks a notable development in the evolving landscape of cryptocurrency. Distinctively, Bioniq operates on the Internet Computer (ICP) blockchain, a platform developed by Dfinity, rather than directly on Bitcoin. This approach positions ICP as a type of layer-2 network for Bitcoin, a significant deviation from traditional practices in this space. Hello world! We're an experienced team of Web3 developers bringing you the worlds greatest trading experience for ordinal NFTs Send, receive, inscribe, buy, sell, swap, trade, auction, offer, and collateralize all in the works Can't wait to show you what we are building — bioniq (@bioniqMarket) February 28, 2023 Bioniq claims to offer several benefits including being the “world’s fastest” market place for Bitcoin Ordinals, incorporat
Read more