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Bitcoin (
$61,419.00 ) layer2 (L2) network Stacks (STX) neared $1 during the last 24 hours after it rose by 27% to $0.95 as of press time, according to CryptoSlate’s data.
The L2 token has enjoyed renewed interest from community members following the increased demand for non-fungible tokens (NFTs) on BTC’s blockchain network.
Matrixport’s head of research Markus Thielen said the Bitcoin ( $61,419.00 ) NFTs hype could help push the valuation of STX into a multi-billion dollar token.
In the last seven days, STX has been one of the best-performing digital assets, rising by more than 50%, according to CryptoSlate’s data. The token’s market cap also regained the $1 billion mark.
Stacks plan upgrade
Meanwhile, the Stacks Network is scheduled for an upgrade on March 20. According to a Feb. 22 statement, the Stacks 2.1 upgrade will strengthen the connection between the network and Bitcoin ( $61,419.00 ) .
The upgrade would enable more efficient BTC yield via stacking and lay the groundwork for Subnets, bringing additional speed and scalability to the network.
The project’s co-founder Muneeb Ali said the upgrade would be activated at Bitcoin ( $61,419.00 ) block 781,551. He added that the forthcoming upgrade shouldn’t be confused with the Nakamoto release — a major upgrade proposed for later this year.
Crypto investment fund apes in
Meanwhile, Hal Press, the founder of crypto investment fund North Rock Digital, said his fund had taken a long-term position in STX.
The crypto investment fund also published an investment thesis on the token, highlighting its relationship with Bitcoin ( $61,419.00 ) , its growing focus on DeFi, and other developments.
According to Press, STX offers the best way to get exposure to the Bitcoin ( $61,419.00 ) halving event expected to happen next year. Press added:
“We believe there is a massive and relatively untapped market opportunity, huge cultural inflection point in the community (sparked by ordinals) and transformative Stacks upgrade coming later this year.”
Posted In: Analysis, Tokens
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