- STX (STX) price has surged 16% in the past 24 hours, hitting levels last seen in March.
- The Bitcoin layer for smart contracts has seen a significant surge in inscriptions, with a single block recording over 10,000 transactions.
Smart contract support Stacks (STX), a layer 2 network that aims to unlock the Bitcoin economy, has surged more than 16% in the past 24 hours.
The price of the stack rose to $1.19 across major exchanges, according to market data from CoinGecko. STX’s market capitalization has risen to over $1.7 billion, and the last time STX traded at this level was in March of this year.
As observed in the cryptocurrency market today, Stacks’ price surge has ignored the widespread losses experienced across altcoins, with Bitcoin (BTC) also hovering near $41,000.
STX price soars due to Inscription craze
The past few weeks have seen a new craze with metadata embedded in inscriptions, or satoshis, the smallest unit of Bitcoin. The popularity of these engraved texts, images, and other metadata (NFTs in Bitcoin) has skyrocketed with the surge in BTC prices.
Stacks saw a huge surge in transactions in 24 hours on Sunday and early Monday morning, with a single block recording over 10,000 transactions. On-chain data shows that block 132,377 of L2 reached 10,371 transactions. This is the highest number of transactions in a single Stacks block.
Muneeb Ali, co-founder of Stacks, pointed out that excessive mining of Bitcoin degens has resulted in blocks with 8 to 10 times more transactions.
GM to the Bitcoin diggers who made a huge investment in Stacks L2 yesterday.
It was great to see blocks with 8 to 10 times more transactions. Massive throughput improvements are coming with the Nakamoto release and WASM.
— muneeb.btc (@muneeb) December 18, 2023
In addition to smart contracts, NFT capabilities, and DeFi opportunities, Stacks’ L2 solutions can speed up transactions and reduce fees.