{"id":11171,"date":"2023-02-28T06:34:42","date_gmt":"2023-02-28T05:34:42","guid":{"rendered":"https:\/\/europepublic.com\/stacks-stx-leverages-bitcoin-ordinals-hype-in-60-surge\/"},"modified":"2023-02-28T06:34:42","modified_gmt":"2023-02-28T05:34:42","slug":"stacks-stx-leverages-bitcoin-ordinals-hype-in-60-surge","status":"publish","type":"post","link":"https:\/\/europepublic.com\/stacks-stx-leverages-bitcoin-ordinals-hype-in-60-surge\/","title":{"rendered":"Stacks (STX) Leverages Bitcoin Ordinals Hype in 60% Surge"},"content":{"rendered":"
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Stacks (STX), a smart contract protocol layer focused on creating DeFi apps on Bitcoin, is stacking up crypto investment funds as investors look to play the Bitcoin Ordinals narrative.\u00a0<\/p>\n
Bitcoin NFTs, also known as Ordinals<\/a>, is the newest development in crypto, piquing investor interest. With over 200,000 Ordinals inscribed onto the Bitcoin blockchain, the innovation has effectively spiked network usage, transaction count, and block size.\u00a0<\/p>\n Interestingly, Stacks\u2019 (STX) focus on bringing DeFi to Bitcoin, has added to the Ordinals hype as investors anticipate the dawn of smart contracts on Bitcoin. The project\u2019s token continues to record massive price gains this year, picking up on last week\u2019s rally, surging by 24% in 24 hours to $0.9614 on February 27th.\u00a0<\/p>\n Stacks\u2019 STX token has been on a tremendous trajectory since Ordinals<\/a> gained popularity. The project\u2019s token is one of the market\u2019s best-performing tokens this year, even when the broader market suffers from chops and low momentum.\u00a0<\/p>\n Recently, Stacks\u2019 STX token price has skyrocketed by 60% to $0.9614 over a seven-day rolling period since 20th February, according to CoinMarketCap<\/em><\/a>. The demand for the token has significantly surged since the launch of the Ordinals<\/a> protocol on January 21st.\u00a0<\/p>\n Since January 21st, Stacks\u2019 (STX) daily trading volume has skyrocketed from $4 million to $601 million \u2013 recording a 14,925% increase. Over the same period, the token\u2019s market cap has surged from $370 million to $1.2 billion \u2013 gaining over 200%.\u00a0<\/p>\n Stacks\u2019 (STX) use of Bitcoin-compatible smart contracts has positioned it to take advantage of the hype surrounding Ordinals. According to experts<\/a>, the token could return impressive yields thanks to its association with Ordinals, but how closely are the two protocols related?\u00a0<\/p>\n