Over the past few hours, the price of Stacks (STX) has skyrocketed over 30%, reaching an all-time high of $3.65. The token has risen from an intraday low of $2.75 on March 20, but has retreated slightly and is trading at $3.36 at the time of writing. Moreover, since the beginning of this year, the asset has grown by an impressive 125%. Stacks allows developers to write smart contracts for the Bitcoin network. The impetus for the price increase was the approval of a major upgrade to the Stacks protocol called Nakamoto.
On March 20, the Stacks Foundation announced that the upgrade had been approved following an overwhelming majority of community and governance votes. Over 2,700 accounts voted for Nakamoto’s release, which is a new milestone. Nakamoto’s testnet will launch on March 25, with mainnet activation expected in the last two weeks of May, it said. The upgrade will increase block time and network security, and transactions on Stacks will become as irreversible as Bitcoin.
STX is not the only altcoin that is growing by double digits today. Ethereum price has risen 12% in the recovery, returning above $3,500, while Solana has risen by a similar amount, trading at $190 at the time of writing. THORChain (RUNE) was also up about 19% on the day to hit $8.73. FLOKI jumped by as much as 42% on the day, and PEPE by 22%. Dogecoin is trading up 20% at $0.15.
Image: CoinGecko
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