Despite the broad losses in the cryptocurrency market on May 3, Stacks (STX) rose 11% in the last trading day, outperforming Bitcoin and most crypto assets.
Stacks roar
The cryptocurrency market is recovering, with some cryptocurrencies, such as bitcoin (BTC) and solana (SOL), reversing the gains.
To put it bluntly, the bitcoin price is currently down by 1.22%, holding the $28,000 demand area. Meanwhile, SOL is down 4.02% as Ethereum (ETH) is down 0.2% in the same period at the time of writing.
However, in the midst of the market downturn, Stacks (STX) is outperforming most crypto assets, adding 11% in 24 hours. This double-digit rally pushed STX price above its weekly close of $0.7166 to $0.7821382, according to CoinGecko. data.
What is Stacks (STX)?
Stacks It is the cryptocurrency of the Blockstack decentralized computing platform.
While Bitcoin and other virtual currencies primarily serve as a medium of exchange, Stacks focuses on improvements.
It aims to bring smart contracts and decentralized applications (dapp) to the Bitcoin network. Its innovative design allows developers to build dapps to take advantage of Bitcoin’s security without compromising decentralization.
The platform allows users to fully own and control their personal data through this mode.
The circulating supply of STX is 1,375,596,474, while the maximum supply will be 1,818,000,000.