STX blasts over 250% higher in 30 days

$STX has seen a staggering 257% increase over the past 30 days, with a 62% increase in just the last week alone.

As of March 20, $STX, the native cryptocurrency of the Stacks blockchain network has emerged as the best performer among the top 100 cryptocurrencies and tokens by market cap.

$STX blasts over 250% higher in 30 days - 1">

$STX monthly price chart | Source: CoinMarketCap

With a current price of $1.22 and a market cap of $1.65 billion, what’s driving this surge higher?

Reasons behind the surge

It’s likely that $STX’s recent positive momentum is linked to the Stacks upgrade, which was launched on March 19.

Many blockchain networks tend to experience a rally in the days leading up to a highly anticipated network improvement or upgrade, and Stacks is no exception.

Additionally, the upgrade’s potential impact on the Bitcoin ($BTC) network may be another reason for the positive investor response.

As a smart layer network for Bitcoin’s mainnet, Stacks plays a critical role in boosting the network’s functionality. The recent upgrades made to Stacks include better staking, which rewards investors for holding a certain amount of $STX in $BTC form.

This mechanism has likely led to increased demand for $STX, with many investors accumulating the cryptocurrency in the hopes of earning bitcoin passively.

While the staking mechanism may be driving $STX’s current upside, it’s worth noting that a selloff is not uncommon as the hype around upgrade subsides. However, the fact that many holders are staking their $STX may soften the potential selloff.

$STX price prediction

In terms of price predictions, crypto data website CoinCodex has forecasted that $STX could spike up to 115% from its current levels and reach $2.64 by Mar. 25.

Similarly, algorithmic forecasting website Digital Coin predicts that $STX will continue to surge, with an average price of $2.48 this year.

It’s important to remember that price predictions are based on current market and technical sentiments, which can change quickly.