Stacks is a cryptocurrency that aims to bring smart contracts and decentralized applications (dApps) to the Bitcoin network. It does this by creating a new layer on top of the Bitcoin blockchain, called the Stacks blockchain. The STX token is the native cryptocurrency of the Stacks blockchain and is used for gas fees, staking, and governance.
Recent Price Performance
In the past 24 hours, the price of STX has increased by 3.81% to $1.52. This is in contrast to its negative trend over the past week, where it has lost 2.0%.
Bollinger Bands
Bollinger Bands are a technical analysis tool that measures the volatility of a security’s price. The wider the bands, the more volatile the security. As you can see in the chart below, the Bollinger Bands for STX have narrowed in the past 24 hours, indicating that its price is becoming less volatile.
Trading Volume and Circulating Supply
The trading volume for STX has decreased by 36.0% over the past week. This is in contrast to the circulating supply of STX, which has increased by 0.31% to 1.44 billion tokens. This means that more people are holding STX and not selling it.
Market Cap and Ranking
The market cap of STX is currently $2.18 billion, which makes it the 43rd largest cryptocurrency in the world.
FAQs
- What is a cryptocurrency? A cryptocurrency is a digital or virtual currency that uses cryptography for security. Cryptocurrencies are decentralized, meaning that they are not controlled by any central authority such as a bank or government.
- What is a blockchain? A blockchain is a distributed database that is used to maintain a continuously growing list of records, called blocks. Each block contains a timestamp, a transaction record, and a reference to the previous block. Once a block is added to the blockchain, it cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
- What is the difference between a cryptocurrency and a token? A cryptocurrency is a digital or virtual currency that uses cryptography for security. A token is a digital asset that represents something else, such as a share in a company or a loyalty point.
- What is gas? Gas is a fee that is paid to miners for processing transactions on a blockchain. The higher the gas fee, the faster the transaction will be processed.
- What is staking? Staking is a way to earn rewards by holding a certain amount of cryptocurrency in your wallet. The more cryptocurrency you stake, the more rewards you will earn.
- What is governance? Governance is the process of making decisions about the future of a cryptocurrency. STX holders can vote on proposals to change the Stacks blockchain or the STX token.
Additional Information
The Stacks project was founded in 2017 by Muneeb Ali and Ryan Shea. The Stacks blockchain was launched in 2021. Stacks is backed by a number of venture capital firms, including Andreessen Horowitz and Y Combinator.
Disclaimer
Investing in cryptocurrencies is risky. Always do your own research before investing in any cryptocurrency.
This article was written by BITboosters. All rights reserved.