Ethereum (ETH) is scratching a new all-time high and Stacks (STX) doesn’t want to miss the party. The market update.
The announcement of the new corona virus variant Omicron had shocked the crypto and stock markets around the world. A look at the crypto market today, December 1st, shows a mixed picture. While the prices of some coins are back in the green, others are now in deep red.
The usual suspects in the crypto space seem to have taken the price shock more or less well. The mother of all cryptocurrencies, Bitcoin (BTC), recorded a neutral plus of almost 1 percent compared to the day and is thus trading at around 56,969 US dollars.
With the view of the Top 15 of the largest cryptocurrencies by market capitalization are mainly Terra (LUNA) with an increase of around 10 percent, Avalanche (AVAX) with just over 7 percent and Solana (SOL) with an increase of 7 percent compared to the day.
In contrast, Shiba Inu (SHIB) should be listed here. While the Memecoin recorded a price increase of over 30 percent overnight only yesterday, it is now in the red at around 5 percent.
If some metaverse tokens still achieved growth rates in the double-digit range, they are currently suffering some price losses. The famous gaming tokens from The Sandbox (SAND) and Decentraland (MANA) are each around 3 percent in the red.
As the star of the crypto comeback, Ethereum can be celebrated in particular. The DeFi front runner is at the time of writing a healthy plus of almost 8 percent in the last 24 hours and is currently trading at around 4,741 US dollars. This means that the coin is only 3 percent away from the all-time high three weeks ago.
Ethereum is leading the way, Stacks is imitating it
Not only does Ethereum itself have a run, but also other coins with similar functions. Stacks (STX) is currently recording a price increase of no less than 34.1 percent in the last 24 hours. The cryptocurrency thus reached a new all-time high. The coin is currently trading at $ 3.05.
Stacks has set itself the goal of enabling the functions that Ethereum brings with it on the Bitcoin blockchain. The project functions as a Layer 2 solution that is intended to make smart contracts, NFTs and staking available in the Bitcoin network.
The reasons for the sharp rise in the share price can only be guessed at. Stacks can currently enjoy great popularity when it comes to so-called city coins. These are cryptocurrencies that allow people to invest in certain cities. At the end of July this year, the Mayor of Miamis introduced such a City Coin. This enables investors to stake the tokens with the help of stacks and thus receive BTC as a reward. New York City also recently spoke out in favor of a City Coin.
In addition to some “Bitcoin-NFT” drops, the Stacks Community is also active at various events in Miami, such as Art Basel, NFT BZL and Decentral Miami. Unsurprisingly, Stacks enthusiasts are in a bullish mood.
In addition, a Twitter user asks whether the steep price increase Stacks and the news about ex-Twitter CEO Jack Dorsey was a coincidence. Stacks himself reacts neutrally to the post and does not comment on anything – except for a few eye emojis. The Bitcoin-DeFi-Coin leaves open whether these stand for “no comment” or rather for “caught”.