Can Stacks (STX) Keep Riding on the Bitcoin (BTC) Wave?

• STX outperformed other assets in the top 50 except for BCH following the Grayscale announcement.
• STX hit an overbought point but still has a better performance than BTC.
• If the MFI reaches 80, then STX may plunge, and the target could be between $0.44 and $0.47.

After Grayscale’s partial win over the U.S. SEC, with regard to the Bitcoin (BTC) ETF application, the price of Stacks (STX) surged. According to CoinMarketCap, STX performed much better than other coins in the top 50, except for Bitcoin Cash (BCH).

At press time, STX’s value is $0.52— an 8.28% hike in the last seven days. Although Stacks enjoys a surge in price when Bitcoin has a positive outlook, it also has its own fundamentals backing it.

STX and BTC: One of a Kind

For the unfamiliar, Stacks is Bitcoin Layer Two (L2) for smart contracts. As an L2, Stacks enables settlement and faster transactions on the Bitcoin blockchain using the Proof-of-Transfer consensus mechanism.

Proof of Transfer regulates the interaction between two a…

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