Following a notable daily price gain, market observers are watching whether new strategic developments aimed at expanding Bitcoin's capabilities will influence STX's longer-term market trend.
STX shows strong daily performance
The price of STX increased by
↗5%
in the last 24 hours on a
↗25%
surge in trading volume. This gain outperformed the average for other smart contract platforms (
↗3%
) and the broader crypto market (
↗2%
) during the same period.
A look at the longer-term trend
This daily performance contrasts with the asset's longer-term trend, which shows a
↘29%
decline over the past month and a
↘77%
drop over the year. The price is currently
↘89%
below its all-time high, and its trading activity ranks 20th out of 24 smart contract platforms.
New developments link STX to Bitcoin
Recent news highlights STX's strategy to help power a new wave of decentralized finance (DeFi) on the Bitcoin network. This includes a new integration with Wormhole
to enable the use of Stacks tokens on other blockchains.