STX surges to an ATH after a significant network upgrade, explains the importance of this achievement and how it will affect cryptocurrency investing methods going forward. The native token of the Bitcoin smart contract platform, Stacks, has surged over 30% to reach an all-time high of $3.65, following the approval of a significant network upgrade.
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STX surges to an ATH after a significant network Upgrade
This price increase marks a substantial gain from an intraday low of $2.75 on March 20, with the token currently trading at $3.36. Stacks has seen a remarkable 125% increase since the beginning of the year. Stacks allows developers to create smart contracts for the Bitcoin network and gained popularity during the Ordinal Inscriptions craze in 2023.
https://coinmarketcap.com/currencies/stacks/
The surge in STX prices is attributed to the approval of a major upgrade to the Stacks protocol called Nakamoto. The Stacks Foundation announced on March 20 that the upgrade had been approved following a community and governance vote, with over 2,700 accounts voting in favor.
Nakamoto Test net
The Nakamoto test net is set to launch on March 25, with the mainnet activation expected in the last two weeks of May. The upgrade aims to enhance block times and network security, making transactions on Stacks as irreversible as Bitcoin’s.
Stacks co-founder Muneeb Ali also announced that around $200 million in BTC yields will be distributed to users this year at current levels, highlighting STX as the only digital asset with a native BTC yield.
Significant Gains in Altcoins Price
In addition to STX, other altcoins have also experienced significant gains, with Ethereum up 12% and Solana up a similar amount. Meme coins like Dogecoin and Shiba Inu have also seen notable increases, with FLOKI and PEPE experiencing substantial gains as well.
https://coinmarketcap.com/currencies/ethereum/
Conclusion
To conclude, the approval of the Nakamoto upgrade has surged the native token of the Stacks platform, STX, to new heights, reaching an all-time high of $3.65. This surge, along with the announcement of significant BTC yields for STX holders, underscores the platform’s growing importance in the cryptocurrency space. The broader market has also seen substantial gains, with other altcoins experiencing notable increases, indicating a positive trend in the cryptocurrency market.
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