History of Stacks
Currently, we interact with the Internet using centralized services offered by the likes of Amazon, Google, and other tech companies. The founders of Blockstacks argued that tech companies like the crypto and blockchain industry should not have the power to control the Internet. Instead, it should replicate the original ideology of end-to-end connection managed by the buyers.
|Price Change 24H||+3.62%|
|Price Change 7D||-2.33%|
|Circulating Supply||1,315,749,112 STX|
|All Time High||$3.61|
|All Time Low||$0.04501|
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The idea for Blockstacks was laid in the doctoral thesis of its co-founder Muneeb Ali who completed his Ph.D. in Computer Science from Princeton University. Blockstacks has been under development for a long time, which roughly started in 2013 with another co-founder named Ryan Shea, a former software engineer. After being founded in Princeton, developers roped in some seed funding to further work on their project.
Then, a series of peer-reviewed research publications were released in 2016, which brought in even more funding and Blockstack ended up raising over $4 million between 2016 and 2017. Finally, a $50 million token sale in 2019 ICO brought this futuristic crypto to the public, allowing them to buy and hold the Stacks STX coin.
After being renamed in 2020, STX Network created a unique identity for itself and subsequently resulted in a massive spike in its valuations. Stacks raised from $0.47 to $2.90 within the first few months of 2021. After facing the heat of industry-wide profit booking, STX has once again reached close to the previous highs. Currently, STX coin and Blockstack PBC hold a huge potential in the cryptocurrency market with a bullish trend because they prove their intention and realize a decentralized internet.
As smart contracts and dapps continue to grow on Bitcoin’s network, STX token will be jumping to new heights in the coming days, with some even arguing a 100x move in a year. That being said, Stacks has considerable potential, and it cannot be denied. The idea of using Bitcoin’s privacy and security to accommodate its operations is arguably one of the very bold moves of developing an ecosystem using BTC.
What are Stacks, and What Does it Do?
Stacks is a layer one blockchain solution that addresses smart contract and decentralized applications development using the BTC cryptocurrency. Since Bitcoin has been widely used, it is one of the most secure crypto networks. In addition, it addresses the issues of privacy and security.
Stacks intends to use it for developing its smart contracts ecosystem for a decentralized Internet. Stacks intends to be the decentralized computing platform for the next generation of the Internet. Stacks can be considered the application layer of the Internet, which is currently being operated by companies like Google and Facebook.
Stacks focuses on developing a platform where privacy can be preserved with only the buyer controlling their data. Currently, stacks have tens of thousands of active users and have clocked over a million buyers in its ecosystem. In the crypto community, Stacks is growing its name. Even though it has a blockchain, it depends on the Bitcoin blockchain for security and transaction settlement. Stacks even use BTC as the reserve currency of its own native Stacks STX coin. Stacks add smart contract functionality and privacy to BTC without alternating the blockchain.
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Rebranding of Blockstack to Stacks
Since the Blockstack PBC worked on all the original protocols developed on Blockstacks, it was renamed to Stacks to separate the open-source project of Blockstacks from Blockstack PBC. Stacks had a cryptocurrency token named STX, and subsequently, its Mainnet, Stacks 2.0, was launched in January 2021.
Although this step has supported the growth and recognition of Stacks cryptocurrency, it has also become assertive of the possible future potential. While the name change didn’t impact the blockchains ecosystem or its original intention, it was instead a cosmetic change that the Blockstack developers addressed.
Overview of Stacks 2.0
Stacks 2.0 stresses the need to bring scalable transactions and generic smart contracts without modifying Bitcoin. For example, stack miners can mine STX using Bitcoin, while Stacks holders can lock their STX holdings to add liquidity and earn profits in terms of rewards.
Furthermore, to accommodate the development of intelligent contracts, Stacks have even developed their very own smart contract developing languages named Clarity. Clarity was launched in tandem with the Stacks 2.0 Mainnet launch in January 2021. This language makes it much harder to incorporate smart contract bugs while allowing developers to write logic directly on Bitcoin.
Technology Behind Stacks
Blockstack uses a unique consensus mechanism called Proof of Transfer or POX. POX has two different parties to it, miners and stackers. Miners don’t need mine tokens as in the Bitcoin ecosystem and network but commit their Bitcoin tokens to the Stacks blockchain for an opportunity to mine a block and earn the Stacks STX token.
Miners are chosen at random, which depends on the amount of BTC tokens miners staked. So the probability behind a miner being chosen to mine the next block depends on the miners’ token committed vs. all tokens committed by all the miners.
Stacks (STX) Price Analysis
Stacks token has been on the trading market since October 2019, and there hasn’t been any jaw-dropping movement so far. The Stacks STX price action has moved up only in 2021 after the renaming hit a new high of $2.90, which it is currently aiming to breach. The current price of $2.05 is close to 20x of its ICO price of $0.12. Stacks price took to the sky simultaneously with two events, the first was the name change, and another was the release of its Mainnet in January 2021. This event resulted in a bullish trend in the price for STX.
Since stacking BTC provides the opportunity to mine the token, if the stacking rewards become lucrative for miners, one can expect a rising demand for the Stacks token. Miners need to hold at least 90,000 Stacks STX tokens to participate as a speaker on the Stacks blockchain. Doing this today will cost one around a quarter million USD, considering the value of STX coin to be upwards of $2.35. Binance carries the highest transaction volume of close to 17% with STX/USDT.
Stacks STX has shown a strong tendency to outgrow the competitors, and the Stacks price action seems unmistakably similar to the Bitcoin price action in the last two years as per our technical analysis. The trend is more likely to break out of current consolidation levels, while sentiment across STX has been positive since the very launch of Stacks 2.0.
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The immediate resistance level developing around $1.586 is relatively straightforward, with high hopes of marking a breakout. Still, the shadow on the candlesticks chart indicates a strong opposition that would require a significant Stacks STX price action to become trending again. The next resistance will $1.785 and the major resistance will be $1.586.
On the monthly chart data, we notice the rejection levels close to $2.55 stories repeated in both October and November 2021 candles. Thus, it can easily be deduced that STX faces some trouble at the peak, which is replicated because of a similar price trend on BTC. $0.969 will be acting as immediate support for any profit booking on the Stacks STX cryptocurrency. The next support will be $0.772 and the major support will be $0.495.
Expert’s Opinion on the Stacks Price Prediction
Several factors apart from sentiment are instrumental in the price action of crypto. For now, Stacks is being recommended by some of the leading crypto price forecasters based on sentiment and the latest news stories. To invest in crypto without knowing the expert’s cryptocurrency projections on it would be a foolish decision whether it is a short-term investment or a long-term investment.
As per their STX price prediction, it is projected that the STX price to surpass $2.199 levels by the end of 2022 but holds a more robust stance and bullish trend by 2027 with an expectation of STX hitting $4.897. Wallet Investor
Based on STX price prediction of Priceprediction.net is promoting a much higher return, with Stacks STX breaching $8.64 levels by the end of 2026. That is, within the next five years. While their short-term price prediction for the end of 2022 stands at $1.95.Price Prediction
As per Coinskid’s STX price prediction, it has mentioned more reserved levels of $10.00 by the end of 2025 in the next four years. While the price might reach $2.34 by the end of 2022CoinsKid
Tech News Leader’s STX price prediction has indicated a strong possibility of trading $8.21 by the end of 2026. For the next year, the end of 2022, the STX price may reach $2.50. Tech News Leader
Stacks STX price forecast of ICOcreed mentions the least possibility of crossing $3.51 by 2022, while it has predicted the valuation of STX to rise above $15 by the next five years, i.e., 2026. ICO Creed
As per the STX Price predictions, investing in Stacks (STX) will be profitable as it has a bullish trend. The price of a single STX can be approximately around $2.01 by the end of 2023. Hence, investors can earn hefty money by investing at the current price levels. Digital Coin Price
STX will surely turn out to be a good portfolio addition and profitable investment for investors’ future. As per our Stacks price predictions, it is expected that the Stacks price may reach $5.921576 after a year. Gov Capital
Stacks Price Predictions: 2022-2026
The Stacks price action on the daily chart seems to have marked both a breakout and a resistance level. Currently, there is a correction phase of the coin which might increase in the short term. RSI is placed at 43.37.
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The previous year’s November was positive for Stacks price, it broke the strong resistance level of $2.55. The volumes also remained in the same range, and an increase in volumes had led to breakout movements.
Investors can have a long-term earning potential while trading STX due to its current bullish trend and our cryptocurrency projections data.
Stacks Price Prediction 2022
Stacks has gained some prominence in 2021 and has displayed its potential to implement real-life smart contacts on BTC’s ecosystem and network. There is a strong earning potential by investing in STX. For crypto that has marked a gain of 400% in 2021, it should at least offer a considerable return in 2022. Hence, a target of $1 to $2 should be realized by the end of 2022. For 2022, there is a Bullish STX price prediction.
Stacks Price Prediction 2023
Stacks hold strong potential to reflect massive returns from a long-term investment. As per the Stacks price forecast and technical analysis, the price of STX crypto is predicted to reach a minimum level of $1.71. The STX price can reach a maximum level of $2.08 with an average trading price of $1.91 in 2023.
Stacks Price Prediction 2024
STX price prediction is bullish for the long-term based on huge community and massive adoption. The maximum price of Stacks may reach $2.15 by the end of this year. The STX price is expected to hit a minimum level of $1.59 in 2024 with an average price of $1.82 throughout 2024. Hence, investing in Stacks at the current price levels will be profitable in the long term.
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Stacks Price Prediction 2025
Four years from now, during 2018, we witnessed BTC rise from a four-digit number to a five-digit number in US dollars. The reason was its storage value and incorporation of the idea of replacing fiat currencies. All these factors and economic drawdown worked wonders for the growth of BTC.
During the golden period of 2017 to 2021, BTC has climbed by more than 50 times. Considering half the growth trajectory in Stacks STX once it begins luring smart contract users from ETH and SOL networks to its stacking ecosystem. The price might reach $2.75 in the year 2025.
Stacks Price Prediction 2026 and Beyond
The price might face correction in the year 2026 with the price of $2.50 with the minimum price of $2.12 and the average price of $2.30.
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Is Stacks (STX) a good investment?
Yes, Stacks is a good investment to make some nice money. Stacks STX offers a unique advantage of mining on the largest ever cryptocurrency network of Bitcoin with smart contract-based use cases. In case smart contracts supported by the Bitcoin network expand just as Ethereum based smart contracts, we can witness substantial growth in the Stacks STX price.
To this date, STX has given decent returns and indicates a strong possibility of becoming trending crypto once again. So, till now, there is no bearish signal for the STX price prediction as per the current market status. However, do your own research based on your investment objectives.
How much will Stacks be worth in 2030?
Comparing the growth of Bitcoin and the rise of its storage value, even if Bitcoin remains at the exact value of $43,397.07 in the next nine years, Stacks STX’s future price is expected to increase at least by 20 to 80 times.
Furthermore, considering that the value of Bitcoin keeps increasing as it has in the past and grows in terms of storage value, the return possibility of STX becomes even higher. Thus, based on our price predictions and analyzing daily time frame data, one can expect STX to reach at least $5.76 by 2030.
How high can Stacks cryptocurrency go?
The 400% return Stacks has offered in just 2021 doesn’t do justice to its potential in the smart contract arena, with its prime competitors like Ethereum and Cardano delivering a whopping 3700% returns since their inception in 2016 and 2017, while Solana has delivered a rise of more than 18000%.
Such high returns strongly indicate the potential of STX if Bitcoin remains in dominance and they can take a big chunk of the smart contract markets. Ideally, STX will always be smaller than the likes of ETH and BTC, but it can indeed surpass $50 in valuation. Considering the current liquidity of the token, that would put the market capitalization of STX around $100 billion.
Where do I buy Stacks?
One can happen to buy or sell Stacks STX tokens from multiple US-based cryptocurrency exchanges. Binance US, KuCoin, Gate.io, OKEx, CoinEx, Coin DCX, WazirX, and Blockchain.com are popular destinations for STX trades. Except for OKEx, all other exchanges carry a high confidence vote of buyers. But before you purchase stacks, ensure that you take appropriate investment advice regarding the Stacks’ future price.
Will Stacks crash?
A legitimate question is that a blockchain will remain operational until buyers take advantage of its network and allow transaction validations. In this case, if most BTC holders dispose of their digital holdings of Bitcoin followed by a systematic failure of smart contracts, yes, Stacks can crash in real-time.
On the other hand, since it has shaken hands with BTC, the growth potential far exceeds the scope of failure. There is no saying of the potential impact of government restrictions for using electricity on BTC mining. However, based on our prediction, stacks price will not happen to crash in the near future.
Source link: https://www.cryptonewsz.com/forecast/stacks-price-prediction/