Stacks (STX), the Bitcoin smart contract platform, has surged over 30% to reach its all-time high following the approval of a significant network upgrade. The token, which enables developers to write smart contracts for the Bitcoin network, saw its prices soar to $3.65 before experiencing a slight pullback.
The momentum behind STX's price surge stems from the approval of a major upgrade to the Stacks protocol known as Nakamoto. The upgrade, announced by the Stacks Foundation on March 20, received overwhelming support from the community and governance votes, with over 2,700 accounts voting in favor. Notably, more than 150 million STX tokens from nearly 400 accounts supported the upgrade.
The Nakamoto testnet is scheduled to launch on March 25, with the mainnet activation expected in the last two weeks of May. This upgrade aims to enhance block times and network security, ensuring that transactions on Stacks become as irreversible as those on Bitcoin.
Stacks co-founder Muneeb Ali revealed that around $200 million in BTC yields will be distributed to users this year at current levels. This move highlights STX as the only digital asset offering native BTC yield, promising fast, affordable BTC transactions and full-featured smart contracts on the Stacks L2.
STX is not the only altcoin experiencing significant gains today. Ethereum and Solana have both seen double-digit increases, with Ethereum surpassing $3,500 and Solana trading at $190 at the time of writing. THORChain (RUNE) also saw a notable increase of around 19% to reach $8.73.
Meme coins, including Dogecoin, Shiba Inu, FLOKI, and PEPE, have also witnessed substantial gains, with FLOKI surging by 42% in a single day.
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JinseFinanceCrypto trader Altcoin Sherpa expresses bullish sentiment on Stacks (STX), with an entry point around $1.75, anticipating significant upside. The analyst also notes an uptrend for The Sei Network (SEI), suggesting consolidation around $0.58. For Bonk (BONK), potential upward movement is anticipated, with price targets at $0.0000163 and $0.0000180ish. Altcoin Sherpa's analysis provides insights for traders in the altcoin space within the Bitcoin ecosystem.
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