Stacks $STX posted impressive gains thanks to Bitcoin Ordinals and upgrade announcements, but the goal of supporting Bitcoin NFTs on its blockchain presents some risks.
According to a CoinShare, the adoption of Ordinals will again be subject to the social acceptance of the method to inscribe additional data on the Bitcoin blockchain, which is bound to present challenges such as network congestion and increased fees.
Stacks Foundation, the team managing the blockchain, also announced a new upgrade to the protocol, Stacks 2.1, on Feb. 22, which seeks to improve the blockchain by adding EVM compatibility and synthetic Bitcoin through a secure bridge to Bitcoin. While the upgrades sound promising, there’s still insufficient blockchain activity to justify the STX price surge. Only around 1,000 unique active wallets engaged with dApps on Stacks in February. The most striking part of Stack’s usage data was that the NFT marketplace, Gamma, also failed to attract considerable users to its platform, less than 100 wallets traded daily on the marketplace.Gamma supports minting and sending Bitcoin ordinal NFTs via Stacks.
Technically, the STX/USD pair is near the top of its two year trading range at $1.02, which is a potential yellow flag for buyers. If bulls are able to overcome this level, STX can possibly take a shot at the all-time highs near $3.00. However, given that network activity doesn’t correlate to the price rise as of yet, there’s a chance of a pullback toward $0.68 and $0.24.Similarly, the STX/BTC pair is also near its all-time range of 0.
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