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Stacks’ 135% Rally Helps It Reclaim $1B Market Cap

Stacks Network (STX) market cap reclaimed $1 billion on Feb. 22, following a weeklong rally that saw it rise by 135%, according to CryptoSlate’s data.

In Dec. 2022, STX’s market cap dropped to as low as $285 million, coinciding with when the broader crypto market was recovering from FTX’s capitulation and the record-low trading value of Bitcoin (BTC).

However, STX has surged by more than 200% in 2023 following the increased demand for non-fungible tokens (NFTs) on BTC’s blockchain network.

A Matrixport research report shared with CryptoSlate on Feb. 22 said STX could become a billion-dollar token.

The report noted the recent hype around Bitcoin NFTs and the attention it has brought to Stacks.

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