The demand for Stacks, a blockchain that combines Bitcoin with smart contracts, is soaring. The price of its STX token has risen 57% in the last 24 hours to a price of $2.3, just as its nascent NFT market picks up.
STX’s explosive price movement caused the cryptocurrency to rise thirteen places up the global market capitalization rankings. With a market cap of $2.9 billion, it’s now the 55th largest cryptocurrency in the world, according to crypto data aggregator Nomics.
Stacks’s latest push has been into Bitcoin NFTs. These are unconventional in crypto, particularly since Bitcoin doesn’t natively support smart contracts, and most of the NFT market runs on Ethereum, which does natively support smart contracts.
The Stacks blockchain supports smart contracts, but all of its transactions are rolled up and settled on Bitcoin. Stacks founder Muneeb Ali described it to Decrypt as “Layer 1.5” last month, distinguishing it from Ethereum Layer 2 solutions like Arbitru
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