"Wow it went up a lot too, has anyone bought this crypto?"
Cryptocurrency Stacks (STX) which is a layer-2 network excited investors when its price climbed as high as $1.28 after hovering below that level for a long time.
Following the rise in STX's price, its market capitalization has climbed above $1.7 billion where the last time the digital asset traded at $1.28 was in March this year.
Looking at the rest of the crypto market today, STX's gains managed to outpace the wider losses experienced by several altcoins plus Bitcoin (BTC) still couldn't break its resistance zone at $44,452.
A few weeks ago a new surprise was witnessed in the inscriptions which is metadata embedded in the satoshi which is the smallest unit of BTC, this is because the image and other metadata for example non-fungible token (NFT) in BTC has exploded in the middle of its price increase.
Reportedly, there was a big jump in transactions on Sunday and early Monday where one block recorded more than 10,000 transactions while 132,377 blocks on layer-2 reached 10,371 transactions which is the highest number of transactions in one STX block.
According to Muneeb Ali, co-founder of STX, BTC degens mint* has resulted in blocks having eight to ten times transactions while NFT capabilities and DeFi opportunities such as STX's layer-2 solution can allow for increased transaction speeds and reduced fees.
*Crypto traders who regularly engage in trading are highly speculative and risky
Looking at the price chart, STX needs to break its resistance zone at $1.28 first to continue rising higher but if it fails then the digital asset can slip back to $0.87 or $0.80.
As of this writing, STX price has surged by 14.55% at $1.28 in the last 24 hours with a trading volume of $427 million then recorded a 40.75% climb over the last week.
