Stacks (STX), one of 2023’s most profitable cryptocurrencies, appears to be experiencing some market troubles. According to data from CoinMarketCap, the altcoin has lost 14.3% of its value in the last 24 hours, making it one of the biggest daily losers in the top 50 cryptocurrencies.
The current downtrend in the STX market can be considered as “unexpected,” following the token’s impressive start to the week that saw its price soar by 71.4% to trade above the $1 mark. In addition to its price action, STX’s daily trading volume is also down to the tune of 19.6%.
Related Reading: XRP Price Prediction: Topside Bias Vulnerable Unless It Surges Past $0.38
However, compared to its overall price movement, the present loss by the STX token is quite insignificant, thus, causing no panic among investors. For context, Stacks has gained by 46.9% in the last seven days and a staggering 201.8% in the last 30 days.
Moreover, there is a high level of interest surrounding the Stacks network due to its upcoming hard fork upgrade slated for later this month. At the time of writing, STX is trading at a market price of $0.9132, with its market cap set at $1.247 billion.
Meanwhile, STX’s maximum market supply remains at 1.818 billion, of which 1.366 billion tokens are in circulation.
STX trading at $0.9116 | Source: STXUSD Chart on Tradingview.com
Stacks Hard Fork Draws Nearer
Last month, Stacks announced its plans to activate a hard fork on its network on March 20, 2023, naming the upgrade Stacks 2.1. Ever since, there has been much excitement around the Stacks network, especially as the upgrade launch date approaches.
Just earlier today, Binance, the world’s biggest cryptocurrency trading platform, announced its support for the Stacks hard fork plans stating that the network upgrade will not affect STX trading on its platform.
Just like any update, Stacks 2.1 is expected to bring some exciting new features to the Stacks blockchain. According to the development team, the hard fork is intended to strengthen the connection between Stacks and its underlying platform – Bitcoin.
Related Reading: Cardano May Touch $0.30 But These Price Levels Are Vital For The Coin
Some notable features accompanying the Stacks 2.1 release include decentralized mining pools, improved network bridges, and new clarity functions for parsing and validating data. In addition, the Stacks hard fork will enable the compatibility of all Stacks-native assets – including NFTs – with Bitcoin wallets.
Stacks (STX) Price Prediction 2023
Following Stacks’ stunning performance in 2023 so far, there is a lot of interest in the token’s possible price trajectory. According to the team at the popular prediction firm, WalletInvestor, Stacks is expected to regain form very soon, hitting a price of $1.254 in the next 14 days.
However, their price predictions also indicate that STX could be an unfavorable long-term investment, as they forecast the altcoin will experience a 93.5% loss within the next year.
That said, it goes without saying that these price predictions are not guaranteed. All investors are reminded to conduct their personal research as well as consult financial market experts before engaging the market.
Featured Image: Stacks, chart from Tradingview