- STX increased by over 7%, crossing a key level for the first time in months.
- STX could revisit higher price levels in the coming weeks.
As a researcher with a keen interest in the crypto market and an extensive background in blockchain technology, I’ve been closely monitoring the developments within the Stacks ecosystem. The successful implementation of the Nakamoto Upgrade is not only a significant milestone for this Layer 2 platform but also a testament to the resilience and innovation that drive the crypto industry.
Stack’s [STX] Cryptocurrency has made significant progress by launching its highly anticipated primary network update, which is called the “Nakamoto Update.
This improvement to Layer 2 enables Stacks’ block creation process to operate independently from Bitcoin‘s, thereby boosting its transaction processing speed.
The STX token has shown a favorable response following the recent update, mirroring Bitcoin’s effort to challenge its record peak. This alignment might indicate a fresh surge of energy for STX and other assets linked with Bitcoin.
STX crypto launches Nakamoto upgrade
The latest update to the Stacks system, known as the Nakamoto Upgrade, represents a major achievement for this secondary blockchain operating on Bitcoin’s network.
Based on reliable reports, the update was scheduled to commence at Bitcoin Block 867,867 approximately on 29th October, and the information indicates that the update has been successfully activated at Block 867,900.
With this update, transactions using STX Crypto can now be completed almost instantly, significantly boosting both speed and productivity.
Furthermore, it was revealed by the Stacks group that they are launching “sBTC”, a distinctive digital asset serving as a smooth conduit between Bitcoin and their own ecosystem.
It’s anticipated that this fresh feature will significantly enhance the practicality of both Bitcoin and STX within the system, resulting in swifter and more dispersed transactions.
Key price levels to watch for STX crypto
In the aftermath of STX crypto’s upgrade, several key technical milestones will shape its potential trajectory. Currently, the token is edging closer to its 50-day moving average, a point that may serve as a supportive barrier should its ongoing bullish trend persist.
Nevertheless, resistance is found slightly below the $2.00 psychological level, a point at which past advances met selling activity. If we surpass this level, it might suggest further profits.
At the same time, failure to maintain support could lead STX to retrace recent advancements.
Realistic or not, here’s STX market cap in BTC’s terms
Prospects for sustained growth
With the Nakamoto Update, Stacks is poised to begin an exciting new phase, characterized by faster transactions and the arrival of sBTC.
The reaction from the market has been generally optimistic, as technical signs suggest a promising environment for continued increase. Should STX Crypto manage to hold its current foundation and overcome any resistance, the latest update might ignite prolonged expansion for the token during the upcoming period.
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2024-10-30 05:11