Stacks (STX) Emerges as Top Gainer in Crypto Market Surge
Stacks (STX) has become the top gainer among the leading 100 cryptocurrencies as the global crypto market capitalization reaches its highest point in 22 months. STX has seen a 27% increase in the past 24 hours and is currently trading at $2.67. Earlier today, it briefly reached a 26-month high of $2.8, a level not seen since December 2021. As a result of this price rally, STX’s market cap has surpassed $3.8 billion, making it the 29th-largest cryptocurrency.
Global Crypto Market Cap Surpasses $2 Trillion
The surge in STX’s price coincides with the global crypto market cap surpassing $2 trillion, with Bitcoin (BTC) approaching $52,000. This overall market growth has contributed to STX’s upward momentum.
Total Open Interest for Stacks Rises
Data from Santiment reveals that Stacks’ total open interest (OI) has increased from $55 million on February 4 to $118 million currently. In the past 24 hours alone, there has been an $18 million increase in total OI. This rise indicates that traders are optimistic about further bullish momentum for STX.
Funding Rate and Relative Strength Index
Santiment’s data also shows that the total funding rate aggregated by STX on all exchanges is currently at 0.02%. This suggests that long-position holders are slightly dominating short traders for now. However, STX’s Relative Strength Index (RSI) is nearing the 90 mark, indicating high volatility and potential manipulation by large Stacks whales. To maintain its bullish position, STX’s RSI would need to remain below 60.
Conclusion
In summary, Stacks (STX) has experienced significant price growth, becoming the top gainer in the crypto market as it reaches a 22-month high. The global crypto market cap surpassing $2 trillion and Bitcoin’s rise have contributed to this surge. Additionally, STX’s total open interest has increased, indicating trader confidence in further bullish momentum. However, the high volatility and potential manipulation by large holders raise concerns. It remains to be seen whether STX can maintain its bullish position and keep its RSI below 60 for sustained success.
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