STX achieves record-breaking 26-month peak with worldwide market capitalization crossing $2 trillion
Stacks (STX) has emerged as the top performer among the top 100 cryptocurrencies as the global crypto market capitalization reaches its highest level in 22 months. In the past 24 hours, STX has surged by 27% and is currently trading at $2.67. Earlier today, it briefly reached a 26-month high of $2.8, a level last seen in December 2021. With this price rally, STX’s market cap has surpassed $3.8 billion, making it the 29th-largest cryptocurrency.
The surge in STX’s price coincides with the global crypto market cap surpassing $2 trillion, with Bitcoin (BTC) nearing $52,000, the leading cryptocurrency. According to data from Santiment, STX’s total open interest has increased from $55 million on February 4 to $118 million currently. In the past 24 hours alone, the asset’s total open interest has seen an increase of $18 million.
Traders are betting on further bullish momentum for STX, as indicated by the total funding rate aggregated by STX on all exchanges, which currently stands at 0.02%. This suggests that long-position holders are slightly dominating the short traders at the moment.
However, the STX Relative Strength Index (RSI) is currently close to the 90 mark, indicating high volatility and the potential for manipulation by large Stacks whales. To maintain its bullish position, STX’s RSI would need to stay below the 60 mark.
In summary, STX has experienced a significant surge in price and market cap, outperforming other cryptocurrencies. Traders are optimistic about its future performance, but caution is advised due to the high volatility and potential manipulation.
