Stacks (STX), which is Layer-2 of Bitcoin, hinted at the bull season with its rapid rise.

Bitcoin, which surpassed $65,000 about a month later, created excitement in the market. Especially, there was movement in BRC20 and Layer-2. STX, powered by the increase in Bitcoin, attracted attention with both price increase and network activity.

The increasing demand for Bitcoin has brought Layer-2 project Stacks (STX) to the forefront

The expectation of approval of US-based spot Bitcoin ETFs and Bitcoin halving in the first quarter of 2024 led to BTC reaching its all-time high on March 14th, rising to $73,835. Similarly, STX also reached a record high on April 1st, rising to $3.84.

Recently, there has been a strong rise in the price of BTC, with the US Federal Reserve cutting interest rates by 50 basis points and increasing entries into Bitcoin ETFs, rising to $65,800 on September 26. STX, the Bitcoin Layer-2, reached its highest level in eight weeks, touching $2.07 on September 26. The leader of the rising trend in cryptocurrencies may increase demand for Stacks.

Network activity is increasing every day

All these developments have put the Stacks network in the foreground and the smart contract distribution on the blockchain has reached record levels. In a post published on X on September 7th, the Stacks Foundation stated that the number of smart contracts distributed on Stacks reached 1,400 in August, reaching an all-time high.

According to DeFi analytics firm DefiLlama data, the DEX transaction volume on the Stacks network has sharply increased, rising over 31,300% from $100 on September 17 to $31,480 on September 25. The Total Value Locked (TVL) also increased by 70% from $91.1 million on September 18 to $112.5 million at the time of writing.

This article does not contain investment advice or recommendation. Every investment and trading operation involves risk, and readers should conduct their own research when making decisions.