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Stacks sees huge surge as institutions renew Bitcoin investments, while 99Bitcoins token presale gains momentum with nearly $2.5m raised.
Institutions are back buying Bitcoin, and this has been a huge boon for its ecosystem tokens like Stacks, which has pumped 12% to $1.66 today. So could STX be set to continue its rally towards $2?
You might also like: Experts predict strong performance for 99Bitcoins presale
Stacks posed for more gains amid favorable market dynamics
Everything is falling into place for Stacks to have an explosive run heading toward the end of 2024.
Stacks is the largest Bitcoin layer 2 protocol. Being a layer 2 means its users can make transactions faster and cheaper than on the Bitcoin main network.
However, Stacks also offers unique innovations like smart contracts capability.
The project’s proximity to Bitcoin, coupled with its technological upgrades, means its price often mimics the market leader’s but with stronger upswings.
Analyst Red underscored that Stacks significantly outperformed Bitcoin in 2023 and referred to it as “the BTC beta.”
What's $STX and why has it been melting faces? Boy do I have the free report for youthe short answer is: STX has been the BTC betathe longer answer: State of Stacks Q4 2023 👇 pic.twitter.com/WXW4CRbBEM
— Red 🍰 (@redvelvetzip) February 15, 2024
And continuing that trend, while Bitcoin is up 89% this year, Stacks is up over 140%. On a fundamental level, Stacks will perform well should BTC continue gaining pace.
And developments in the past few days suggest that’s precisely what will happen. Germany’s Bitcoin reserves are diminishing, while Bitcoin ETF inflows are rising after weeks of negative momentum.
Germans keep selling Bitcoin while institutions keep loading up. Germans unloaded -$1.31B while ETFs absorbed $0.38B Bitcoin.I wonder what happens when the Germans run out of $BTC?👀 pic.twitter.com/xQkKX1iphd
— Emperor Osmo 🔻 (@Flowslikeosmo) July 10, 2024
This represents an inflection point in BTC’s supply and demand dynamics. Moreover, with matters like the U.S. presidential election and anticipated interest rate cuts occurring later this year, all signs point to BTC price growth, which translates to stronger gains for Stacks.
Moving to Stacks’ technical outlook, analyst ‘World of Charts’ believes that it has reached a key support level and will now undergo a bullish reversal.
He underscored that STX has been trading inside a descending channel, and this will precede a 2x rally to the upside.
$StxLooks Attractive Here After Healthy Correction Looks Ready For Another Bullish Wave Over All Consolidating In Descending Channel ( On Lower Timeframe Breaking Falling Wedge Too Expecting 2x Bullish Wave Incase Of Successful Breakout #Crypto #Stx #Stacks pic.twitter.com/ae7KZZJ8hk
— World Of Charts (@WorldOfCharts1) July 10, 2024
Indeed, it is a positive outlook for Bitcoin’s leading layer 2, both from a fundamental and technical vantage point. But it’s not the only Bitcoin ecosystem token that is showing strength.
99Bitcoins token approaches $2.5m at presale
Stacks already has a $2.3 billion market cap, so while there is significant upside potential, that could be trumped by a new flavor like 99Bitcoins token.
But although it might be new, this project is jam-packed with industry experience. 99Bitcoins token is a new initiative by the acclaimed 99Bitcoins media outlet, which launched in 2013 and caters to a vast audience.
The new 99BTC launch is part of its grand plan to enrich crypto education. It will begin as an ERC-20 token before shifting to Bitcoins BRC20 framework.
The project is building a Learn-to-Earn layer with gamefied content and financial incentivization. Users will earn 99BTC for completing courses, quizzes, and modules.
Martin Iyooh hailed the project as a “massive opportunity” for users to “start making money online.” Martin’s point should not be overlooked. It reflects the breakthrough nature of crypto technology and its unique revenue-share models that can reshape finance.
Previously, revenue went to straight to CEOs, but decentralized crypto projects favor the everyday user.
The project’s presale is ongoing and investors can buy for $0.00113. However, they must hurry because this price will rise as the presale advances.
To learn more, visit 99Bitcoins token presale.
Read more: 99Bitcoins token presale raises $2m, signaling strong market interest
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