Is it Too Late to Buy Stacks? Crypto Experts Give Their STX Price Predictions

cryptonews.com:

STX, the cryptocurrency that power’s the Stacks protocol, a layer-2 scaling solution built on top of Bitcoin that aims to bring smart-contract programmability to the Bitcoin ecosystem, is pulling back on Monday after seeing a big pump on Sunday. STX/USD was last changing hands around $0.5750, down around 8% on the day and lower by around 30% versus the nine-month highs it hit earlier in the session in the $0.84 area.

However, after Sunday’s huge 62% pump, the cryptocurrency is still trading higher by close to 180% on the year. Its latest surge has seen it leave all of its major averages, all of which are in the upper-$0.20s to lower-$0.30s area, in the dust. The recent pump marks a decisive breakout from the bear market that had dominated since late 2021.

Analysts put the recent pump down to the strengthening narrative of non-fungible tokens (NFTs) existing within a Bitcoin-centred cryptocurrency ecosystem. The launch of the Ordinal protocol last year, which allows users to mint NFTs directly onto the Bitcoin blockchain, has proven a massive success – according to a Yahoo Finance article, over 100,000 Ordinal NFTs have now been minted directly onto the Bitcoin blockchain.

The surge in popularity of Ordinals seems to be boosting the popularity of Bitcoin scaling solutions, like Stacks, which may offer users a cheaper and more efficient way of minting NFTs within the Bitcoin ecosystem. Stacks still benefits from the underlying security of the Bitcoin blockchain, after all, even if NFTs minted via various NFT marketplace protocols running on the Stacks protocol, like Gamma.io, aren’t minted directly onto the Bitcoin blockchain like Ordinals.

According to DappRadar, Gamma.io NFT trading volume has spiked in the last month,