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Bitcoin NFTs Have Propelled Stacks Price 70% This Week: What's Going On?

Stacks (CRYPTO: STX) traded 22.78% higher over 24 hours at $2.41 in the early hours of Wednesday.

What Happened: The token of a project focussed on adding smart contract and decentralized application (DApp) functionality to Bitcoin (CRYPTO: BTC).

Over a seven-day trailing period, STX has risen 71.4%. Against the apex coin, STX rose 23.84% against Bitcoin and 22.55% against Ethereum (CRYPTO: ETH).

STX traded 17.73% below its all-time high of $2.82 it touched in April this year.

See Also: How To Buy Stacks (STX)

Why It Matters: The recent rise of Stacks comes amid positive news related to non fungible tokens or NFTs.

Stacks noted in a recent newsletter that Bitcoin NFTs are “thriving,” thanks to creators.

“Earlier this week, Bitcoin Birds were gone within an hour, joining the likes of Stacks Pops, Punks, Monks, and more as freshly minted out menageries.”

The project noted that Satoshibles were moving from ETH to STX “where they truly belong.”

“Boomboxes crossed over $1M in TVL, pushing the unique magic of yield generating NFTs forward in the name of Bitcoin DeFi,” wrote Stacks.

In an exclusive with Benzinga this year, Mitchell Cuevas, Head of Growth at the Stacks Foundation said that “Stacks turns Bitcoin from being a passive asset into an active asset that is programmable and available to all.”

Read Next: Bitcoin, Ethereum, Dogecoin Flat And Analyst Sees Buying Opportunities Ahead

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