Stacks

bullish

Aptos

Bitcoin

April

With the hostile market environment, Stacks (STX) has continued its downward spiral as bears mount the pressure. According to <a href="https://www.coingecko.com/en/coins/stacks" target="_blank" rel="noopener nofollow">CoinGecko</a>, the token is down nearly 23% since last week, worsened by the current correction phase the market has entered. The latest market data shows that major cryptocurrencies like <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener nofollow">Bitcoin</a> and <a href="https://www.coingecko.com/en/coins/ethereum" target="_blank" rel="noopener nofollow">Ethereum</a> have shown a drop of 10% since last week, <a href="https://www.coingecko.com/" target="_blank" rel="noopener nofollow">pulling</a> the market downward by 2%. 
However, several developments might help slow the token’s drive downward. These developments show Stacks as the prime layer-2 for the top cryptocurrency in the market.&nbsp; 
<h2 id="stacks-big-news-for-investors-and-btc-enthusiasts">Stacks: Big News For Investors And BTC Enthusiasts</h2> 
Although the market is incredibly bearish, Stacks remain attractive for both institutional and retail investors alike.&nbsp; 
Ever since the first step of the Nakamoto upgrade <a href="https://stacks.org/nakamoto-mainnet-instantiation" target="_blank" rel="noopener nofollow">rolled out</a> last April 22nd, the newly introduced role of ‘Signers’, their self-made term for validators, significantly grew in size. According to their <a href="https://stacks.org/institutional-signers-earn-millions?ref=stacksblog" target="_blank" rel="noopener nofollow">blog post</a> in August 1st, 39 blockchain institutions signed up with Stacks to be a signer. 
Among the signers is <a href="https://x.com/XverseApp" target="_blank" rel="noopener nofollow">Xverse</a>, a Bitcoin wallet provider that dabbles in the BRC-20 standard. This major onboarding will result in a larger user base, giving Stacks a big advantage as layer 2s on the Bitcoin blockchain attract more attention.&nbsp; 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/lcvc6G5N/" alt="" width="2475" height="1163"> 
However, the partnership <a href="https://x.com/Stacks/status/1818752987738914992" rel="nofollow">announcement</a> made between Stacks and Aptos during the Bitcoin Builders Conference created some buzz for the two. According to some key <a href="https://stackssnacks.com/p/key-takeaways-bitcoin-builders-conference-missed" target="_blank" rel="noopener nofollow">takeaways</a>, Aptos will join Stacks as a signer, bumping their total Signer count to 40, along with the start of a working group for better collaboration between the two organizations. 
<blockquote class="twitter-tweet"> 
 Stacks <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f91d.png" alt="🤝" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/Aptos?ref_src=twsrc%5Etfw" rel="nofollow">@Aptos</a> live on stage at the Bitcoin Builders Conference! 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f7e7.png" alt="🟧" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/AptosLabs?ref_src=twsrc%5Etfw" rel="nofollow">@AptosLabs</a> Head of Ecosystem Neil Harounian talked to <a href="https://twitter.com/StacksOrg?ref_src=twsrc%5Etfw" rel="nofollow">@StacksOrg</a> Chairperson Brittany Laughlin about forming a working group, as well as the Aptos Foundation becoming a Signer for Stacks. 
 Learn more 1/3 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/EFTsIntD6M" rel="nofollow">pic.twitter.com/EFTsIntD6M</a> 
 — stacks.btc (@Stacks) <a href="https://twitter.com/Stacks/status/1818752987738914992?ref_src=twsrc%5Etfw" rel="nofollow">July 31, 2024</a>
</blockquote> 
Since the start of the onboarding for Signers, about 118 BTC has been handed out to the various institutions. This amount totals over $7 million at the current spot price for Bitcoin at $60.7k.&nbsp; 
<h2 id="investors-should-watch-out-for-these-levels">Investors Should Watch Out For These Levels</h2> 
As of writing, STX’s current position remains occupied by the bears as the current market environment encourages selling rather than buying. But the bulls are mounting a string defense around the $1.460 price floor.&nbsp; 
This is huge for investors bullish on STX as it gives the bulls strong support for a possible movement upward. However, the possibility of a bullish breakthrough remains uncertain. The market’s current downward trend is supported by the fact that the major cryptocurrencies are still bearish in the short to medium-term.&nbsp; 
If the bulls can defend the $1.460 line, we can expect lesser volatility within the market compared with today’s movements. If they’re successful, retaking the May-June price levels will be easy.&nbsp; 
Investors and traders should keep their eyes open for any market movement in favor of the bulls.&nbsp; 
Featured image from Boxmining, chart from TradingView

Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend

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