Bitcoin-Integrated Altcoin Spikes After Earning Surprise Support From Coinbase
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One altcoin that seeks to leverage the power of Bitcoin (BTC) is enjoying bullish price action after getting sudden support from Coinbase, the top crypto exchange in the US.
In a new announcement, Coinbase says trading for Stacks (STX) will begin on Wednesday, January 19th if liquidity conditions are met.
Stacks is an open-source blockchain linked to Bitcoin by its consensus mechanism which spans the two chains, called Proof of Transfer. Through this architecture, Stacks aims to leverage Bitcoin’s security and enable decentralized applications (dApps) to use Bitcoin’s state, despite being a different blockchain.
According to the Stacks website, the project aims to bring a series of novel use cases to Bitcoin traditionally reserved for other blockchains.
“The world is converging on Bitcoin as a standard, and demand for use cases around Bitcoin is increasing. There is hundreds of billions of capital locked into Bitcoin, most of it as a passive store of value. Instead of competing with Bitcoin, Stacks can provide novel use cases for holders of bitcoin, such as bitcoin-backed loans, bitcoin DeFi or using your bitcoin to trade NFTs.”
Following the announcement of the Coinbase listing, STX jumped nearly 15% from $2.19 to $2.53. STX was already in a rally earlier in the day, at one point trading below $2.00. After recording a 26% gain in a matter of hours, STX has cooled off and is currently changing hands for $2.23 at time of writing.
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Featured Image: Shutterstock/Dmitriy Rybin
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