How Bitcoin Ordinals boost drove up the Stacks [STX] price

The STX price remained in the bullish region since the Bitcoin Ordinals hype. The Bitcoin taproot utilization increased as Stacks develops hyperchain. The value of Stacks [STX], a token related to the Bitcoin [BTC] ordinals NFT, surged 27.40%, according to data from CoinMarketCap. This was in contrast to the sentiment displayed by the broader crypto market, which […]

This was in contrast to the sentiment displayed by the broader crypto market, which was largely red.

For context, Stack adds more functionality to Bitcoin by bringing smart contracts and decentralized Applications to the original Bitcoin blockchain. Since this was the case, it was totally unavoidable not to connect the Bitcoin Ordinals’ rise to the STX gains.Information from the price tracking platform showed that the STX uptick did not begin recently.

But on the Bitcoin taproot share, Dune revealed that Ordinals hit as high as 9.25%. While the taproot makes transactions on the network lighter and faster, it also opens doors for eliminating intermediaries via smart contracts.So, the hike means that more transactions adopted smart contracts on the Bitcoin blockchain. In addition, the STX market capitalization has been able to beat the $1 billion mark while maintaining the stance.

However, indications from the Awesome Oscillator signified that the token was solidly bullish still. Hence, there is a chance of maintaining the greens despite the volatility condition.

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