Stacks Price Explodes as Dwindling Bitcoin Dominance Fuels Viral Interest in Bitcoin Beta Plays

In the latest STX price analysis, stacks price is rallying despite weakness in Bitcoin and falling BTC dominance. Plus, as strength grows for BRC-20 tokens – the 99BTC presale has almost raised $2.5M in viral skyrocket.

There is a shift in the broader crypto market.

After the fanfare in Q1 2024, the market is beginning to bleed with Bitcoin and top altcoins retesting crucial support levels.

Bitcoin, for example, recently dropped below $60,000 before bouncing to spot rates. However, analysts expect the coin to fall and slide below May 2024 lows of around $56,500 in a bear trend continuation pattern.

Eyes are also on most Bitcoin forks, like Bitcoin Cash, which is rapidly dropping as Mt. Gox plans to repay the 2014 hack victims. Soon, hundreds of millions worth of BTC and BCH could flush the market.

The drop in Bitcoin prices over the last few days has seen its market dominance fall to the lowest in slightly over five months.

Even at 53.4% market dominance as of June 26, it could get worse as the United States SEC approves spot Ethereum ETFs in the coming days, if not weeks.

(BTC Dominance)

Ethereum now has a market share of around 17.9%.

Interestingly, as experts predict a bloodbath, not all Bitcoin-related tokens are down.

Stacks Price Bucking The Trend, STX Adds +25% From June 2024 Lows

Stacks, a Bitcoin layer-2 platform, is bucking the trend. After days of discouraging lower lows, the STX is finding support at around $1.45.

After consolidating sideways for a while, the token is now up 25% from June 2024 lows and might extend gains in the days to come.

(STXUSDT)

The average trading volume also increased to over +70% in the past 24 hours. This expansion points to traders’ interest, a huge momentum builder.

STX is rallying partly because of  Stacks’ recent integration with the Pyth Network. Following this deal, the Pyth Oracle will launch on the Bitcoin layer-2, providing over 300 price feeds for Stacks dApps.

Stacks enable the deployment of smart contracts and dApps on top of the most secure network, Bitcoin.

With Pyth in the picture, developers will concurrently leverage Bitcoin’s superior security while still enjoying the ability to launch dApps.

We're pretty excited about the end of 2024 🟧

– @TimDraper December 2023 predicted the rise of Bitcoin L2s in 2024. pic.twitter.com/sBblRisi6T

— stacks.btc (@Stacks) June 22, 2024

It also sets the ground for even more gains ahead of the Nakamoto upgrade on Stacks. The updates will enhance smart contracts written on Clarity while making the platform more interoperable and scalable.

99Bitcoins Presale Goes Viral: Approaching $2.5M Raised!

Amid the Bitcoin crash and the unexpected STX rally, eyes are on the 99Bitcoins presale.

As things stand, 99BTC is emerging as a better Bitcoin beta play, considering the success of the ongoing fundraising.

At its core, 99Bitcoins is relaunching as a learn-to-earn platform that rewards learners with 99BTC. This drive is crucial, especially now that BTC and crypto tokens are trending lower and becoming increasingly volatile.

Those who enroll for 99Bitcoins courses learn about essential crypto concepts like best trading practices or how to stay secure, a critical lesson underscored by the Mt. Gox hack.

Though 99BTC exists as an ERC-20 token, it will relaunch as a BRC-20 token in the coming months.

This means that 99BTC will likely rally as Bitcoin and its layer-2 solutions offered by others, including Stacks, gain traction.

Beyond this, 99BTC could be a 100X token as 99Bitcoins cements its position as a crypto education leader.

Over $2.25 million has been raised in the ongoing presale, and each token is changing hands for $0.00111.

You Can Buy 99BTC Here

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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