Stacks (STX) emerges as the highest gainer among the many main 100 cryptocurrencies. The value surge comes as the worldwide crypto market capitalization reaches 22-month highs.
STX is up by 27% prior to now 24 hours and is buying and selling at $2.67 on the time of writing. The asset briefly held a 26-month-high of $2.8 earlier at the moment — a stage final seen in December 2021. Following the value rally, STX’s market cap surpassed the $3.8 billion mark, making it the Twenty ninth-largest cryptocurrency.
The surge comes as the worldwide crypto market cap surpasses the $2 trillion mark with the main cryptocurrency, Bitcoin (BTC), getting close to $52,000.
Based on knowledge offered by Santiment, Stacks’ complete open curiosity (OI) rose from $55 million on Feb. 4 to $118 million on the time of writing. Notably, the asset’s complete OI recorded an $18 million enhance prior to now 24 hours alone.
As the value surge comes for STX, merchants are betting for additional bullish momentum. Per Santiment, the full funding price aggregated by STX on all exchanges is presently standing at 0.02%.
The indicator reveals that long-position holders are barely dominating the brief merchants till additional value actions.
However, the STX Relative Power Index (RSI) is presently hovering near the 90 mark, based on Santiment. The indicator means that the token is witnessing excessive volatility and is likely to be manipulated by massive Stacks whales.
For STX to remain within the bullish zone, the asset’s RSI would want to remain under the 60 mark.