Stacks (CRYPTO: STX) is bucking the downturn in the global cryptocurrency market, whose collective market capitalization fell 3.85% to $1.37 trillion in 24 hours leading to press time on Friday.

What Happened: STX traded 6.7% higher at $0.81 at press time, the cryptocurrency has risen 12.73% over a week.

The layer-1 blockchain solution focussed on bringing smart contracts and decentralized applications or DApps to Bitcoin (CRYPTO: BTC) traded 8.16% higher against the apex cryptocurrency and 10.37% higher against Ethereum (CRYPTO: ETH).

STX has gained 102.5% since the year began. The cryptocurrency has fallen 71.38% from its all-time high of $2.82 which it touched in April.

Why It Matters: Stacks allows investors to lock in their tokens and earn rewards in BTC, a process the project terms “Stacking.”

See Also: How To Buy Bitcoin (BTC)

On Thursday, Stacks announced they were working with decentralized blockchain infrastructure platform InfStones to design an open-source tool for creating and managing Stacking pools.

Stacks has seen interest from investors in South Korea where new regulations were imposed in March which define cryptocurrencies as “virtual assets” as per OkCoin Chief Operating Officer Jason Lau. 

Read Next: EXCLUSIVE: In Bid To Expand Bitcoin Ecosystem, Stacks Funds 25 Startups Building ‘User-Owned Internet’

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.

© 2021 Benzinga does not provide investment advice. All rights

Source link