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STX hits highest point in over two years as global market cap exceeds $2 trillion

Stacks (STX) has emerged as the leading gainer among the top 100 cryptocurrencies, with a significant price surge coinciding with the global crypto market capitalization hitting 22-month highs. At the time of writing, STX is up by a substantial 27%, trading at $2.67. The asset briefly reached a 26-month high of $2.8 earlier today, a level last seen in December 2021. Following this impressive price rally, STX’s market cap surpassed the $3.8 billion mark, solidifying its position as the 29th-largest cryptocurrency in the market.

The surge in STX’s price comes at a time when the global crypto market cap has exceeded the $2 trillion mark, with the leading cryptocurrency, Bitcoin (BTC), inching closer to $52,000. Data from Santiment reveals that Stacks’ total open interest (OI) has surged from $55 million on Feb. 4 to $118 million currently. Notably, the asset’s total OI recorded an unprecedented $18 million increase in the past 24 hours alone, indicating strong bullish sentiment among traders.

Traders are increasingly optimistic about further bullish momentum for STX, with the total funding rate aggregated by the asset on all exchanges currently standing at 0.02%. This data indicates that long-position holders are slightly dominating short traders, suggesting a prevailing bullish bias in the market. However, the STX Relative Strength Index (RSI) is worth noting, as it is currently hovering close to the 90 mark according to Santiment. This high RSI value implies heightened volatility for the token and the potential for market manipulation by significant Stacks whales. To sustain its bullish trajectory, STX would need to keep its RSI below the 60 mark.

In order to maintain its upward trend, it will be crucial for STX to continue attracting investor interest and solidify its market position through sustained growth and positive market sentiment. The asset’s recent performance reflects a growing confidence in the cryptocurrency, driven by the overall positive momentum in the global crypto market. As investors and traders closely monitor STX’s price movements and market dynamics, the future outlook for the cryptocurrency remains optimistic.

In conclusion, the recent price surge and market capitalization milestones achieved by Stacks (STX) highlight the growing significance of the cryptocurrency in the digital asset landscape. With continued positive developments and market support, STX is poised to further cement its position as a prominent player in the cryptocurrency market.

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