Altcoin Season Seems to Be Giving A Boost to Blockstack Token

Stacks token (STX), the cryptocurrency of decentralized computing platform Blockstack, doubled in value within just 24 hours, after it became available to trade on South Korea-based cryptocurrency exchange Upbit, reflecting increased fascination with alternative cryptocurrencies from retail traders in the east country that is asian.

At press time, piles' changing arms at $2.19, up 88% into the past 24 hours, based on information from CoinGecko. The marketplace that is total of Stacks rose to around $2.4 billion.

The purchase price jump that is latest of Stacks came after it absolutely was listed on South Korea-based crypto exchange Upbit having a STX/KRW pair. There is an interest that is increased alleged "alternative cryptocurrencies" ("altcoins") in South Korea, after bitcoin's price topped at $61,556.59 in mid-March.

Arthur Cheong, founder and profile manager at DeFi-focused crypto fund DeFiance Capital, told CoinDesk that more retail that is"unsophisticated traders, especially those in South Korea, are going back to the crypto market and seeking at altcoins for his or her potential profitable returns, evidenced by the location trading level of altcoins on South Korean crypto exchanges.

Jason Lau, main officer that is operating San Francisco-based crypto exchange OKCoin, also realized that the staking program offered by OKCoin for Stacks tokens has helped increase interest among investors in STX.

OKCoin's "STX holders are uncovering being confident with stacking – locking STX so that you can make bitcoin," Lau said. "With bitcoin consistently charting new in history highs, the selling point of making yield in bitcoin is alluring to numerous." A potentially bullish indication for Stacks token about 65per cent of Stacks token holders on OKCoin have locked up their STX for half a year, according to Lau.

A lot of the trading amount of stacks is on Binance, the crypto change that is biggest by trading amount. By press time, Binance didn't respond to CoinDesk immediately's needs for touch upon STX's performance.