"This crypto is rising really fast, it wants to be close to the $1 level."
Following the development of the Bitcoin (BTC) non-fungible token (NFT) through the Ordinal protocol, the price of the Stacks (STX) cryptocurrency managed to climb 160% over the $0.83 level in the past seven days and 180% in the last month.
STX is a layer-1 blockchain that applies a Proof-of-Transfer (PoX) consensus algorithm, where users can confirm transactions by holding and staking BTC and then they can mine STX blocks and earn their tokens as a reward after BTC is transferred.
Through the predictions of the financial services platform Matrixport, STX has the potential to jump higher in the near future due to the recent increase in the number of newly minted ordinals.
While the STX network that allows its users to trade ordinals on the Gamma market is one of the main reasons the price of the digital asset is rising.
In context, the Gamma market is the location of NFT BTC offerings and a social platform that brings together collectors including art creators who own several collections, among which are BNS: Bitcoin Name System, Megapont Ape Club, Satoshibles, Bitcoin Birds and Bitcoin Monkeys.
The Ordinal Protocol built on top of the BTC network to allow developers to create and store digital artifacts directly on the digital asset's blockchain has sparked excitement among the kipto community.
According to a Singaporean crypto investment company, Ordinal is capable of making STX a billion dollar crypto in the future.
