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Stacks (STX) Price Skyrockets After Blockchain.com Wallet Listing

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On June 17th, Blockchain.com announced on Twitter that its wallet, known simply as Blockchain.com Wallet, now added support for another cryptocurrency — Stacks (STX). The listing of the new coin briefly influenced its price, causing it to skyrocket. However, the price has since corrected back to its earlier levels.

Blockchain.com adds a new crypto to its list

Blockchain.com is one of the leading cryptocurrency companies, and certainly one of the best-known ones. It calls itself the world’s most popular way to buy, sell, and trade crypto, and it is trusted by millions of users. This is not surprising, given the fact that it has been in the crypto business for over a decade now since it launched in 2011.

Over the past 11 years, it has seen over $1 trillion in crypto transactions, which is quite impressive, even though cryptocurrency transactions are now rather numerous. Over those same 11 years, the project also listed more than 250 cryptocurrencies in its wallet, making it one of the more diverse wallets with a great variety of supported coins.

These are not just any coins either, as the project ensured that it will only list the most demanded cryptos, and those that seem to have a bright future ahead of them.

With that said, its listing of Stacks (STX) brought attention to the token immediately after the listing was announced on Friday, June 17th. Blockchain.com presented the newly supported project to its community as a “blockchain that enables DeFi, NFTs, dApps, and smart contracts for Bitcoin,” further noting that users can immediately start buying, selling, and swapping the token, as well as earning rewards on STX.

Stacks price skyrockets after listing

As mentioned, listing on Blockchain.com put Stacks under the spotlight, since it joined an elite group of coins and tokens now. While 250 is no small amount of coins, it still pales in comparison to the state of the living coins in today’s crypto industry, which is less than 70 cryptos shy of 20,000 coins — all live and operating right now.

Around the time when the listing was announced, the STX price was sitting at around $0.34, which has been serving equally as a support and a resistance for the token over the last week. However, after the announcement was made, STX price immediately shot up to $0.43 in only 2 hours. After hitting this weekly high, the price, unfortunately, corrected to $0.38, only to attempt another surge. This one, however, was weaker than the first one, and it only took STX to $0.41 before the token started spiraling down.

After initially stopping at the support at $0.36 in the early hours of Saturday morning, the token eventually broke this support later in the day and dropped back to $0.34. By the end of the day, it once again found itself at its bottom at $0.32.

To learn more visit our Investing in Stacks guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.

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