Stacks Rotation Based on Bitcoin NFT Hype | Feb 11 2023 | PLAY CONCLUDED: $0.28 → > $1.00
Bitcoin NFTs are selling for absurd amounts of money. A Bitcoin CryptoPunk derivative recently sold for 9.5 BTC, or $214k.
These NFT prices may or may not be sustainable, however, we’re seeing increased discussion surrounding NFTs and smart contracts on Bitcoin.
Stacks.co is a smart contract layer for Bitcoin that enables DeFi and NFT capabilities on Bitcoin.
Stacks should see some speculation due to its use case of supporting NFTs in addition to the increased demand that is being placed on Bitcoin’s tx through-put..
STX price has recently put in a double bottom and daily RSI is coming down to test the 50 level.
Disclosure: Sistine Research has taken a spot position in $STX around $0.28.