Stacks (STX) has recently outperformed other major cryptocurrencies, reaching a 26-month high as the total market capitalization of the crypto market sees a significant increase.

A Remarkable Surge in STX Value

The digital asset Stacks (STX), has seen a remarkable 27% increase in its price over the last 24 hours, trading at $2.67. Earlier in the day, it peaked at $2.8, a price point not observed since December 2021. This bullish trend has propelled STX’s market capitalization beyond the $3.8 billion threshold, positioning it as the 29th largest cryptocurrency by market cap.

Global Crypto Market Cap Hits $2 Trillion

The STX price rally coincides with the overall crypto market capitalization exceeding $2 trillion. Bitcoin (BTC) is leading the charge, approaching a value of $52,000 per coin, contributing to the market’s impressive performance.

Open Interest and Market Sentiment

Analytical data from Santiment indicates that the total open interest for Stacks has increased from $55 million on February 4th to a substantial $118 million currently. This includes a notable $18 million hike in just the past day. The total funding rate for STX across exchanges is at 0.02%, suggesting that traders are leaning towards a bullish stance, expecting the momentum to continue.

The RSI Indicator and Volatility

The Relative Strength Index (RSI) for STX is nearing the 90 mark, a sign of high volatility and potential influence by major players in the Stacks market. For STX to maintain its bullish trend, it would need to keep its RSI below the 60 threshold.

In conclusion, the significant gains of Stacks (STX) alongside the overall growth of the crypto market reflect a robust period for digital assets. Investors and traders alike are closely monitoring these developments for signs of sustained upward momentum.